How To Accept Bitcoin As A Business (2022 Guide) – Forbes Advisor

The process to accept bitcoin payments for your business will vary slightly depending on which online platforms you are already using. Here are the basic steps to follow:

1. Understand Bitcoin Regulations in Your Area

Speak to an accountant so you understand the tax implications of accepting bitcoin or other cryptocurrencies, as regulations vary by state and country. Regulations may change how you plan to record bitcoin payments in your overall accounting systems.

2. Set Up a Crypto Wallet or Gateway

Next, you’ll want to set up a crypto wallet or gateway. A wallet will keep your money as cryptocurrency, while a payment gateway will allow you to easily exchange crypto for U.S. dollars. Gateways are an easier option that offer more flexibility since you can keep your bitcoin or convert it. The downside is that a crypto payment gateway will charge transaction fees (usually around 1%) while a wallet does not charge any fees to process transactions (though keep in mind you may still eventually have to pay fees if you convert your bitcoin down the line).

3. Enable Bitcoin Payments on Your Checkout Process

Setting up bitcoin payments in your online store could be as simple as downloading a plug-in or app on your e-commerce platform. If this option is not available to you, you can integrate payments with HTML code from your wallet (both BitPay and Coinbase provide this).

4. Integrate Bitcoin Payments With Your Accounting Software

You’ll want to make sure your bitcoin payments are being recorded in the same platform where you account for the rest of your business transactions. This can easily be set up by integrating bitcoin transactions with your current accounting software.

5. Prepare for Crypto Volatility by Converting Bitcoin to Cash

The price of bitcoin is always changing and, historically, can be volatile. If you plan to accept bitcoin for your business, either plan for huge fluctuations in price value or plan to convert bitcoin payments to cash immediately when you receive them. This will shield you from potential price drops.