How To Accept Cryptocurrencies In Your Business

How To Accept Cryptocurrencies In Your Business
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Accepting Crypto – Fast Track
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[00:00:00] All right. What’s up guys. So welcome to this quick training on how to accept cryptocurrencies in your business. Now we’re going to be focusing primarily on BitPay. There are alternatives out there. BitPay is arguably one of the more popular ones. So we’re going to be focusing on this one. And the idea here is to take cryptocurrency.

How To Accept Cryptocurrencies In Your Business

[00:00:21] From being sort of this nebulous thing, that’s sort of not connected to your business right now that maybe you’re interested in personally as an investor or a trader, um, or maybe you have no interest in at all, but the question is. Because it’s growing and it’s becoming more and more popular. Can you leverage it somehow in sort of an indirect way, um, in, in a way that benefits your business.

How to Accept Bitcoin Payments at Your Business

[00:00:45] And this is sort of going back to, and this is kind of a cliche. You hear this a lot, but it really does go back to the idea. Of the folks during the gold rush, who didn’t care about getting involved and panning for gold or [00:01:00] trying to find gold or mining for gold, they were more interested in the sort of oblique or peripheral or indirect ways to profit from the gold rush.

[00:01:10] They knew a whole bunch of people were interested in the gold. And so they thought, what can we sell to them that they will need that there’s gonna be a high demand for in those situations and in those areas. And so the folks who were selling shovels and pick access, right. And equipment for panning and even, you know, things like clothing, right.

[00:01:31] Um, And, uh, things like, you know, room and board, right. Lodging, um, and, and, and things like that. Those are all peripheral things that all the people who were interested in the gold itself were gonna need. And so instead of worrying about, you know, rolling up their sleeves and going out there and panning for gold, they chose to profit from the gold rush, um, by, you know, indirect means.

[00:01:55] And so this is kind of similar to maybe you’re not super interested in cryptocurrency yourself as [00:02:00] an investor or a trader. You can still benefit from it in sort of an indirect way. And one of those ways is by accepting, uh, cryptocurrency as a vendor, right? As a, a method of payment that your customers can use, uh, to pay you and that group of people who will be actually interested in spending or, or using their cryptocurrency to do their shopping online.

[00:02:25] Is actually gonna continue to grow over time, over time. Right? So it’s one of those things that you might as well tap into now, because eventually it’s become, it’s gonna become one of those, you know, just, just a norm, arguably. Um, and if you are one of the few vendors who, uh, is, is offering or, or accepting cryptocurrency payments right now, well, that comes with its own benefits, right?

[00:02:46] If you’re one of the, the few who are starting off. And accepting Bitcoin or, uh, doge coin or, or E and, and so on and so forth, um, earlier than others, when it’s still kind of a, a less common thing to do well, then you’re actually [00:03:00] establishing a little bit of rapport and Goodwill with customers, uh, during this particular phase of, of history that we’re in.

How to Accept Bitcoin Payments to Attract More Clients - BTC Provider

[00:03:05] So, um, now especially would be a great time to get in and do this. Uh, there’s also the PR. Benefit, uh, aspect to this. We’re just announcing that you now accept doge coin, right. Or, or E, or, or Bitcoin, um, can kind of get you sometimes this is no guarantee, but sometimes can get you a little bit of a, a spike in your PR would be a little bit of spike in your, your social media interaction and, and sharing and so on and so forth, um, which can be good for your business.

[00:03:31] So all of these are, are, are, you know, perfectly valid and legitimate and, and frankly, wonderful reasons, uh, to. Look into at least, um, using a tool like BitPay to accept cryptocurrency payments as a vendor in your business. Okay. Um, so what you’ll wanna do is you’ll come over to the business side of things and you can just browse.

[00:03:53] So you understand what the, uh, you know, what, what the overall proposition is. Um, [00:04:00] so yeah, you’ll be connecting a wallet at some point and. Let’s see here, 12 plus coins, including lightning network payments. That’s, that’s pretty impressive there. Early on, there were only a handful of coins that were accepted Bitcoin E um, and then, and, and maybe a couple of other ones, uh, as you can see, that’s actually expanding.

[00:04:20] So just another reason to get in right now. Um, and then we’ve got, uh, let’s see here and else be done. We’ve got. Different methods for accepting the payments. So, um, if you’re in the e-com space or if you sell via, you know, sales pages, long form sales pages, info products, uh, e-learning kind of stuff. Uh, if you’re doing that kind of stuff, you’re gonna be mostly interested in this option here, which is basically taken a buy button, a buy button that specifically, you know, links to this BitPay payment processor and allows people to use cryptocurrency and just slapping that buy button on your sales page.

[00:04:57] Right or, or into your e-comm stores, your product [00:05:00] listings and so on and so forth. Right. Uh, but you could also send invoices via email and accept cryptocurrency via those. And you can also, uh, actually do it in person at that actual point of sale right there at your, uh, at your actual place of work, if you have a, a brick-and-mortar business.

