1 year of accepting crypto payment in my fashion store

angrybirdy

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Quote from: bitterguy28 on March 09, 2024, 09:47:38 PM

Quote from: Asuspawer09 on March 09, 2024, 07:45:14 PM

Im curios what dp you do on feees since there are probably huge fees when the network is congested especially your using Electrum as your wallet.

same thought as i am sure that there would be a lot of buyers or customers not willing to pay in bitcoin due to its high fees… i know i wouldn’t buy a product with even a 5% additional fee plus not to mention it’s not exactly fast to make a transaction

maybe if i were buying something i wouldn’t want anyone to know then i would only be accepting of fees but anyway it has been a couple years since op posted so i guess it’s working somehow

Same as the last time I went to an island where there are restaurants that accept bitcoin payment as mode of payment for their services that are offered but I have not seen anyone pay bitcoin payment because of the high transaction fee and it is quite slow the signal on that island is also so the payment is not processed properly and even though I have bitcoin to pay, I didn't try it because the transaction fee is high, the amount of the fee could buy me a simple meal so I chose to pay instead

bitterguy28

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Quote from: Asuspawer09 on March 09, 2024, 07:45:14 PM

Im curios what dp you do on feees since there are probably huge fees when the network is congested especially your using Electrum as your wallet.

same thought as i am sure that there would be a lot of buyers or customers not willing to pay in bitcoin due to its high fees… i know i wouldn’t buy a product with even a 5% additional fee plus not to mention it’s not exactly fast to make a transaction

maybe if i were buying something i wouldn’t want anyone to know then i would only be accepting of fees but anyway it has been a couple years since op posted so i guess it’s working somehow

pinggoki

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Quote from: oktana on March 09, 2024, 06:49:43 PM

I think you should convert it to fiat immediately because when you go to restock, you will have to pay in your local currency. If you decide to leave the money as Bitcoin then in volatile times like this, you can think of it as an investment. Hopefully Bitcoin will be accepted by many people and its volatility and transaction fees reduce as well so people can actually hold their money in BTC without worrying if their gain has been tampered.

Exactly, I think that bitcoin isn't as good as a way to be part of your revenue because of it's volatility so it's not a good thing to save that bitcoin especially when you're running a business and from what I've heard, it's really hard to run one because you're going to think up of all the costs that you're business will have to sustain, there's upkeep cost, restocking, salary for the workers and upgrading the business and I don't think that bitcoin is up for that business sustain. I'm just talking about what I think works but it seems that you're doing just fine though so I guess you can keep doing that but do be careful as bitcoin's more suited as a means of investment rather than a currency.

Asuspawer09

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I'm curious about what do you do on fees since there are probably huge fees when the network is congested especially if you are using Electrum as your wallet. Even though you used other options or networks it would still could probably .5 cents of fees but it is still a fee that the customer needs to pay, I mean if you are going to ask me if not willing to pay that fees so that I could buy something using Bitcoin, Personally I would just use what is convenient to me which is fiat money that is obviously going to be much easier, I mean if something is not convenient enough to someone there was no point on using the other one unless it is convenient when it comes to you.

Just like what I mentioned in the past I think the Bitcoin is still not ready to be used as a payment method just because of the volatility of the market price if you are going to integrate it into your business that is going to take a lot of cash on your business, on your business you need to have cash flow on course if a lot of people buy using Bitcoin you can't just sell that Bitcoin for sure at any time you like because it can be a bad timing or probably the market price just drop. Its just like you are continuously investing on Bitcoin everytime someone pays using Bitcoin your investing on it already, so it's still not perfect, where something like an E-wallet could easily do, like fast transactions, it might take some time for the transactions to get confirmed in the network or worse could get stuck as well. If on bad timing your transaction could get stuck on the network probably would take days if you are unlucky, that could also be a thing because transactions might get canceled or get stuck for a very long time.

