What Point Do You Start Accepting Bitcoin as a Payment Option For Your Business? - page 2.

DoublerHunter

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In my locality people have slowly moved towards payment using mobile applications. Slowly they need to learn about cryptocurrencies. For now the knowledge they've got about cryptocurrencies is zero. When I find people with knowledge about using cryptocurrencies, I'll start adding cryptocurrencies as payment into my business.

^All electronic cash systems are very easy and convenient upon using as a payment in your store so cryptocurrencies are very suitable for this.
During the pandemic, a lot of people used e-wallets to pay not cash because to avoid physical contact and which is the most convenient if you will pay it online. So now regarding cryptocurrency, if you have knowledge of it and instead of investing them using your own money, why not accept them as payment and collect and hold it to store a value which is what most investors do?

kamvreto

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Acceptance of bitcoin as a payment option may be a consideration if government regulations still do not allow bitcoin as a means of payment. But if it's legal and bitcoin payment options are allowed, of course when I have a small business that I manage myself I will start accepting bitcoin. and the most suitable and fast network is to use Bitcoin Lightning which will manage transactions faster and with a smaller transaction nominal. About the profit margin we have to take it into account so that it will remain profitable for the business being managed.
This will also be an attraction for retail businesses that are run, because bitcoin payment options are certainly still very rare in my place.

Viscore

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

I will only accept bitcoin payment when everything around me is already aware and are more knowledgeable on bitcoin. Otherwise, if I start accepting bitcoin when all they know is only fiat, then my business won’t work and will eventually go back to fiat alone as a payment because it’s what people only know and become aware.

Die_empty

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

I would start accepting bitcoin in my business when customers start demanding for such payment options and when it is consistent to the law of my country. In my location I have just seen two businesses accepting bitcoin payments this is because only few persons are aware that bitcoin can be used as a form of payment. It would not be nice to use bitcoin as a payment option when nobody has requested for such option.

The government policy of my country would also determine when I would start accepting bitcoin as a form of payment. Currently the Central Bank of my country placed a ban on bitcoin, mandating all commercial banks not to carry out any crypto transactions. This has led to negative perception of bitcoin becaue the CBN has painted it as a financial enermy. Many people would engage in crypto transactions if the ban is lifted. Therefore it would be smooth to add bitcoin as a payment option when the government lifts the ban

yazher

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I think when they consider to hold some of it and maybe those companies are considering to accept bitcoins payments when they have enough cash to backup their essential needs in their companies and they can also start accepting BTC for some trials and errors. Maybe their fear is only when the market is not looking good and when they accept huge BTC payments from their customers when the price was high and they cannot seem to sold it fast without waiting for the price to increase again and that itself is uncertain.

Lucius

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Does there have to be any point where someone realizes that Bitcoin is just one more option when it comes to paying for any good or service? We're not even talking about the risk of price volatility, because all the listed companies from the OP and all those we've heard about over the years used payment processors anyway and were never at risk of directly accepting Bitcoin.

The problem that some companies may have when they accept Bitcoin is their reputation, because ask Mr. Mars why he changed his mind, as well as many others who think similarly to him. In some countries, they will tell you that you should not accept Bitcoin as a means of payment because you are doing something bad for the environment, or that it is some kind of money laundering method or some other nonsense.

One thing is also very important, and that is that people do not use Bitcoin as a currency, at least not the majority.

avikz

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I am not concerned about the big companies as they always have access to a huge contingency fund. But as a small business, I can think off couple of points,

1. Availability of favorable legal framework which says bitcoin is a legal tender
2. Stability in price or at least a steady upward momentum
3. Ability is acount business loss if appearing from bitcoin price change
4. Availability of exchanges who can legally convert to fiat

I think if these points are addressed in a favorable way for the businesses, many small business owners will like to accept bitcoin as a payment method.

Solosanz

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I will accept Bitcoin in my business when Bitcoin is become a legal tender in my country and when vast majority people already thought people who hold Bitcoin isn't always rich. The reason why it need to be accepted as a legal tender, I don't want to have a problem in my country and this mean everyone can freely use Bitcoin as a currency. The second reason is I don't want to get targeted by a robbery, that's why I still remain private and protect my privacy.

sukmo

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The discussion about What Points You Start Accepting Bitcoin as a Payment Option For Your Business is very interesting, but it must first know the model of your business, for example, your business requires a fast turnover of capital, it could be a legitimate payment through bitcoin currency will be a bit hampering Your business capital turnover is due to the payment system through bitcoin currency when the current market price doesn't seem very profitable.

