Tips: encourage your customers to pay with bitcoin

ultrloa

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Quote from: Pmalek on January 02, 2023, 09:54:02 AM

Quote from: julerz12 on December 28, 2022, 10:42:12 PM

Here's an example, I recently saw a couple (vloggers) who took a 1-day challenge wherein they can only use Bitcoin as payment in Boracay (a popular tourist destination here in the Philippines). They've paid BTC through an app called Pouch.ph. The app converts the BTC they've paid to fiat (Philippine Peso) when the store/seller recieves it. It kinda beats the purpose of Bitcoin and whole idea behind it but it's a good start.

They could have used any other bitcoin/crypto debit cards in the same way like they did with Pouch.ph and gotten the same results. Many people would say that can't be considered as paying with crypto. I think it still should count. You are making a crypto payment on your end. Everything that happens after that isn't something you should concern yourself with. Whether or not the merchant keeps the coins in their original form, converts them to a different crypto, receives them into a casino account and gambles them away, or uses a payment processor to convert them into fiat, you still paid in crypto.

It should be count since the one promoted by pouch is bitcoin payment so it also affiliated on paying by using bitcoin. What they do is great marketing for bitcoin/crypto and to their business so hopefully we can see more like pouch.ph action so that to many option we can choose on different parts of PH merchants or even outside of that country to pay using bitcoin payment option.

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Quote from: KingsDen on January 02, 2023, 11:10:05 AM

Quote from: drwhobox on December 27, 2022, 03:44:32 PM

Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.

I don't know how much discount you can offer to still remain relevant and gainish in the market. We don't because we want to accept bitcoin and run into losses.
Instead of giving discount to people paying with Bitcoin, you can opt to take care of the transaction fee which could be the reason some people will avoid paying with bitcoin, especially people paying from exchanges.

Indeed, despite of being mentioned already about lightning implementation for a business accepting bitcoin payments, OP still not adding lightning in the OP while talking on how members can suggest to improve the main post.

Quote from: drwhobox on December 30, 2022, 08:11:51 AM

Taking a 30%-40% profit margin from a product will not harm the business if it only provides a 10% discount for bitcoin payments.

Where did you get these numbers? Have you tried to run a business?
Most retails only profits for 10% or even lesser for every product, for restaurants 20% profit is already high for every food they sell. Giving 10% discount will hurt the business despite of making an initiative for bitcoin implementation.

You may give discounts only for old stocks, near expiry, products that were not sold for longer time. The rest will only give you bad result than good.

Most people knows bitcoin already. At the time like this, in customer's point of view, i will hold my bitcoin instead of using it for purchase.
For a business, making a "we accept bitcoin ^(/lightning) payment" sign with a QR code either in a paper or digital screen is enough to encourage customers to pay with bitcoin if they want to, others are not necessary, discounts are just optional.

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Quote from: Darker45 on December 29, 2022, 09:27:40 PM

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

Lightening network is fast for merchants, but not all customers have a knowledge of configuring boltcards or NFC chips on cards to make a swift lightening payments through LNURLw. Though, I don't know the current progress of zero conf and RBF debate to better maintain a fast payment for buyers and sellers alike, yet I don't think customers should be encouraged in a way other than what OP said about creating awareness that bitcoin is accepted in the store. Moving an inch forward to lure them into bitcoin due to discount and all, could lead to unsatisfactory service if things go wrong on the clienteles end.

At the moment bitcoin owners should pay with bitcoin and fiat owners pay with cash, unless the person is interested in bitcoin they should ask about what's like. Therefore, giving discounts should be for all customers both fiat and bitcoin owners to make things look balanced; promoting your products and bitcoin at same time, not the other way round, people with fiat will be curious knowing why there are not getting a bonus on the store and jump into bitcoin without making prior research.

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Quote from: drwhobox on December 27, 2022, 03:44:32 PM

Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.

I don't know how much discount you can offer to still remain relevant and gainish in the market. We don't because we want to accept bitcoin and run into losses.
Instead of giving discount to people paying with Bitcoin, you can opt to take care of the transaction fee which could be the reason some people will avoid paying with bitcoin, especially people paying from exchanges.