Xxmodded

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Wow its so amazing with OP fashion store have been accepted bitcoin as payment method more than one year, indirectly you the OP promoting or advertising with bitcoin to the public indeed with his business as fashion store. I want to know are your country bitcoin have adopted as legal currency transaction or not? I have the same ideas with my business selling furniture and want to adopt bitcoin as payment currency but scared with bitcoin still not legal payment method and could violate the law with potential get under arrest.
I am so excited if OP can share his fashion store progress after accepting bitcoin as payment transaction and how many transaction from costumer using bitcoin as payment method of keep still dominance with fiat. Could be rule models for any one have business and interested for accepting bitcoin as payment transaction and allow what the OP way from training his the staff, choose the right and common wallet with the costumer until active promotion and advertising.

oktana

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Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

I think you should convert it to fiat immediately because when you go to restock, you will have to pay in your local currency. If you decide to leave the money as Bitcoin then in volatile times like this, you can think of it as an investment. Hopefully Bitcoin will be accepted by many people and its volatility and transaction fees reduce as well so people can actually hold their money in BTC without worrying if their gain has been tampered.

Marvelman

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Quote from: Pokapoka124 on March 09, 2024, 05:51:00 PM

Quote from: Fivestar4everMVP on March 08, 2024, 08:54:31 AM

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

That's interesting. Seems backwards from usual – most folks I meet never heard of Bitcoin or get skittish about the whole thing and you think on any ways to smooth those worries so Bitcoin looks better to your buyers? Maybe throw them a discount or some other cherry on top for goin crypto.

I dunno. Just ideas.

alastantiger

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Quote from: Pokapoka124 on March 09, 2024, 05:51:00 PM

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

Normally Bitcoin maximalists are reluctant to spend their Bitcoin. But I can see that you have a unique situation. Do you ever try to convince your clients when they are reluctant to make payments in Bitcoin? Has this in anyway affected your business like indirectly or in some way ?
Maybe you could try this, since your clients have a strong hold mentality, you could convince them to spend their Bitcoin on your business when the price is high. Like pay for a fashion item during a bull market.

Pokapoka124

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Quote from: Fivestar4everMVP on March 08, 2024, 08:54:31 AM

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

I would like to have customers like you who are willingly to pay for services with Bitcoin. The problem I’m facing with Bitcoin payments is not that customers are ignorant of Bitcoin, it’s the opposite, most of them have heard of Bitcoin and some of them hodl Bitcoin and other cryptos. The problem is getting them to use Bitcoin as payment, Nigerians have a very strong hodl mentality.

rodskee

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Quote from: GideonGono on March 08, 2024, 09:52:22 AM

Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

This is why when you consider having bitcoin in your business better that you have extra
capital if ever the price go sideways because surely you will end up losing your capital to sustain
your business in daily basis as we also knew that volatility may change every single second .
maybe OP have a complete back up before he started this crypto adoption in here business.

TheVeteranAngel

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Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

It's a year since I started accepting crypto as payment . I will show you how I operate and also how you can accept crypto payments as a small business owner. I run a fashion store, we make African prints, suits, shirts and trousers. This is a popular business in Nigeria, I needed a edge in the market to better my competitors. A greater percentage of my customers are within the age of 20 - 47, this category are people who are tech savvy and open-minded. Nigeria is one of the biggest markets for Bitcoin. This survey led me to make the decision of accepting Bitcoin payments in my business to serve the increasing number of crypto-paying customers. I recently made a catalog of Bitcoin wears available for preorders https://bitcointalksearch.org/topic/m.60641685. It's been a one hell of a journey and I would like to share with y'all.

How to Get Started

Step 1

Choose a good wallet
Use a wallet you're familiar with. Do not be experimental with wallets, use a highly secured wallet and keep your keys close to your heart.

Step 2

Training my staff

Keeping in mind I can't be everywhere at once, my staff needed to have basic knowledge about crypto. So they can offer assistance to customers when they need it and also show the newbies how to buy Bitcoin and make payment. Quality customer service is important, you don't want your staff to look confused on the job. That’s poor customer service. Bitcoin transactions are irreversible, you can't afford to make mistakes.

Step 3

Advertising & Promotions

Getting word out that you now accept crypto payment is important. I rebranded my shopping bags to include crypto images. Also I had a the billboard in front replaced with an new one that says we accept crypto. Discounts on certain items were given to encourage more customers to use crypto as payment. When a customer buys goods worth more than $100 worth of Bitcoin, they are given a free voucher to shop $10 free.

