I started business many days ago. Now it's time to accept Crypto as a payment. - page 4.

rby

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Quote from: Piesel on August 11, 2022, 04:41:42 AM

But I will like to know how you intend to handle the issue of fees since you are using a none Bitcoin lightning network to lessen the impact of network fees for blockchain transactions.
Who pays the fees is it the customer or you?
I will advise you to design a more flexible network any way Bitcoin network fees are at their lowest and is most likely an unnoticed amount.
Congratulations.

Accepting bitcoin in business is not do straightforward. It can be easy when it is small business but for bigger enterprises, it is a challenge.
As you said about the fees, the fees will long something that will be high for the customers to bear. Especially as many customers will be paying from exchanges, so the exchange fee will be higher. If he will be willing to bear the fee will affect his new business which has not rooted very well.
Can we talk about how he will handle volatility when it did not go on his favour? Will he need to be coverting it to stable coin everything? That is just to say because not too many people will be requiring to pay with bitcoin.

TheNineClub

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I applaud your enthusiasm, and I think it's a worthwile endevour, but I would maybe wait a bit until the business takes off a bit more and you accumulate some founds that can go towards the business when crypto starts fluctuating.

adzino

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Quote from: tjtonmoy on August 11, 2022, 03:52:40 AM

I started a small business on exporting rice in my town. It's been several months and everything is going well.
All my customers are happy with the service. So to make things a bit more interesting, I've decided to accept crypto as a payment method.
I have designed this business card of mine, and I'll be handing over this to my customers.
-snip-
In the beginning, I have decided to stick on Binance pay, and BTC payment.
The BTC address is in the QR code on the business card, and also with the PAY ID for Binance.
Universal token transaction will be done through pay ID and BTC could be transferred too.
For those who want to pay with other method, can choose BTC address.

I gave it a good thinking and have implemented this in my business. So I want to know you guy's opinion in this.
Feel free to suggest me more secure options and how to improve this.
Thanks a lot in advance.

Have you thought about all the risks involved when you will be accepting bitcoin? Like others said, not your keys not your coins. What if one day binance decides not to offer services to your country? What if someone sends funds from some addresses that has interacted with black listed addresses? High chance binance might freeze your funds and you will have to go through lots of trouble. Setup your own wallet to accept payments from your clients/customers without depending on thirdparty centralized wallets.

BIT-BENDER

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Why do people still make the mistake of trusting exchange regardless of how big they are, why are you confident that you can let a system of payment for your business be done on an exchange, I won’t do that if I were you. It’s wise you incorporating Crypto-currency payment into your business but just like you have a bank account in the bank and the bank can interfere in your business at any time you would not want the say with your crypto-currency alternative it’s same thing except for the fact it is now easier for your crypto enthusiastic customers.

Quidat

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Quote from: Imran232 on August 12, 2022, 12:37:22 PM

Quote from: tjtonmoy on August 11, 2022, 03:52:40 AM

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Is this true? You are a Bangladeshi and you are openly going to use bitcoin in your business. Is this actually possible in Bangladesh? Isn't it going to be problematic for you and your business? What are your plans for dealing with legal issues if they arise? As we know already, some people got arrested who were involved with crypto, but at that time you are going to openly use it. I am really confused. Is this really true or did you just make it up by yourself for some merit? I hope I will get an honest answer from you. Thank you.

It would really be dumb if someone do really make out some consideration on accepting bitcoin or crypto into their business if they do know that it is really against
nor being prohibited on where he do lives which anyone doesnt really like on getting involved nor does like to face up some legal charges or something like that which
it would really be that normal that someone would really be checking out first before making further step.If someone decides on accepting crypto a a payment
then just let them be yet they do know on what they are doing.

tjtonmoy

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Quote from: Imran232 on August 12, 2022, 12:37:22 PM

Is this true? You are a Bangladeshi and you are openly going to use bitcoin in your business. Is this actually possible in Bangladesh?

