In my first article, we discussed the many advantages Litecoin has over other forms of payment. Here’s a recap with a few additional points:
- Payments are instant and are confirmed in 2.5 minutes or less. That means you get access to your financial resources faster.
- As a merchant, you incur 0 fees to accept payment. This is far more attractive than the average 1.6% plus $0.10 transaction fees credit cards may charge you.
- You can receive or make payments internationally without incurring hefty international charges. All you would need to pay is the standard .001 LTC mining fee. Again, you incur 0 fees to accept payment.
- Once a payment is initiated, there is little chance that payments will fall through. Once the payment is confirmed within 2.5 minutes, that chance drops to 0. This is particularly relevant to online merchants who regularly deal with false credit card disputes or checks that bounce.
- There is little extra cost to begin slowly integrating it into your store.
- It is possible that the payment you receive now will grow in value in the future if you do not convert it into fiat immediately.
Hopefully by now I’ve convinced you why Litecoin is a superior choice to cash and credit cards. Now let’s talk about how to integrate it into your business.
Step-By-Step Instructions (Brick & Mortar Stores)
- Signup at Coinbase as an individual. You only need to sign up as a merchant if you are an online business. If you use my referral link, you and I both get $10 in Bitcoin! If you need a guide to walk you through it, click here.
- Protect your account with Two-Factor Authentication. Refer back to How to Buy Litecoin.
- Generate a Litecoin address. It will also give you a QR code. This is the same thing as your Litecoin address
- Print the QR code and laminate it. Or you can go to https://bitkee.com/ and create a very professionally looking QR code display. The company is based in New Jersey, USA.
- Display the QR code in your store for your customers to scan. It works exactly like Apple Pay!
- Download Squareup.com to keep track of your finances. You can utilize your phone and don’t need to purchase a POS. Simply click “other” for every Litecoin purchase. I’ve included products below you can buy should you want to switch over completely.
- If you ever have any difficulties with your Coinbase account, they now offer telephone customer support Mon-Fri, 8am-5pm (PST): +1 (888) 908–7930.
- You can do this yourself if you simply create an account with GDAX.com. This is the platform Coinbase created explicitly for traders. You get charged $0 if you place limit sell orders.
- The wonderful thing about this method is that it’s incredibly easy for customers to use. They just have to download the Coinbase or LoafWallet app and scan the QR code you display on their phones.
If you are considering Squareup, you can easily buy their products through Amazon:
If you found this guide helpful, would you consider making a donation to the L.S.C.? Thanks!
L.S.C. Donation Addresses
BTC: 3HFCMjr6xQKSfmU7wCPzrZJVvgwrdf7Qzd (Segwit address. Legacy and Segwit chains accepted)
*Special thanks to Kyle Racette for editing this article.