Meanwhile, if your business model does not really require a capital turnover that is too fast, the digital currency payment model can be very profitable because this is a long-term investment that allows large profits when the value of the bitcoin currency rises high.

Stalker22

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The answer, of course, lies in your particular business and its needs. A businesses should look at the advantages and disadvantages of all payment methods before deciding which works best for them and should only consider accepting bitcoin as a payment option when they get sufficiently educated on the pros and cons, especially if they are new to the field and don't have much experience. In my opinion, if all these businesses want to embrace the future of currency and not get left behind while ensuring an increase in profits and higher revenues, they should start accepting bitcoin as a payment option. The sooner they start accepting it, the better.

Hamphser

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Accepting Bitcoin or crypto payments into your business would really be needing to confirm up those status specially on countries laws and regulations, if you do see that its not something a violation or still in neutral

then you could anytime accept or integrate bitcoin/crypto payments but of course there are also some personal factors or things to be recognize first before you do proceed.Its impossible that you wont really be

thinking about price volatility, if you could really bare up those risk then go ahead.If you dont like for your fixed profits to be affected then its not really that perfect time on accept crypto.
It all matters on preference though.

Vaculin

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

It all depends for certain reasons. First, I’ll only have to accept bitcoin as a payment option once the government starts accepting it and support it as a legal currency. Second, if majority of my consumers are already into bitcoin and are already aware that it can be use to purchase goods and services. Otherwise, if I’ll take the risk accepting bitcoin, I may run out with fiat funds that will be use to roll my business.

Rruchi man

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If you must start accepting bitcoin as a mode of payment for your business you must do so at a time when you are ready to accommodate it and face any challenges that may arise due to your new option and not do so out of pressure because everyone else running a business around you and they are accepting bitcoins. That a business is accepting bitcoin is no indication that a business is successful. the major reason why bitcoins are added as mode of payment in business is to create more options for customers, in a place where there is no need for it, there is no need.

BlackHatCoiner

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If you're a merchant of an Internet business, you should absolutely include bitcoin as available payment option. If you're selling products with little to normal prices, you should adopt Lightning as well, not only because it saves up in fees, but because the other merchants of the same niche will become less competitive.

If you're a merchant that has no Internet interaction (which is uncommon in 2022), you don't have much to gain from accepting bitcoin, along with credit/debit cards, bank accounts, and cash. Customers are less incentivized to pay in bitcoin instead of fiat cash.

OgNasty

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One of the first things I did once I learned of Bitcoin was to start accepting it in my businesses. I believe the day I discovered Bitcoin I was mining it before I went to sleep and within a couple of weeks (maybe months) I was integrating it into my business. When BitPay came around and made things easier I was one of the first to start using it on multiple sites I ran. It didn’t take long for the Bitcoin I was holding to start increasing in value faster than my businesses were making money…

GiftedMAN

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Once bitcoin is acceptable in my region as a means of payment and the demand of my customers are high on making payments using Bitcoin, I think it will enable me to start accepting Bitcoin in my business because the government can decide to monitor business owners who accept cryptocurrency transactions since it is not legal yet but once it is generally accepted in my country, regardless of the price stability I will boldly accept and advice my customers to choose payment with Bitcoin even though it means giving them some incentives to win their heart since am a lover of bitcoin.

noorman0

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The order of points that should be considered a priority should be: Regulation, business scale, level of consumer interest.
Acceptance of crypto payments should not come from a simple idea, it requires extra management especially since consumers have varied ways to settle crypto payments.

Anonylz

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I think the most important part is having the knowledge, don't accept btc just because so many other businesses are doing so. Especially when you are a small business starting up, btc as we know is volatile and exchange to fiat can be trickish to the business owner and customers. You can also do a text run for few days and see how it works before deciding fully on what to do.

cabron

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Online businesses should be the first to be considering already when they see Paypal offering BTC to their users. Merchants aware of inflation and Bitcoin are probably just waiting if there is a big local community surrounding their business who are BTC users.

If I have a brick and mortar business I would display "Bitcoin Accepted" on my doors just to promote the use of Bitcoin as well an in case someone who is willing to spend their BTC.

pawanjain

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I don't own any business so my perspective might be a little different but I think the first and most important thing is bitcoin to be a legal tender in that country.
If it is not a legal tender then it means you are not paying taxes on the income which is a crime in itself.
So if we completely ignore this part for now then I think I would accept crypto payments as soon as I figure out that the average price of bitcoin used for payments in my transactions should be less than the current price.
So whenever the current price goes above the average price I can cash out and take the profits if needed.
Basically it depends on us how we choose to hold the coins. We can either immediately exchange the crypto to fiat or take the leverage of time hoping to increase the profits.

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