How to Accept Bitcoin Payments for Your Store?

One problem that holds bitcoin from wider adoption is the lack of businesses that accept digital currency as payments. It's a chicken and egg problem. If more businesses have the ability to accept bitcoin, it might encourage consumers to start earning and spending it, and vice versa.

With this in mind, here is our guide to accepting bitcoin in a physical store.

Person to person payment
The easiest way to receive bitcoin payments is directly, just by asking your customer to send the correct amount of bitcoin (BTC) to your digital wallet. This is similar to considering it as a cash payment.

Burger Bear customers, who use a simple QR code system to accept bitcoin payments

This can be done through many smart phone applications, such as the Bitcoin Wallet application by Andreas Schildbach, on Android. There are also options available in the Windows Phone application store for OS users.

A few months ago, Apple removed all bitcoin wallet applications from its App Store. However, on June 2, the company canceled this policy, once again paving the way for wallet applications on iOS devices. This has begun to appear, with Blockchain, Coinbase and other applications now available. We can expect much more to arrive in the coming months too.

To find out more about bitcoin transactions, see our detailed guide.

Another alternative is CoinBox which is specifically designed for traders who want a direct option to receive payments. In this scenario, the trader enters the price of an item or service into the telephone, which then presents a QR code containing the amount to be paid and the address of the delivery of the funds. Customers scan QR codes with their bitcoin wallet application and payment is sent.

All these simple systems are ideal for small businesses that test bitcoin receipts or for those who do small amounts of side work. Scale businesses are more likely to find specific solutions that are in accordance with existing POS systems.

Bitcoin selling point-of-sale (POS) solutions
There are also more and more trade-specific options that aim to streamline the process of taking bitcoin payments. The following services offer a variety of POS solutions for traders, both online and off.

Coinify
Coinify, a Danish company that acquires BIPS and Coinzone, offers POS solutions for brick and mortar stores and online. Traders can be paid in bitcoin or fiat currency - or a mixture of both - and the mobile app, Coinify POS, works with Android and iOS devices.

For online sellers, Coinify offers a variety of integration tools, such as payment buttons, shopping cart plugins, or invoices hosted.

CoinKite
CoinKite is a new company that offers bitcoin payment terminals just like the over-the-counter chip-and-PIN terminals that we use in stores today. This handset reads bitcoin-based debit cards, also offered by CoinKite. The handset can also function as a bitcoin and litecoin ATM, and offers an option to print QR codes for customers to scan with their smartphone application.

CoinBase
Coinbase is another payment processor that provides point of sale (Android) applications for brick and mortar retailers. Although currently only supports US bank accounts as a funding source, it offers extensive e-commerce support. Not only does it offer an HTML code segment to easily enter the payment button to your website, it also provides plugins for WordPress, WooCommerce, Megento, and ZenCart.

BitPay
BitPay is an international payment processor for business and charity. This is integrated into the SoftTouch POS system for brick-and-mortar retail stores. However, BitPay has an API that can be implemented into other POS systems with some coding work. BitPay has various tariffs that merchants can subscribe to, enabling features such as using services on a special domain (for online stores), exporting transactions to QuickBooks, etc.

Blockchain Merchant
Blockchain has also produced a merchant application for Android devices. Blockchain Merchant promises instant transactions, 0% fees for payments and has many linguistic versions to be used throughout the world.

Revel
As stated in our recent report: "Revel Systems offers a variety of POS solutions for fast food restaurants, self-service kiosks, grocery stores and retail outlets, among other traders. POS packages start at $ 3,000 plus monthly fees for iPad, cash drawers and scanners. "It was recently announced that Revel will also include bitcoin as a payment method in its POS software.

BitXATM
Startup, based in Germany, BitXatm has announced the arrival of Sumo Pro - a cryptocurrency ATM with a POS (point of sale) function that will appeal to traders who want to easily receive payments from customers in digital currencies.

It costs € 2,900 (about $ 3,993), a stand-alone machine that offers a generous 17-inch touch screen and has the ability to accept any fiat currency. In addition, he can accept or issue any digital currency, according to the company's website.

Paystand
California-based online payment processor PayStand provides US-based websites and cellular applications another way to receive payments such as electronic checks, credit cards and bitcoin. Paystand has received $ 1 million in investment as part of the initial round of funding.

Bitcoin Paystand Trader

Established in 2009, PayStand aims to become a multi-payment gateway that eliminates merchant transaction costs, in part by supporting the acceptance of digital currencies.

Sales Coins
The new bitcoin POS system, the Coin of Sale, seeks to make it easier for traders to accept bitcoin payments for their goods and services.

Created by Singapore-based expat Thomas Forgac, the Coin of Sale works with Android and iOS devices. When users register for an account, they are automatically set up with an Electrum wallet.

Traders must simply enter the amount of money that needs to be charged and the application will automatically generate a QR code for it. The customer then scans this QR code to complete the payment.

XBTerminal
XBTerminal provides a POS bitcoin device that allows merchant customers to pay from any mobile bitcoin wallet with NFC or QR codes. Payments from offline mobile devices are supported by bluetooth. Payments are made through the company platform and, if desired, bitcoin can be converted instantly to fiat currency at the time of sale.

The company also provides web applications and online interfaces for payment solutions for those who want to invest in third-party hardware.

DIY
With bitcoin, it is possible to release fees using a payment processor or provider, and only integrate payments into your own custom system. Those with a technical background have achieved this, such as Stephen Early, which integrates bitcoin payments into the UK's own POS pub system.

Get attention
Do you have an online store or brick shop, if you accept bitcoin, you need to publish that fact. You can find the ‘bitcoin received here’ sign on the bitcoin wiki.

We accept Bitcoin

Signs with greater impact can remind customers about the fact you accept bitcoin. Cryptocables produces a variety of neon and LED signage.

In addition, Coco Mats offers more doormat doors with a bitcoin logo and 'Bitcoin Accepted Here' mats for traders who want to advertise cryptocurrency as a payment option.
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