Topic: I started business many days ago. Now it's time to accept Crypto as a payment. - page 5. (Read 985 times)

Okay I've really appreciated that you have started to accept crypto as payment for your business. But of course since you are using Binance Pay, the funds that you have are not in your full custody.

As the old saying goes, not your keys not your coins.

But if you are accepting BTC as payment, are you using a Lightning network? Or just the traditional segwit or native segwit?

My sister who is a co-owner of a restobar are accepting crypto payments as well but using a centralized wallet that is regulated by the Central Bank. If their account is upgraded to Business, that won't be a problem as it can accept a maximum of $100,000 per month in transactions.

If regulation wont be an issue then most of the time it would really be pertaining about volatility which is always the main concern on why businessowners would really be reverting back their decisions on implying or

integrating it out into their business which it would really be a common reaction for someone who is really that minding about making more profits but we know that this isnt how this market works.

The ones who do sustain and able to accumulate are the ones who would benefit out even though not an assurance but we've seen how many times about significant movements.

The rice business is indeed very promising because it is the main need of the population in several countries, I would like to congratulate you on opening your business and hopefully it will continue to grow in the future, the use of crypto in the business sector  of course can be an alternative, but you and also customer actually have to be really ready for there are risks, such as when a customer bids for rice and deals at price $20K bitcoin but when in the process of buying or transacting the bitcoin price drops $19K then you must be prepared to accept losses and vice versa, because we know if bitcoin has speculative movements or can up and down in seconds, besides, does your country have justified the use of bitcoin as a means of transaction or payment?
because if not, I think you should be careful because now most countries prohibit the use of crypto as a means of payment.

You look smart businessmen because keep progress and go ahead how to modify with payment kind, accepted bitcoin as payment for your rice export is smart ideas because you make costumer easy when transaction using bitcoin, just sending with lightening network will arrive om short time. But have one point about your costumer feedback, all of them like with using bitcoin as payment transaction? How far your costumer knowledge about bitcoin from how to purchase and sending bitcoin fund from one wallet to other wallet. Have of your costumer know about bitcoin or just hearing only as bitcoin for investing assets.

Accepting cryptocurrencies as payment have got easier with the existence of more service providers as well as more user friendly applications. Many large scale corporate companies begun accepting cryptocurrencies for their services. At some point they weren't able to make the targeted revenue out of it. So, they stopped the service. In such a way you should not stop the service once after starting to accept cryptocurrencies. Your business revenue out of cryptocurrency acceptance takes time and we need the patience.

I have read through everyone's opinion and suggestions. You guys are awesome.
I have gained a lot of knowledge from your response. I'll make sure to follow those and make a good use of this knowledge.
It is really difficult to convince people to use crypto as a payment system. But you'll never know before you try.
I'll be mostly accepting stable coin payments through Binance Pay ID. It's fast and easy at the same time. So if people start to use it, then they can gain more knowledge on crypto, and they will be more eager to learn about this. I know it has many flaws and drawbacks. But I want to see how people will respond to this.
Appreciate all your help, and thanks again for sharing your knowledge.

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That's the reason why I prefer this method. Let's see what they will do and how fast they can be adept to this.

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I have the risk factor in my mind too. But as for the beginning and to let people feel more comfortable using this, I have chosen the easiest way which is binance pay. zero fee and fastest transactions. In future i'll change it up a bit to make it more secure and then i'll use a website for various tokens and crypto

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That's the idea man. I hope with this every little steps of ours, we can make the future of our vision.

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Point noted. I'll keep this in my mind

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Sorry if I have skipped on replying to some of you. But I have read everyone's comments and they were very helpful. So thanks to all.

[moderator's note: consecutive posts merged]

One other thing to think about too: sometimes you gotta do a bit of market research esp B2B like you. What payment methods do your clients want? And how would they feel about Bitcoin? You don't want to alienate some if they would actually distrust it or see you as "one of those guys".

Don't hate on me. I just sometimes get annoyed when a service I use happily tells me they now accept payment in some dumb currency when something else easier and actually in demand doesn't get used.

e.g. When a site announces Web 3 shizzle and SOL and APE wallets and I'm wondering when the hell they gonna upgrade to their legacy Bitcoin wallets...

