Last updated on October 13th, 2017 at 09:42 am
Accepting bitcoins for your business has multiple advantages. First of all, if you are a supporter of Bitcoin, it helps to bring bitcoin into the mainstream, but even if you are not, it is a free marketing took and will not only increase your overall revenue, but also your profit on each sale.
The easiest way to accept bitcoin for your business is to use an app like Coinbase merchant or Blockchain.info merchant. They are simple, easy to use and straightforward. For example, to setup the Blockchain.info merchant app, all you need to do is to enter the Bitcoin address that you want the bitcoins to be sent to, and then you can start accepting bitcoins. Just enter the amount to be accepted, and a QR code is generated automatically. You can even add a note for the payment, so that you can easily account your sales later.
However, while this is a good solution for someone who is just starting out, it may not be if your store is picking up sales volume rapidly. In that case, you should consider migrating to a more robust Bitcoin merchant service such as BitPay or Coinkite. In this post, we cover all the features of Coinkite and BitPay
Coinkite – “The Most Powerful Bitcoin Platform”
Coinkite is, by far, the most advanced bitcoin merchant service provider. It has state of the art features such as a dedicated point of sale terminal. Moreover, it is synonymous to an all in one bitcoin device for your business. You can do pretty much anything and everything that you want to do and if this is not enough, it has support for both Bitcoin and Litecoin. This service is feature packed to the core.
Lets start from ground up. This is what makes Coinkite stand out from the rest:
- It can print current exchange rates
- You can buy and sell Bitcoin and Litecoin
- You can even connect using mobile data, thus making the device completely portable.
- They have their own crypto currency debit card which can be used to accept bitcoins & litecoins.
- The terminal can even send money to other wallets using a built in QR code scanner
- You can even sell pre-loaded Coinkite cards
- You can print paper wallets that can be redeemed online
- You can forward funds to any third party or convert to fiat, in order to tackle the bitcoin price volatility.
Besides, they have a crypto currency debit card, which can be used to speed up the buying process. It is similar to a bitcoin paper wallet.
In order to professionalise the processs and take it to another level, there is an option to print two invoices of each transaction, for both, the customer as well as the seller. Thus, you can even keep your hard copies.
BitPay – “Start accepting bitcoin today”
BitPay is, undoubtedly, the industry leader in bitcoin merchant services. It has secured a massive $32 million in investments, and has the perfect launch pad for global outreach. BitPay has extensive integration possibilities into Woo commerce, WP eCommerce, Magento, Shopify, and more. Additionally, it provides access to many libraries for languages such as PHP, python, perl, ruby etc. They even have an android and iOS app.
You can even create your own custom Bitcoin payment processor using BitPay’s feature rich API.
All in all, BitPay is a wonderful platform for accepting Bitcoin payments. So, what is the answer to the original question,”What is the Best Bitcoin Payment Processor?” Well, the answer is: That really depends on what your business needs. For some, BitPay will be the better choice, and for others, Coinkite may beat it. Either way, these are two of the best platforms to use, and accepting Bitcoin is a win-win for merchants and customers alike. So get started today!