Pmalek

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Quote from: julerz12 on December 28, 2022, 10:42:12 PM

Here's an example, I recently saw a couple (vloggers) who took a 1-day challenge wherein they can only use Bitcoin as payment in Boracay (a popular tourist destination here in the Philippines). They've paid BTC through an app called Pouch.ph. The app converts the BTC they've paid to fiat (Philippine Peso) when the store/seller recieves it. It kinda beats the purpose of Bitcoin and whole idea behind it but it's a good start.

They could have used any other bitcoin/crypto debit cards in the same way like they did with Pouch.ph and gotten the same results. Many people would say that can't be considered as paying with crypto. I think it still should count. You are making a crypto payment on your end. Everything that happens after that isn't something you should concern yourself with. Whether or not the merchant keeps the coins in their original form, converts them to a different crypto, receives them into a casino account and gambles them away, or uses a payment processor to convert them into fiat, you still paid in crypto.

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Quote from: Plaguedeath on December 30, 2022, 01:08:16 AM

Quote from: Darker45 on December 29, 2022, 09:27:40 PM

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

Most people still confused about lightning network, so it's not a convenient way to encourage Bitcoin adoption. How can we expect people will pay through lightning network if they didn't even know what's the difference between non custodial wallet and centralized exchange lol, only knowledge users and experienced are know about lightning network.

You don't really have to understand the technicalities about Lightning Network. You just have to be aware that it is much faster and cheaper that way. That's enough for them to be encouraged, that is, if they're paying in Bitcoin, anyway. And you don't actually have to do much in order to use it. Your Bitcoin wallet like Blue wallet, for example, has it. All you have to do is create a Lightning wallet, put some Bitcoin in it, and that's it.

But my point is, if you're accepting Bitcoin payments, give your customers a cheaper and faster option. It's up to them which they prefer.

Quote

It's true discount and cashback would attract people to invest in Bitcoin, but honestly I don't know if these promotions are worth for stores' perspective because Bitcoin isn't a company where they will get more money after built a reputation (by giving free money at the beginning).

You know what, I agree. There's a little sense of altruism in here actually. If I only have business in my mind, I really don't have to accept Bitcoin payments, much less sacrifice a portion of my profit for it. There's not much I can earn from it, anyway. But we're Bitcoin supporters, so we contribute a little to its adoption.

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Quote from: LoyceMobile on December 27, 2022, 03:52:00 PM

Quote from: drwhobox on December 27, 2022, 03:44:32 PM

Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.

Don't ask your customers to use third parties that can ask for kyc. Be your own bank.
Also: what are you talking about with physical wallets?

Maybe he do mean about those literal trezor wallets? Cheesy

Yeah its totally opposing if you do make out some recommendation on telling them on using whether Coinbase or Bitpay but cant blame out to those who do have business on accepting on this method
considering on the convenience but its not really that totally differs since making transactions or payment cant really be that hard even if you do just simply make use of your own
non-custodial wallet.Nothing beats out if you do have those wallets which you do fully control.Most of the time where business owners doesnt really easily recognize nor really that afraid
on accepting crypto payments which it is mostly the reason whether they are afraid of volatility and regulation issues.

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Quote from: drwhobox on December 27, 2022, 03:44:32 PM

Use advertising to spread the word that you accept Bitcoin as payment. This can be done online, through social media, or even by putting up a sign in your place of business.
Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.
Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.
Educate your staff on Bitcoin and how it works, so they can answer any questions customers may have about using it to pay.

Share your ideas about encouraging people to use bitcoin as a payment method.

Sorry for disappointing you but tips like these won't help the business to roll over for Bitcoin payments, the actual initiative should be taken by the government for that they need to declare it as some form of money or else how the business owners can oay 30% or 50% or whatever the tax determined for assets.

Also the stores can't able to provide cashbacks because the profits is like 1% or even less for groceries so it will make loss for the owners and how they will be convinced to do their business for loss?

ultrloa

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Quote from: drwhobox on December 27, 2022, 03:44:32 PM

Some forum members here have started taking Bitcoin payments and sharing their experiences. We can give them some tips and suggestions to make their process smooth. Customers will likely avoid bitcoin payments, they will choose an alternate payment method or cash, to make them encourage to pay with bitcoin business owners can follow the following tips.

Use advertising to spread the word that you accept Bitcoin as payment. This can be done online, through social media, or even by putting up a sign in your place of business.
Offer a discount for customers who pay with Bitcoin. This could be a percentage off their purchase, or a fixed amount if they use Bitcoin to pay.
Make it easy for customers to pay with Bitcoin by accepting it through a digital wallet such as Coinbase or BitPay. You can also use a physical wallet if you prefer, but make sure it supports Bitcoin payments.
Educate your staff on Bitcoin and how it works, so they can answer any questions customers may have about using it to pay.

