How to Accept Bitcoin for Small Businesses in Florida

How to Accept Bitcoin for Small Businesses in Florida

Bitcoin and its competitors in the cryptocurrency game have finally hit the mainstream, and small business owners are very interested. Microsoft and iTunes accept it as readily as cash or credit cards. Chances are that even your grandmother has been asking if she should consider investing in virtual currency. Many small business owners want in too, but don’t know where to start. Some even have the misconception that bitcoin is complicated or somehow “dangerous” to use. They couldn’t be more wrong. Not only are bitcoin processing services safe and secure, but most are easy to use, too.

Find a Payment Processing Service

First, you’ll want to set yourself up with a good bitcoin payment processor. This will go a long way towards creating a more efficient experience for you, your customers, and your staff. BitPay is our personal favorite of these services. It is a secure and credible provider that works with businesses and charities. Plus, as the largest payment processor of bitcoin in the world, they have the infrastructure in place to support you and your business should any questions or complications arise.

Other Services

In addition to payment processing, BitPay offers several other cryptocurrency-related tools, such as a virtual “wallet.” This is necessary for any of your business’s bitcoin transactions as it provides you with private keys that act as an address for sending and receiving bitcoin. There are also a number of useful plug-ins for a large range of e-commerce systems, such as Shopify or WooCommerce. BitPay has even set up shop with Amazon’s Fulfillment service so that merchants can sell and ship items using everyone’s favorite online retailer. There are also multiple subscription tariff plans available to merchants through BitPay. These range from a starter service set with a small 1% fee to an impressive $3000/month enterprise solution that comes with your own account manager and other privileges.

E-Commerce Integration

BitPay can send invoices and receive payments. However, many small businesses dealing in e-commerce already rely on some sort of platform such as Shopify, Quickbooks, or other applications. The good news is that you don’t have to decide between the old way and the new way. Multiple integrations are available through BitPay and a complete list can be found here. Integrating BitPay with your preferred e-commerce platform lets you keep everything as it is, except that it adds the ability to offer Bitcoin as a payment option in conjunction with a credit card.

Spread the Word!

Making your business bitcoin compatible won’t mean anything if your customers don’t know that it’s an option. Set up a sign (if brick and mortar) or website banner (if online) to alert them to this change. Small business owners can also sign up in their promoted directory here. Not only does this bring in new customers, but it also increases bitcoin’s standing and reputation in the public eye creating new users out of people who never would have considered it before.

To learn about our own transition to BitPay and the opportunities it has created for our clients, read our press release. We have some information on cryptocurrencies and the IRS, too.

Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling (727) 279-5037.