Accepting bitcoin as payment for my business - page 5.

Shenzou

sr. member

Activity: 1400

Merit: 283

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

i really applaud your enthusiasm and hope that everyone who owns a business starts considering to use crypto as a payment and to promote the use of it as a currency and not as just an investment, but my question is what type of business are you or what type of goods to you sell, are they everyday things like food that does not cost a lot, if so that how do people handle the fees and the transaction time, do you wait for full conformation or just trust that the funds will arrive.

Smartvirus

legendary

Activity: 1554

Merit: 1139

Innovations such as these are a very welcoming one for the public, its going to be challenging on both sides but, it also calls for a chance for the education of the masses which serves an unsolicited publicity for bitcoin. One thing I fear for your sack is the attention is going to call to you from both government and some uninformed few. Most persons believes those that are into bitcoin and cryptocurrencies are so rich and so, even with you living an average lifestyle seems like a disguise to them. As much as you are doing a good thing, don't take your security for a joke.

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos!

AFAICR, you might be the first "brick and mortar" clothing store owner ^{[from this forum]} that accepts those cryptocurrencies in their store ^{[I salute you]}.
^{- Can we see some pictures ^{[if privacy isn't a concern]}?}

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I try to educate them on other wallets with low transaction fees like electrum.

How about going a step further and introducing them to hardware wallets instead? Wink

19Nov16

sr. member

Activity: 1722

Merit: 252

Quote from: ?? on ??

if indeed a company where we work accepts bitcoin then we will also be willing to accept our work wages into bitcoin, moreover bitcoin almost resembles traditional money and we can also sell it on the stock market if we want the asset to be used as money, this is indeed a step which must be considered first considering that currently bitcoin has not been widely adopted

The most important thing is the exchange market, as long as you can exchange fiat at any time then this doesn't matter, now there are many big world companies that continue to develop bitcoin so I'm happy if my place of work pays me with bitcoin, this will be a savings and investment that will grow in the future day.

OrangeII

hero member

Activity: 2170

Merit: 503

Reward: 10M Shen (Approx. 5000 BNB) Bounty

Congratulations for the business you are running, and I hope that the purpose of it can be useful for your visitors and teach them about blockchain and cryptocurrencies.
however, be careful in reducing transactions, because the fees are also too low, sometimes the transaction is canceled, and that can be detrimental to your prospective buyer. besides, you only mention 2 of the 3 coins you accepted. I hope, you also use BNB, because I think BNB fee is much cheaper than ethereum. well, that's real development in real life.
I've always wanted to do a business that accepts cryptocurrency payments, it's just that my country has regulations that prohibit crypto as a means of payment. lucky enough for you to be able to do that without breaking the rules.

Fesatmas

sr. member

Activity: 2268

Merit: 275

I'm glad that there are people who are trying to contribute to the growth of cryptocurrency adoption even with the simplest things, because with so many things we can evaluate going forward, address solutions, solve new problems and find alternatives to choose from when plan A doesn't work, then there is a plan B.
I'm sure you have other payment alternatives, and that has become an independent way of doing business, in other words you can pay with Bitcoin, you can pay with fiat money too. So that other people who order are not focused on one particular commodity.

Hopefully the business you are running at this time can run well and smoothly. Wink

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Yes, the transaction fees are a issue with a lot of retailers... but when they switch to "Lightning Network" wallets... the fees are not an issue anymore and the bonus is "near instant" confirmations. The problem is... not a lot of people are familiar with the Lightning Network yet, so the slow adoption make it a bit of a challenge. Roll Eyes

What Exchange are most of your people in Nigeria using? The transfer within an Exchange is not as expensive as a payment to an external Bitcoin address from these Exchanges. (So if you keep the coin on the same exchange... then the transfer of the coins are a bit cheaper.. it is only expensive when you withdraw from the exchange) Wink

Ararbermas

sr. member

Activity: 2016

Merit: 283

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

well congrats to you mate, indeed it's a good idea to make the payment so easy and you know instead of using any digital currency its good to rely with blockchain because at the same time you can get benefits from it when market is in bullish mode. Lol
by the way if i were you mate make a poster as well how they can pay bitcoin and ethereum with low fees so that they can follow the steps immediately rather than teaching them one by one wherein it will take time for sure Cheesy

rikybrosh

full member

Activity: 477

Merit: 100

That's smart decision, actually you also embrace bigger market which is very potential. Even I want to buy your products too but unfortunately we are in the different country. Shipping cost will be very expensive. You can use cryptocurrency related e-commerce too, I think it can increase your sale. It seems that most of cryptocurrencies price are still very volatile, maybe you can use vendor service when your business is getting bigger.

Jercyhora2

member

Activity: 504

Merit: 23

Epsilon Omega

Just in case the Lightning network hasn’t been discovered yet, I probably wouldn’t recommend it to my acquaintances as a new payment option. But there is already a Lightning network, even though I'm not very familiar with it yet, it can help a lot in our daily lives. In case this is not yet discovered, users will most likely only pay a large amount to be able to ship from one person to another quickly and there is a lower fee per transaction.

zanezane

full member

Activity: 868

Merit: 150

★Bitvest.io★ Play Plinko or Invest!