Share your ideas about encouraging people to use bitcoin as a payment method.

Great ideas share but actually you are not the one who can convince your costumer to pay bitcoin directly on your store. Because government will possibly their convincing factor since if authorities will confirm that they are making it legal and everyone can use it to purchase goods then many people will provably use bitcoin for everyday transaction. But if you force to do this to your costumer will maybe they get confused about your intention and might they get discourage on bitcoin because they might dislike its volatility and would hardly stay using fiat because they might say that this is more cheaper to them.

drwhobox

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Quote from: Darker45 on December 29, 2022, 09:27:40 PM

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

Well to be honest, I am still researching/learning about different kinds of wallets for bitcoin and other cryptos. I am under many arguments for starting this topic in the first place, but the topic is only for learning purposes for me and other who want to implement bitcoin as a payment option for their business.

Quote from: Plaguedeath on December 30, 2022, 01:08:16 AM

It's true discount and cashback would attract people to invest in Bitcoin, but honestly I don't know if these promotions are worth for stores' perspective because Bitcoin isn't a company where they will get more money after built a reputation (by giving free money at the beginning).

Taking a 30%-40% profit margin from a product will not harm the business if it only provides a 10% discount for bitcoin payments.

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Quote from: Darker45 on December 29, 2022, 09:27:40 PM

Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

Most people still confused about lightning network, so it's not a convenient way to encourage Bitcoin adoption. How can we expect people will pay through lightning network if they didn't even know what's the difference between non custodial wallet and centralized exchange lol, only knowledge users and experienced are know about lightning network.

It's true discount and cashback would attract people to invest in Bitcoin, but honestly I don't know if these promotions are worth for stores' perspective because Bitcoin isn't a company where they will get more money after built a reputation (by giving free money at the beginning).

Darker45

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Why didn't you mention the Lightning Network? It's fast and cheap, so it must be one of the reasons for Bitcoin owners to get encouraged to pay with Bitcoin. So, it must also be offered.

But it all boils down to what's in it for them if they opt to pay in Bitcoin. You have to take note that the most hassle-free form of payment is still cash. Cash is still the king. So, the only reason for them to be really encouraged to pay in Bitcoin is a discount, a cashback, a ticket or qualification for a raffle, a coupon for something else, or anything that they get out of paying in Bitcoin, a kind of reward for choosing a different payment, something they aren't used to.

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Quote from: LoyceMobile on December 29, 2022, 12:44:19 AM

Quote from: drwhobox on December 28, 2022, 09:12:21 AM

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase?

You're the one missing the point: the receiver shouldn't care about the sending wallet. Just show them your Bitcoin address.

By scan and pay I mean, scan the QR code (bitcoin wallet address) and pay for the product or service.
Make a QR code of the bitcoin address that business owner want to receive payment and customer can simply scan the code and pay the amount they have to pay for the product.

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Quote from: drwhobox on December 28, 2022, 09:12:21 AM

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase?

You're the one missing the point: the receiver shouldn't care about the sending wallet. Just show them your Bitcoin address.

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Quote from: drwhobox on December 28, 2022, 09:12:21 AM

I am sorry to disappoint you, but here you can check why I classify coinbase as a wallet - https://play.google.com/store/apps/details?id=org.toshi&fbclid=IwAR2eOdjmKnM4KpwaiL-hJbhcfwj3r8WlPw2EUua6sJ-3AySM67mp0dETR6E&pli=1

For argument's sake, I tried this wallet just now and I can confirm it's a non-custodial wallet. Coinbase specifies it as "Self-custodial".

As for your overall suggestions, I get it what you mean.
If the customers already have hotwallets like Coinbase App, Trustwallet, etc. they can just scan qr codes to send btc as payment. Although I doubt anybody who's using a hardware wallet would be insane enough to bring it to a bar to pay for his drinks.

For convenience, the business owner has to adapt to the needs of his customers. Accepting BTC as payment through various 3rd party apps.
Here's an example, I recently saw a couple (vloggers) who took a 1-day challenge wherein they can only use Bitcoin as payment in Boracay (a popular tourist destination here in the Philippines). They've paid BTC through an app called Pouch.ph. The app converts the BTC they've paid to fiat (Philippine Peso) when the store/seller recieves it. It kinda beats the purpose of Bitcoin and whole idea behind it but it's a good start.