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 first trial by customers, they may prefer to continue to use it. 

If I may ask....

How many Bitcoin ATMs are there in your town? This is important, because you do not want to work too much through Exchanges for the Crypto conversions. 

Also, have you done some market research to see how many people have Crypto currencies in your town? (Do you have regular Bitcoin meetups for instance and how many of these meetups are hosted in your town)

These are the things that are boosting Bitcoin adoption.... so please concentrate on that too, if you want to be successful with Bitcoin payments. 

I always find it hard to justify using a third party, when it would be somewhat easy enough to implement your own system, even if that requires investing a little or a developer to sort it out for you. I'm generally hoping that we break away from having to rely on several third parties having access to your information, and data. When you normally purchase things with fiat plenty of companies are actually getting information on you, simply because that website relies on them. Some websites are absolutely sickening the amount of third parties they share information with.

There's no real incentive to do that with Bitcoin, except for convenience for the merchant. I'd be more willing to buy things from someone if they didn't rely on third parties though. Obviously, I do understand where you're coming from, and it has everything to do with convenience, especially when just testing the waters to see if Bitcoin would be something worth investing a bit of time into.

The truth is, at the moment we haven't reached the global usage where Bitcoin will always be useful to accept. I guess, it does take a bit of admin, and if you aren't receiving payments regularly in it, keeping up to date, and assuring you've got the systems in place might be more hassle than it's worth.

This topic likely belongs to Service announcements but if you moves it to that board, I think you should add more details of your business service.

If you don't want to add more details of your service, you can move it to Service Discussion. I think two boards are better than the Bitcoin Discussion board.

You mainly accept Bitcoin so you can consider Lightning Network too.

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.

I'm undecided between whether having a single bitcoin address or using binance pay is a good idea - although it's probably a great place to start to see if there's much customer interest in paying that way (or you don't know if there is).

They're good choices for lower volumes of transactions that probably won't be disputed. I think if your company sees it worthwhile adapting to more appropriate methods for receiving lots of transactions then you'll be better off putting a website on thst card and using a server to process transactions (both for customer privacy and your own - and it might make it more convenient for you to do it that way too).

Implementing a Bitcoin payment method into your business isn't going to cost you much, unless you have to process those transactions manually, and there's a lot of them. However, you would have to do that with fiat transactions I would guess? Unless, you have a automated system for that. Again, if it's worth your time, it might be worth investing into automated system for Bitcoin. There's no real downsides to accepting Bitcoin, unless you're a company like Tesla that care about their branding, and therefore don't want to be associated with some of the accusations regarding energy usage.

Although, as suggested you'll want to be receiving, and accepting your Bitcoin into a wallet which you own the keys. Especially, as a business that might be generating some pretty pennies.

It depends on how many payments you have to process in crypto per day, but you can anytime just send an invoice with the exact bitcoin amount and a specific wallet address to your own cold storage wallet. If you have to process maybe less than 10 payments a day in crypto this can easily be done. If the amounts are getting higher however, you will need a payment provider or somebody who specifically sends out the bitcoin invoices.

This is quite commendable to see that you accepting Bitcoin in your business to aid the scalability of the business, this will make payment for goods and services within your business. 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.

The first thing that comes into my mind is "not your keys, not your coins". What I mean is that the crypto you'll be receiving... it's not you who will be receiving it, it's Binance.
You have an account there and in normal circumstances you'll be OK and you'll be able to withdraw or spend those coins. But.. what if..? With so many centralized platforms going bankrupt and freezing the user funds, it's a risk.

The usually recommended solution is self-hosted BTCPay server, but that's for situations people need new address for each payment. And it may need knowledge and hardware.
As you use same address for all payments, your own address in your own local wallet would do. Of course, I recommend you get yourself a hardware wallet to avoid hackers.

I will add that I've seen your address on that card is Legacy type. SegWit Bech32 addresses (bc1*) are newer and the fees to pay when sending to those are smaller. It also worth considering using those (again, in your own wallet).

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.

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.

[Note: Information is blurred out for personal reasons.]

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.