A typical crypto transaction at my store look like this:

1.The cashier gives the customers a Bitcoin QR code to make payment

2. The QR code is customized to tell customer’s crypto wallet where to send the bitcoins and how much to send.

3. The Bitcoin payment is confirmed by the cashier.

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

This is really nice and the strategy is perfect especially for Nigeria market. I could remember how crypto was of great help during covid 19 when banks where no where to be found. The majority of the youth are also keeping their funds in crypto due to some unscrupulous police officers and sars who try to take advantage of them when they collect their phones and drain their accounts. Though we are still a little behind in terms of technology, I travelled to Thailand few weeks ago and i was able to use my Bitget card on the Bitcoin ATM. Hopefully we can get to this point where crypto ATM will be available but i doubt if our government will allow that.

Assface16678

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Quote from: GideonGono on March 08, 2024, 09:52:22 AM

Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

True, and also not just the volatility of the bitcoin market; we, or a business owner, should also consider the transaction fee. Yeah, accepting crypto currency or bitcoin payments to your business could add to its popularity and target customers because you are giving them an additional option for paying in your business, but the thing is, how about the transaction fees? As we know from recent months, the transaction fees for sending assets or crypto currency from one wallet to another are too expensive. The transaction fees sometimes surge too much, which results in transactions being held as they can't take the expensive transaction fees. Yes, we have a light network, but the thing is, it is not worth it to open a light network for a one-time transaction with a specific crypto wallet or address. But yeah, it would be great if more businesses would accept crypto payments because it means that slowly many establishments will adopt crypto currency.

GideonGono

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Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

Fivestar4everMVP

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Quote from: pawanjain on August 14, 2022, 02:08:49 PM

That's really amazing. In fact, we can say that you are one of those people who is helping in making crypto adopted globally.
As time goes, we can see that every year there are some people who is promoting the usage of crypto as a payment.
If this keeps growing every year we can surely achieve the milestone of making crypto as a globally accepted payment method.

Bitcoin, as well as crypto is already a globally accepted means of payment for goods and services, it is you the customer who decides to want to pay in bitcoin or any other well known crypto currency.

Some weeks ago, I walked into a restaurant to have launch since I was very far from home, it was a local restaurant since I didn't have so much money on me, and wanted a place where food price will be a bit cheaper.
I told them what I wanted and they served me, after eating and was going to pay, there was no sign in the restaurant that they accepts crypto payments, but I just felt in my spirit to tell them I wanted to pay in bitcoin, I did and amazingly, the cashier with smiles on her face made a bitcoin address and a barcode available to me, I scanned the barcode and sent the amount to them, the only condition was that, I will wait until the transaction gained atleast 2 network confirmation before I leave, I waited and luckily, bitcoin network wasnt congested, 2 network confirmation arrived in less than 20 minutes and I left.

So, what I am saying in essence is that, some business know and are willing to accept crypto payment, but won't let the customers know that such payment option is available, they only oblige to accept it when the customer requests to pay through such means.
So, when next you visit any store, unashamedly ask them if they accept crypto payment, even if there is no crypto or bitcoin accepts sign there.

fushelll

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Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

It's a year since I started accepting crypto as payment . I will show you how I operate and also how you can accept crypto payments as a small business owner. I run a fashion store, we make African prints, suits, shirts and trousers. This is a popular business in Nigeria, I needed a edge in the market to better my competitors. A greater percentage of my customers are within the age of 20 - 47, this category are people who are tech savvy and open-minded. Nigeria is one of the biggest markets for Bitcoin. This survey led me to make the decision of accepting Bitcoin payments in my business to serve the increasing number of crypto-paying customers. I recently made a catalog of Bitcoin wears available for preorders https://bitcointalksearch.org/topic/m.60641685. It's been a one hell of a journey and I would like to share with y'all. I decided to start accepting payments in crypto after reading “what is eth payment method”, it inspired me and I decided to try it.