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Quote from: NeuroticFish on December 28, 2022, 01:45:44 PM

You should learn and improve the original post based on the suggestions you've got, since many (especially newbies) will not have the patience to read all the answers.

I will edit my post when I have enough suggestions, and yes newbies will not read through all of the answers from the topic.

Quote from: Coin_trader on December 28, 2022, 01:53:21 PM

I have a shop that accepts Bitcoin as payment and at the same time giving 10% discount when they use Bitcoin as payment as my way of helping Bitcoin community and at the same time to grow my business since I have a profit margin of 40%. I don't care about what wallet they are using since I value there freedom to choice and I might scared them away if teach them the complex way. I leave them the freedom to explore and learn it for themselves.

Always prioritize customers, they can use anything they want to pay, no matter what wallet they use to pay or what payment processor they use to pay. Just a bit of discount on bitcoin payment will motivate them to pay with bitcoin. 10% discount is huge enough for customers to use bitcoin to pay the bill.

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You should established your main goal first. Is it rrally encouraging the customers to use Bitcoin or Business success through the use of Bitcoin as payment. Your suggestions contains more on convenience so I assume you are prioritizing business of over the principle of Bitcoin use itself that’s why many user is questioning your topic existence.

I have a shop that accepts Bitcoin as payment and at the same time giving 10% discount when they use Bitcoin as payment as my way of helping Bitcoin community and at the same time to grow my business since I have a profit margin of 40%. I don't care about what wallet they are using since I value there freedom to choice and I might scared them away if teach them the complex way. I leave them the freedom to explore and learn it for themselves.

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Quote from: drwhobox on December 28, 2022, 09:12:21 AM

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase? Or business owners should refuse to get payment from customers who want to pay with coinbase or any exchange/wallet they already have on their phone?

You should learn and improve the original post based on the suggestions you've got, since many (especially newbies) will not have the patience to read all the answers.

Now, Coinbase / BitPay are third parties and one very important rule in bitcoin is to avoid as much as possible third parties if you want a happy life (ie don't get burned, sooner or later).
I will not say to remove them from the list - I will even add that I think that Binance too is offering such services - but you should:
* clearly state the risks of going on that path (the coins are in other businesses' pockets and some bitcoiners will avoid using those payment methods because sometimes KYC is required too there)
* add that for those with a bit of technical knowledge there's BTCPay Server as a better option, there they can control the money flow, they don't have to pay fees to third party and the bitcoins go directly to their pockets (OK, wallets); even more, since they don't have to pay fees to third party, they can offer those as discounts as you said at one of the points.

...just my 2 satoshi.

The Cryptovator

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Your customer's experience with Bitcoin should be simplified. The payment process should be simple. Everything you've said so far is only possible if Bitcoin is legal in your jurisdiction. Ads that target cryptocurrency users would increase your sales. Definitely discounts through Bitcoin payments would be extremely beneficial in attracting new customers. The provider should explain to the customer why they should pay in Bitcoin and the procedure for doing so. Overall, you must be a Bitcoin adapter in order to attract new customers to your business that accepts Bitcoin.

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Quote from: Despairo on December 27, 2022, 08:49:36 PM

Anyway why on earth you classify Coinbase and BitPay is a wallet, they're an exchange and require KYC!

You are missing my point, If customers already have coinbase or any digital wallet where they can scan and pay isn't this ok to receive the payment from their coinbase? Or business owners should refuse to get payment from customers who want to pay with coinbase or any exchange/wallet they already have on their phone?

I am sorry to disappoint you, but here you can check why I classify coinbase as a wallet - https://play.google.com/store/apps/details?id=org.toshi&fbclid=IwAR2eOdjmKnM4KpwaiL-hJbhcfwj3r8WlPw2EUua6sJ-3AySM67mp0dETR6E&pli=1

Note: I am not associated with coinbase or bitpay, the topic was started by me to help me and others to get knowledge about how to encourage customers to pay business owners with bitcoin. Because lately many forum members implementing bitcoin as a payment processor for their businesses. I also stated that reply with your suggestions.

Topic: Tips: encourage your customers to pay with bitcoin (Read 337 times)