Quote from: Dhoe on August 23, 2021, 08:29:34 AM

I accept bitcoin as payment for my business, I think you have done a good job, because by accepting bitcoin for your business, your customers will automatically increase, and your company will be more widely known, and for sure your company will progress too.

I haven't seen one business in my area that's been doing what you're doing although you cryptocurrencies is a lot more popular in my country. Although I feel like even if there's one business in my local area, I think that not a lot of people are going to be using it as a payment method.

BOAEDAN

sr. member

Activity: 616

Merit: 252

accepting bitcoin as payment for your business is a very good idea, because considering bitcoin is very popular, and there are many who hold bitcoin, in fact almost all countries have adopted bitcoin, so I think the steps you take will be followed by other companies, because by receiving bitcoins, your company will automatically become famous, and your customers will increase. I hope your company is successful..

Pokapoka124

hero member

Activity: 1148

Merit: 555

Quote from: jackg on August 23, 2021, 07:40:26 AM

Did you say you accept 3 coins? I'm curious what the third is (since you mentioned bitcoin and ethereum only).

The third is usdt because it is a stable coin and serve as a backing.
My plan is to hodl bitcoins as much as I can. Before now I usually keep 40% of my monthly earnings in bitcoin. I'm not worried about the volatility of bitcoin. I'm a strong believer in bitcoin and I'm in for the long term.

Quote from: jackg on August 23, 2021, 07:40:26 AM

This is quite good for the adoption of cryptocurrency and seems like it'd be about as easy as contactless - just scanning a qr code, putting in the amount and going from there.

If you grow further, you can issue payment requests to customers either via a tablet or a screen on your PoS if they ever send the wrong amount as then you'll be able to set how much you request (with the qr code request mechanism, you can give them each an individual address to pay then too if you wanted to anonymise yourself).

Thanks for your insight. I think that's a good idea

Quote from: Coin_trader on August 23, 2021, 06:57:03 AM

<..>

Nice to meet a colleague here. My country men are fashionable and like to express their culture in their clothings. Thanks I will be creating an ANN thread soon. Hopefully I would get good response from the community.

Kittygalore

member

Activity: 868

Merit: 63

Quote from: Dhoe on August 23, 2021, 08:29:34 AM

I accept bitcoin as payment for my business, I think you have done a good job, because by accepting bitcoin for your business, your customers will automatically increase, and your company will be more widely known, and for sure your company will progress too.

I would've said that it won't work but given how famous bitcoin and cryptocurrencies are right now, I think that this is the right way to go, back then I was skeptic about it since not a lot of people knows a thing about them. Progress I guess is a good thing for bitcoin.

Dhoe

hero member

Activity: 1442

Merit: 510

I accept bitcoin as payment for my business, I think you have done a good job, because by accepting bitcoin for your business, your customers will automatically increase, and your company will be more widely known, and for sure your company will progress too.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Like Lucius says, offer an alternative payment or help toolbox -- even regular merchants usually display options with cheaper fees. Might encourage them to try out something with lower fees if they saw an info tool tip that says "want cheaper fees?" click here. There are also lightning apps like Bitkassa that helps users pay easily on L2 (how difficult it is I don't know but they have a really good team to help out). I don't normally suggest things I don't even try out myself but there's an online community full of merchs using it and they seem pretty happy.

Don't forget to add your shop to sites like Coinmap! Visibility doesn't hurt =)

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

Many congratulations! I too have a POD store running successfully but unable to use crypto as a payment method because the government is unable to provide a legal framework. However I am little unsure if I should be accepting bitcoin or other cryptos even if my government provides me with a legal framework.

How are you hedging the extreme price volatility of cryptos? Are you settling the cryptos against cash immediately after making the sales? Or are you holding it back for a better pricing in future?

Since Clothing business doesn't have a great amount of margin, need to understand the plan.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.

Congratulations on setting up your crypto clothing business and it's good that a member is accepting btc and crypto payments for his sale to customers and promoting and awaring people about the same at his level.You can use LN for payment with customers and use that wallet for convenience and fees related issues.Overall it's good to see people accepting btc as payment mode.

You have mentioned 3 most popular coins in your area but you have mentioned only bitcoin and ETH and what's the other coin you are talking about?

dkbit98

legendary

Activity: 2212

Merit: 7064

Quote from: Pokapoka124 on August 23, 2021, 06:23:09 AM

The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.

Electrum is not having any special low fees, but it's better than any online wallet because you can set fees manually, if you know what you are doing.
I would suggest that your customers use bc1 bech32 addresses to lower transaction fees, and maybe give special discount if they purchase more goods on weekend when fees are usually cheaper.
Even now anyone can send BTC with low fee of only 1 sat/vB or $0.07, but you can always add alternative option off accepting Lightning Network payments.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Don't use on-chain transactions for small amounts, it isn't economical. A $5 USD transaction would be 0.0001BTC, and that excludes the fees paid by the customer, the fees paid by you in the future as well as the time needed for the transaction to get a confirmation. If you want a speedier process and something that doesn't incur that much fees, consider lightning network. I find that the adoption is rather small, partly due to the lack of motivation for people to switch. It'll be better for more merchants to progressively start to adopt alternative solutions.

Topic: Accepting bitcoin as payment for my business - page 5. (Read 965 times)