Bitcoin is part of a growing financial sector called cryptocurrency. It’s a new and innovative form of money, but it’s not physical like cash (£) and you can’t hold it in your hand — Bitcoin is an online currency.
People use it for many reasons including as a store of wealth, to pay for products/services, and to send home to family when living/working in a different country.
In this post, we’re focusing on using Bitcoin as a payment method. When you buy products online or in-store, you can pay with Bitcoin instead of pounds and pence.
Are businesses already accepting Bitcoin?
Yes! Many businesses around the world have been accepting Bitcoin for several years.
Since late 2017, when the Bitcoin price last experienced a “boom”, there has been increased public interest and education around Bitcoin. This has encouraged more people to get involved and buy — in turn, creating demand for businesses to spend Bitcoin with.
Earlier this year, we launched a service which helps businesses in the UK to accept Bitcoin.
It’s called CoinCorner Checkout and is a simple, low-cost way to offer Bitcoin as another payment option for your customers.
What makes our service special is that you can accept Bitcoin without having to actually handle it at your business. 🙌 We’ll explain the process in full later, but the big takeaway is that Bitcoin goes in and we make payouts in British Pounds or Euros.
Why should my business accept Bitcoin?
If you’re wondering why your business should accept Bitcoin — it’s a great question! Here’s an outline of the key benefits:
- There are no chargebacks as Bitcoin payments can’t be reversed
- Bitcoin doesn’t require personal details, making for fraudless payments
- Fees are much lower than standard processors like PayPal and credit card — we only charge 1% per purchase
- Bitcoin payments can be made from anywhere in the world
- It’ll give you an edge over the competition, sharing the message that your business values improving customer experience
- You can grow your customer base by appealing to new audiences on a global scale
- Bitcoin gets a lot of press attention and many people are interested when a new business begins accepting Bitcoin
- By using CoinCorner Checkout, you’ll get to cross-promote to our customer base of 170,000+ people!
Can every business accept Bitcoin?
Pretty much, yeah! We support:
- eCommerce companies with a website or online shop
- Businesses that invoice clients, such as law firms or CSPs
- In-store companies with a physical presence like shops, cafés, restaurants
How does the process of accepting Bitcoin work?
When customers pay with Bitcoin, they scan a unique QR code to confirm the payment. This will send the correct amount of Bitcoin from their wallet to your wallet at CoinCorner.
At the time of purchase, we convert their Bitcoin payment straight into GBP (£). As mentioned earlier, this means that we can pay the funds out to you in British Pounds via UK Faster Payments! It prevents your business from any risk to the Bitcoin price movements.
If your customers don’t have Bitcoin yet but would like to pay with it, they can easily buy Bitcoin from CoinCorner first.
Registering your business and getting started
Accepting Bitcoin via CoinCorner Checkout is quickly and easily set up via our website.
- You’ll need to register for an account
- Complete the document section (more info below)
- Begin accepting Bitcoin!
Executing Step 3 is a little different for each type of company, so we’ve outlined each process below.
How-to for eCommerce companies
If you run a website shop, you have 2 options for adding Bitcoin payments — hosted and embedded integration.
After reaching Step 3 of the registration process, you’ll be given access to the relevant plugin* for your website.
The plugins currently available with CoinCorner Checkout include:
*Note: We also support bespoke websites too, via our API!
Integration takes minutes and is something your in-house or external tech support can help with.
How-to for invoicing clients
Once you’ve set up an account, you can create and share invoices by email directly from within your CoinCorner account.
It takes no time at all to complete and is an easy way to accept Bitcoin payments for your services.
How to for in-store companies
If you sell products or services in a physical location, you can download and use the CoinCorner Checkout app to take payments on-the-go. This is called a point-of-sale (POS) device — our app is available on iOS and Google Play.
With the app you can:
- Create new orders
- View your order history
- Cancel orders
- View your balances
What documentation is required?
As with any financial service, we do ask for some documentation to prove that your business is genuine. This is standard practice and takes no time at all to complete.
Depending on the type of business you run, we may ask for different documents than the samples given below:
- Director details (e.g. I.D)
- Certificate of Incorporation
- Articles of Association
Thanks for reading our full guide to accepting Bitcoin payments at your business. We hope it’s covered everything in enough detail and encouraged you to consider accepting Bitcoin from your customers. 😀
Get started today by registering for a CoinCorner account!