If nobody does nothing about this then no one will accept crypto in the future... I don't care if it's acceptable or not. I know people like you will ask this kinda question. That's why I have left the country code not blurred... May be you can start something like this too. Don't you use p2p while being in Bangladesh? Have that stopped you?

And for merit! I don't care about merit.. you can see on my profile.. every merit I got because of a pizza contest... Which I thought was that I can participate in.. so I did... And I got the merit by chance...
So no hurt feelings bro... I'm just stating the facts. It's not popular here but if some can get the message and try using it . Then after sometime everyone will know .. and just hope for the best and let's see if it become legal in BD

Imran232

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Quote from: tjtonmoy on August 11, 2022, 03:52:40 AM

<.....................>

Is this true? You are a Bangladeshi and you are openly going to use bitcoin in your business. Is this actually possible in Bangladesh? Isn't it going to be problematic for you and your business? What are your plans for dealing with legal issues if they arise? As we know already, some people got arrested who were involved with crypto, but at that time you are going to openly use it. I am really confused. Is this really true or did you just make it up by yourself for some merit? I hope I will get an honest answer from you. Thank you.

kryptqnick

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If it's a business thing with rice export, I suspect transactions are probably costly enough to make the on-chain Bitcoin transaction fees negligible. I also suspect that if the payment arrives within 10 minutes or even within an hour, it's no big deal because it's all online and because it's not something people will compete over buying (not like a new iPhone or a new GPU that can require a very fast payment). In that case, why not simply stick to a Bitcoin address of your own non-custodial wallet? I agree with the concerns of others that by making transactions via Binance you don't really hold the payments from customers, and who knows, maybe one day Binance will find something about it suspicious, freeze your money and start asking questions. But you're saying that the Binance option is for the beginning, so that people feel more comfortable, so maybe it's justified as long as you're well aware of the risks.

DanWalker

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There is nothing wrong with what you do, and everything you do is honorable and commendable, however, there is a small problem in that you are using a centralized exchange wallet and it is still not your property.

It is better if you switch to a personal wallet and you are the keeper of your own keys, then they are your property. Once again congrats on your business and hope you will have more customers paying in bitcoin.

Obito

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Hope your business prospers, why did you have to wait for a long time before adding crypto payments if you already have knowledge in crypto? Good thing you've finally started doing so because you will create a web of people that's going to get curious regarding crypto and they'll spread that curiosity. I'm sad that not a lot of businesses are doing this but I get that if it's a small scale, it's not really that convenient.

masterrex

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First of all congratulations on your new business, I hope it will prosper as time goes by and of course, the more interesting info is you started to accept crypto as payment for me it's a good start and also an important part of promoting crypto adoption. I understand that some people are afraid to use custodial wallets, especially from a centralized exchange like Binance, yeah Im also believe in the saying that not your keys, not your coins but it depends on the situation I'm using Binance since 2017 until today I never experienced any problems and Binance is actively fighting the fraudulent act in crypto and actively cooperating in the law enforcement so I Believe there's nothing wrong if you are using Binance wallet for me its one of the trusted platforms in the industry today.

sunsilk

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It is a good start IMO.

You'll have the idea on who are those customers of yours that are also bitcoin holders. And if you assess that they're a lot, it's better to go with the idea of going with the better way of receiving it and Binance will be just like your 2nd option.

Like having your own qr code from a wallet like electrum or wasabi for which it's really under your wallet as you are the owner of the keys of it.

Overall, you're doing great and I wish the success for your business and as well as with crypto.

Kelvinid

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You are into the point of promoting Bitcoin as a currency, which seems to need to be appreciated. But the risk I see is that you are using a Binance wallet that is not under your full control, you are actually prone to any losses if Binance got hacked. I suggest to have your own personal wallet to which you have the keys and all the transactions will use this address.

Maybe, we need updates on how it was going, maybe 2-3 months from now just to see if there is an increasing number who have tried to use their Bitcoin as a mode of payment. Traffic count, in short.

Piesel

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Quote from: Queentoshi on August 11, 2022, 11:17:20 AM

Quote from: tjtonmoy on August 11, 2022, 03:52:40 AM

and also with the PAY ID for Binance.

