Accepting bitcoins as payment is not difficult, dangerous or illegal. Whether online or in a physical store, the method is the same: having a receiving digital wallet (a wallet) on a smartphone, a tablet or even a payment terminal. Instead of a RIB, you will have a public address (a simple QR code to scan). If bitcoin is not yet well understood in France, this is not the case everywhere in the world. It is even sometimes the national currency! Also keep in mind that in some foreign countries some employees paid in bitcoins (btc) might be happy to spend them in your store. We explain the why and how.
Why accept bitcoin?
I want to answer why not? Indeed why not accept an additional means of payment? This is the case, for example, of Vueling, the Spanish airline, which already accepts CB UnionPay and cryptos in 2023). A new means of payment like bitcoin will give you visibility among cryptocurrency users (more and more numerous) and increase your turnover. Not to mention that the transactions are tamper-proof, expenses almost non-existent and immediate transactions thanks to bitcoin lightning network. I’ll skip the technical details here (which you can read in detail in the linked article), what’s important is the result. Also the cards bitcoin lightning will multiply in the future, because they represent a real comfort for the user. With this type of payment, no need to check credit card tickets, no more tedious collection, no more cash register errors, no possible fraud. And an significant savings on bank charges.
In summary :
- minimal fees.
- easy use.
- free use: no payment terminal rental, no subscription.
- free marketing: a sticker on your shop window or food truck will probably be the only investment.
- no fraud possible.
- immediate payment.
- an international currency.
You don’t want bitcoins, but euros: no problem!
There are ways for your customers to pay in bitcoins and for you to receive euros. In this area, the evolution is very fast: thanks to different payment software, your bitcoins can be immediately converted. We can cite coingate, bitpay, BitfinexPay, Coinpayments.net or Bitcoin Switzerland Pay. (Another solution is BTCPayServerin this case your bitcoins are not converted)
Payment terminals (POS) and bitcoin : some “classic” payment terminals can be updated and integrate Bitpay for payment in bitcoin or bitcoin cash. Devices with android operating systems like the SunmiV2 Pro allow you to install applications or wallets cryptos, but also other apps for classic card payments. You can also simply transform a smartphone into a CB payment terminal by installing bitpay or coincorner and activating NFC.
At first, bitcoin (BTC) may not weigh much in your turnover (all the more reason to accept it and be thus in all the international directories of traders who accept bitcoin). Slowly you will get your hands dirty, as others have done before you with the bank card. Here are the sites on which you can be referenced for free: coinhood, payinbitcoin Or on bitcoin.fr.
To make your life easier, some sites like Shopify allow you to integrate payment in crypto very simply on your online site. Professionals (PSAN) like StackingSat can help you integrate bitcoin into your business (videos below). Associations also exist locally to introduce you to these new payment systems, such as Breizh Bitcoin in Brittany.
Accounting and taxation: cashing in bitcoins
Don’t be discouraged if your accountant doesn’t want to dig into the subject too much or gives you somewhat complicated explanations, such as on this accounting website. The latter requires you to necessarily open your electronic wallet (wallet) in an approved establishment PSAN. In reality, it depends on your status (auto-entrepreneur, sarl, etc.). In any event and as with any asset, you cannot confuse your wallet bitcoin and that of the company. Go to the beginners section of Tremplin.io and choose a wallet : Atomic, TrustWallet etc. there are many (and then secure your funds on a ledger).
VAT and invoicing : The easiest way for you as a merchant is to use software that will easily integrate with your accounting by issuing invoices (bitpay for example) and by calculating the VAT. If you keep your bitcoinsit will be necessary to be based on the price of bitcoin at the time of payment (Coinmarketcap, Coingecko …) to calculate the VAT (and later calculate your PV if there is resale).
” Crypto-assets can be analyzed as a means of payment in the same way as a restaurant ticket. It is strongly recommended to insert a “crypto-active” payment method in the cash register software and to validate the fund daily in accordance with the tax provisions in force. »
Many others are already doing it, why not you?
Depending on the nature of your business and the volume of transactions to be managed, setting up payment in bitcoins and integration into your accounts will be more or less simple. One thing is certain: for local shops, it is ideal: floral decorator or restaurateur no longer have an excuse to refuse payment in bitcoin.
We can already buy many things with bitcoins (BTC) and even other cryptocurrencies: travel, buy gift cards in many stores (with Bitrefill), even luxury brands offer this means of payment: Gucci, Breitling, Balenciaga, Vuitton, Cartier, Hogan, Prada, LVMH, La Maison Maachi… So why not you? Even humanitarian organizations have crypto accounts in order to collect donations. Will the French once again be left behind?
“Storing” bitcoins (BTC) is a great way to preserve cash against inflation: indeed if you look at the figures from Coinmarketcap, bitcoin has always been an excellent investment, some even call it digital gold.
In reality, it is really very simple to accept bitcoins: it is a sure way to avoid fraud, fight against inflation and make substantial savings on bank charges. Your customers will also have to find solutions to counter this inflation which is already eating away at their purchasing power. It is likely that I will be amused in a few years to read this article again, imagining that in 2022 bitcoin was still only a teenager. Anyway, a promising youngster. Your turn now !
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