How to Accept Bitcoin Cash (BCH) Payments at a Physical Store and Cash Out in Local Currency
This is a quick guide for merchants in countries like Japan, where POS payment service for BCH that lets merchants cash out in their local currencies is still not available.
If you are not sure if such payment service is available in your country, check out some payment services like Bitpay (https://bitpay.com/retail) to see if they settle in your local currency.
(Bitpay seems to currently support these local currencies for local currency or fiat settlement)
How to Accept Bitcoin Cash (BCH)
Start accepting BCH at your shop is actually very easy. It takes 1–5 mins to set up an app(s) to get started, and it is free. You can use a device you already have such as a cellphone or a tablet. Here are the two common options:
Option A: Use a mobile wallet
<How to Set Up>
Go to App Store or Google Play and find a wallet such as Bitcoin.com wallet (or any other wallet like https://edge.app/ or https://brd.com/) and download it on your phone or a tablet. Change the currency option if necessary by going to “Settings” then “Alternative Currency”.
(I recommend using one of above wallets if you plan to keep your BCH in the wallet for a while, but if you are planing to cash out in local currency immediately, using an exchange wallet works too. But you should not generally store your crypto at an exchange)
<How to Receive Payments from Customers>
Go to the Wallet screen and click “Receive”. Put a total amount you want to charge in “Request Specific Amount”. Hit “Next” and it will show a QR code for that specific payment request. A customer will scan the QR code with their device and make a payment. The wallet should show a check mark when you receive a payment. The BCH goes into your mobile wallet. Very simple.
If you are not at your shop all the time or if you have other people working for you, adding below option is very recommended.
Option B: Use a BCH Register app
<How to Set Up>
-First, you will need a wallet so go through the process in “Option A” and get a wallet.
-Go to App Store or Google Play and find an app called “BCH Register” and download it. No ID required. If you have a tablet or an iPad, it is probably better to download there.
- Set the 4 digit pin code. Only the person with this pin code can change the setting including where the money (BCH) goes, etc. Your staff won’t need this pin code in order to use this app later.
-Go to Setting. Put your BCH wallet address as a destination address. This is where BCH payments will be sent to. Scan your BCH wallet address (hit “Receive” to display address) or copy and paste.
<How to Receive Payments from Customers>
-Simply enter an amount and hit the checkmark and it will show a QR code.
A customer will scan the QR code with their device and make a payment. The BCH will go into your mobile wallet, which you had set as your destination address, through the BCH Register app, making your asset even safer even when you are not in the shop.
How to Cash Out BCH in Your Local Currency (such as USD, EUR, KRW…)
If you intend to keep BCH as it is, you can skip this part (there are many great places you can spend BCH), but if you are a merchant who does not want to take risks from the volatility of the BCH price, or if you are not sure, it maybe a good idea to cash out your BCH in your local currency.
If there is a POS service with local currency settlement already available in your country like Bitpay, I recommend using one because it is convenient, but if such service is not available yet, here are some of the ways to cash out in the meantime:
Option A: Use an Exchange to Cash Out, and Receive Money in Your Bank
This is probably the most common way to cash out your BCH in a local currency. Find a crypto exchange available for your local currency. Before choosing an exchange, it is a good idea to compare the rate (selling and buying prices of BCH) because each exchange has different rates(or spread).
It is usually free to apply for an exchange account and you can do it online. Some exchange might take more than a week to few weeks to open an account. When you successfully have an account, send (deposit) BCH to your exchange account and you should be able to sell BCH for your local currency with usually just one click, and you can send it whenever to your bank account. Withdrawal to your bank may cost around 5 usd or so, depending on an exchange.
Option B: Find Someone To Buy BCH From You Directly
This maybe a less common way, but it is doable. It can be done digitally using service such as https://local.bitcoin.com/ or physically by having someone come to your shop and buy BCH from you. It maybe a good idea to find a local Bitcoin Cash community if there is anyone interested in buying BCH from you. The good thing about a direct exchange is that you and the buyer can enjoy good rates for selling and buying because there is no fees from the third party like an exchange, but it could be a challenge to find someone always willing to buy too.
Japanese version of this post can be found here: 日本語版
Tablet Give-Away:
If you are a merchant thinking about accepting BCH payments and would like a tablet, we are giving away free Android tablet and a stand.
Crypto companies and organizations are sponsoring this (some of the first sponsors are BCH City Conference, Bitcoin.com, BRD etc). If you would like a tablet, please contact myself at Satoshi’s Angels and we will see if we can and have a local Bitcoin Cash community help you set up BCH payments at your shop.
We are urgently looking for sponsors for this! If you are interested please contact us at info@satoshisangels.com.
Read about FAQ for Merchants below:
https://read.cash/@AkaneYokoo/faq-for-merchants-about-accepting-bitcoin-cash-bch-ecb8c454