Congratulations on your business, PAY ID is a great way to receive transactions for your business, it is very fast and secure and because of the speed associated with its use plus the zero transaction fee, after the first trial by customers, they may prefer to continue to use it.

Pay ID that looks like a third-party Bitcoin service provider to me ops should focus more and invest in developing his payment system, just as others have stated before, you owning your PPG is most likely the most secured and privacy-oriented payment system. That way you save yourself the hustle and risk of using a third-party payment system that may keep records and collect clients' formation and storing them on their database, and that will not go well with some of your clients and will discourage them from making payments using Bitcoin as an alternative.

2stout

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Congratulations to you for starting your business and for having the discernment to also accept crypto as a payment. You've given yourself an additional option, best of luck in this endeavor, sounds like it's already going pretty good.

Leviathan.007

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I'm very happy to see you accepting bitcoin and cryptocurrencies as a payment method for your business, I'm sure you can have clients from all over the world and this can help the business because many countries cannot have normal credit cards and Paypal is not available there so they won't have any problem also implementing the cryptocurrencies payment method will not cost you a lot and will not require many paper works unlike the other payment methods but still you need to have enough knowledge about these payment gates to easily cashout the money when you need it.

Oneandpure

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Quote from: Finestream on August 11, 2022, 04:39:04 PM

Giving your customers variety of payment system will create more chances to gain customers especially for those who will find it more convenient to pay with crypto. Just keep on doing that, until you see the rest of the world starts to open doors for bitcoin. Maybe for now, most of your customers will prefer to pay in fiat, but as soon as paying with bitcoin or crypto becomes a trend, then you will start to encounter a lot of customers who are more willing to pay in crypto than in fiat.

OP have innovative ideas about payment variety with his business, I think will make costumer excited they have many kinds payment transaction not only with fiat or cash money always but also OP have give bitcoin as alternative payment transaction accepted. Beside still have costumer not understand with bitcoin after accepting payment with bitcoin will make them try to learn and want to know what bitcoin is kind? I think indirectly you have been as bitcoin advertising. I think before accepting with bitcoin as payment transaction need to give source link education how to use and step by step when using bitcoin for payment transaction.

Finestream

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Quote from: yazher on August 11, 2022, 05:58:47 AM

I hope your business will prosper and even though the number of customers paying with cryptos are less, don't remove the option for them because you are also helping to the financial revolution we have to remove the banks from having total control of our money. I love to see the world where everyone have their own freedom with their money without any fear of inflation or sanctions from other countries and anything like it. Some business owner are considering such thing because some of them really want to hold bitcoins with the spare money they have.

Giving your customers variety of payment system will create more chances to gain customers especially for those who will find it more convenient to pay with crypto. Just keep on doing that, until you see the rest of the world starts to open doors for bitcoin. Maybe for now, most of your customers will prefer to pay in fiat, but as soon as paying with bitcoin or crypto becomes a trend, then you will start to encounter a lot of customers who are more willing to pay in crypto than in fiat.

SatoPrincess

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Posts like this makes me happy, business are using Bitcoin as payment for goods and services as day goes by
Congratulations OP on starting your own business. I like your design,I think you should also make this known in your local thread to spread the news. Your customers may be there. There are a couple of other threads of people who have introduced Bitcoin payment to their business you can read there too

Cookdata

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I like your idea, having bitcoin as a payment option for your business is a good idea. However, you mentioned that you accept bitcoin through Binance pay ID, which I don't like because they are a centralized organization and you can lose your account and bitcoin through that. I didn't see your PAY ID listed on your business banner, it will be simpler and easier for customers to make payments if you can include your bitcoin address on that list for buyers to pay to, and for a quick and easy manner of copying the address, kindly display a QR code that encodes your wallet address. This way, they can scan your bitcoin address and make a payment comfortably.

Topic: I started business many days ago. Now it's time to accept Crypto as a payment. - page 4. (Read 985 times)