How to setup bitcoin +other cryptos as payment for your company

in #litecoin4 years ago

With more people owning bitcoin, now is a great time to setup a bitcoin payment system for your online or brick and mortar business.

The easiest of course is to just post your wallet address' QR code. However, this becomes impractical when you have a lot of people paying at once (hopefully you do.)

For those that want the ability to cash out easily and have integration into your hosting platform you can try bitpay .com ... although there is some debate about this crypto -> fiat method, the site says "Receive settlement for bitcoin payments directly to your bank account in your own currency, with zero price volatility or risk."

Since the site converts Bitcoin to fiat, some argue it defeats the purpose of using cryptocurrency since you're just adding a layer of processing on top of existing banking overhead. Transaction fees are a hot topic in the crypto world and credit cards take up to 3% or more in processing fees on every transaction.

Lets not forget the most awesome thing about cryptos generally speaking is that they are DEcentralized — aka — no bankers per se.

securecryptopayments .com is yet another option that says "Secure Cryptopayments allows you to safely accept payments in HellenicCoin and other cryptocurrencies and receive funds directly to your bank account. Bank deposits in multiple countries, settled in US Dollars, Euros and GBP. "

coinbase... oh coinbase... how I love to hate coinbase, from the whole Bitcoincash fiasco to their "fees"... and yet it is so easy to connect paypal and they actually verify and allow U.S. citizens unlike others such as bitbay .com coinbase offers a widget under settings>api access. one of the more user friendly widgets that also has mobile compatibility. They have a widget for taking LTC payments as well.

With btc transaction fees and times being what they currently are, your best bet might be accepting LTC as your preferred crypto.

coinpayments .net has the lowest fees from what I can tell.

Overall I determined that Bitpay is definitely the easiest but be sure you check out there card fees if you go that route, they kind of bury this info on their faq page bitpay.com/card/resources/Fees.pdf they charge extra fees whenever you want to take out cash.

If you only want to take BTC and you don't have a lot of people paying at once use your own wallet address from your preferred exchange. Otherwise coinpayments.net is your best bet with low fees and they allow you to accept over 80 coins at the moment.

If you have a physical location, print out your QR code and laminate it. Then get Squareup to track your payments and they even send a free card reader.

Now as for TAXES :( Bitcoin transactions are like cash. It's anonymous and doesn't leave a paper trail, yet is widely used in commerce every day.

Ask yourself how you would handle a cash transaction. The answer for Bitcoin should be the same.

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