How to Get Started

Step 1

Choose a good wallet
Use a wallet you're familiar with. Do not be experimental with wallets, use a highly secured wallet and keep your keys close to your heart.

Step 2

Training my staff

Keeping in mind I can't be everywhere at once, my staff needed to have basic knowledge about crypto. So they can offer assistance to customers when they need it and also show the newbies how to buy Bitcoin and make payment. Quality customer service is important, you don't want your staff to look confused on the job. That’s poor customer service. Bitcoin transactions are irreversible, you can't afford to make mistakes.

Step 3

Advertising & Promotions

Getting word out that you now accept crypto payment is important. I rebranded my shopping bags to include crypto images. Also I had a the billboard in front replaced with an new one that says we accept crypto. Discounts on certain items were given to encourage more customers to use crypto as payment. When a customer buys goods worth more than $100 worth of Bitcoin, they are given a free voucher to shop $10 free.

A typical crypto transaction at my store look like this:

1.The cashier gives the customers a Bitcoin QR code to make payment

2. The QR code is customized to tell customer’s crypto wallet where to send the bitcoins and how much to send.

3. The Bitcoin payment is confirmed by the cashier.

Challenges

The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Your approach is a testament to the adaptability and innovation that small business owners can demonstrate in today's ever-evolving market environment.

Your strategic decision to use cryptocurrency as a payment method aligns perfectly with the changing preferences of your target audience.

A step-by-step guide on how to start accepting cryptocurrency payments provides invaluable information for other entrepreneurs looking to follow in your footsteps. Choosing a secure wallet, training staff to assist customers with cryptocurrency transactions, and promoting your stance on cryptocurrencies through advertising and promotions are all important elements to ensuring a smooth transition to accepting digital currency.

pawanjain

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Nothing lasts forever

That's really amazing. In fact, we can say that you are one of those people who is helping in making crypto adopted globally.
As time goes, we can see that every year there are some people who is promoting the usage of crypto as a payment.
If this keeps growing every year we can surely achieve the milestone of making crypto as a globally accepted payment method.

qwertyup23

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Quote from: Pokapoka124 on July 29, 2022, 03:21:31 PM

.....
Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

First and foremost, I want to congratulate you OP for your very inspiring journey! I also find it very amusing that most people from Africa have started adopting BTC as a form of alternative currency in payments of services and products. These types of ventures are what creates a positive image on the view of people on BTC.

In addition, it is actually great that you adopted lightning network to your process as it takes a relatively faster amount of time processing, unlike traditional exchanges. One thing that I struggle with is the amount of confirmation needed in order for payments to be processed in the blockchain. With this alternative, not only does it make it efficient, but it is actually more faster in receiving and sending payments.

GeorgeJohn

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Not everybody have the motivation to use a cryptocurrency especially Bitcoin as a means of payment in business. It's people who knows the productivity and the quality and values of cryptocurrency will introduce the methods system of payment of Bitcoin through a business. Op, i could remember vividly when you made your thread of introducing payment system of Bitcoin in your busines. I applaud you for your initiative of this

cheezcarls

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My dad is supposed to start a traditional milk tea business last early 2020 but everything came to a halt due to the COVID-19 pandemic. Although I am not passionate into traditional businesses, but I did had an idea of accepting Bitcoin as payment by scanning the QR code in which I have suggested it to my dad.

Now that we’re “kinda” moving on from COVID-19 since it’s not that “fatal” anymore, it’s just that my dad is having second thoughts of running it due to his health condition as well as my mom’s regressing dementia condition.

You have a great experience in accepting crypto payment in your fashion store. It helps spread the word about Bitcoin and cryptocurrencies.

Yamifoud

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That 1 year of accepting Bitcoins isn't a trial anymore but I know that you already know if this becomes profitable and it works well, or not. But I'm sure this is not the only option you have and you still consider fiat transactions as the main option that is why you were still able to continue your business.

But if we have thought deeply and analyzed the market trend since last year as the market is bullish, I'm just thinking that you OP had lost some money from this. Well, if you just hold them and wait for the next ATH, that is actually a big profit for you then.

Topic: 1 year of accepting crypto payment in my fashion store (Read 731 times)