How to Accept Bitcoin and Other Crypto Payments On Your Website

[00:05:17] So, uh, that’s, uh, that’s actually pretty, pretty impressive, pretty handy. Um, let’s go ahead and see what it’s like on the inside. Of the BitPay platform. So if you haven’t created an account before ever while you’ll click on, get started, you’ll choose business. You’ll hit continue, and you’re gonna fill out your information here.

[00:05:40] There are a few different, um, steps for verification, um, and, uh, you know, setting. A and, and connecting a bank account, for example. Um, but it, it takes no kidding, less than 10 minutes to do all that stuff. Um, and then once you’re beyond those levels, well then for D. [00:06:00] Tiers, you know, if you want your, your limits on how much you can accept and, and do business in, on a daily basis, um, to be increased well, then there’s different tiers.

[00:06:09] And to get to those other tiers, then there’s gonna be different levels of verification necessary. Right? So maybe a driver’s license and proof of residents, that kind of stuff. So just be, be prepared for that. It’s not too different from, you know, the onboarding for, for any major finance related, uh, SAS or, uh, or platform.

[00:06:26] Right. So just expect. As well. Um, oops, that’s the wrong website there. So now let’s have a look at the inside of our bit K uh, BitPay account. So we’re inside of our account here and here we have an overview. That’ll give you some, uh, In this case, next steps for additional onboarding stuff you can do. For example, those different levels of, uh, verification for the different tiers.

[00:06:53] If you wanna increase your limits, um, two factor authentication, you can set that, that up to, uh, secure your account even further. [00:07:00] And then we’ve got, um, your ledgers here. Um, under payments, you’ll have some transactional records. And then this is just obviously a brand new account that we created for the purpose of this video.

[00:07:11] And then. Under payment tools. This is where you’re gonna make that decision about how you’re going to accept payments. Right? So once again, if you’re, you know, doing e-commerce or you’re doing, uh, you know, e-learning or you’re selling info products or services and so on and so forth via a website or sales pages, um, you’re probably going to be.

[00:07:32] Grabbing a payment button. Right. And, uh, and, and slapping that onto your actual sales page or your product listings or E eCom store and let people click that and then they can purchase, right. Uh, you’ve also got the option for a, uh, checkout page here that you can use. Um, and this is, uh, handy for, uh, just having a link that you can, uh, send people to for checking out.

[00:07:56] You’ve also got the, uh, invoice creator where you can [00:08:00] actually, uh, email people an invoice. Um, and they can pay via cryptocurrency. You’ve got the, this, one’s actually very interesting. The hosted catalog. So you’ll actually create. Your product, uh, listings, you, you, you actually create your, your products within this catalog and you’ll have buy buttons for those individual products.

How to Accept Crypto & Bitcoin Payments as a Small Business

[00:08:18] And then people can actually, you know, update their cart and, you know, buy those products like they would in, in, you know, a typical e-com experience and BitPay handles the whole checkout process for that. So that’s actually pretty cool. And then finally, uh, you’ve got the actual physical in person sales.

[00:08:34] If you’re. Offline or a brick and mortar business. Um, you can actually use their, uh, point of sale app on, for example, your iPad or your, your mobile device, um, and accept cryptocurrency in store in person, which is, uh, pretty dang cool. But let’s actually circle back to the sales page. Approach [00:09:00] since that’s what, uh, a lot of you’re gonna be using.

[00:09:02] This is not too much different from, uh, let’s say if you’ve used, uh, JV zoo or pay kickstart or, uh, warrior plus or any other sort of third-party payment processor. Uh, application or, or, or a platform, um, you’ll create a product listing and a price and so on and so forth, for example, and then you create a button, and it gives you a code, an HTML code, and then you put that on your page where you want your button to appear.

[00:09:28] So this is your, your button right here. This is the code for your button. Um, you, you know, choose your, your specifics here. You’re choosing you. Uh, your different currencies from this drop down here, you’ve got your price here. You’ve got a description, you’ve got the sizes, your size options for the buttons.

[00:09:45] Um, and then you’ve got your IPN stuff. So, this is where you’re actually going to be, you know, integrating with the main question here is, you know, what happens after they’ve purchased? Do they get auto forwarded somewhere? Do they, you know, get, uh, [00:10:00] access details somehow or sent to a thank you page, that kind of stuff.

[00:10:03] Uh, you’ll be handling that stuff here in the payment notifications with your IPN browser, redirect and, uh, Here’s your email notifications field. And then finally, you’ve got a preview of the button here, as you can see, it’s actually showing, um, let’s click on that one. You get the bigger one. It’s actually showing all the different, uh, cryptocurrencies, or at least a handful of them that people can use.

[00:10:23] And, uh, here is the actual code. You can highlight all this, you know, hit control. Oops. He controls a actually grab that there. Um, or right. Possibly off camera. I can’t go below that, um, is a little button that says, copy code, do that. And boom, that’ll copy it to the clipboard. And there you go. It’s, it’s as simple as that.

[00:10:44] Um, and you’ve obviously, uh, as mentioned earlier, you’ve connected BitPay to a bank account. So, when people use this button or one of those email invoices that you send, or one of those other methods that we, we, we showed in the payment tool section, when people use that and pay [00:11:00] via cryptocurrency, Well, you’ll get that money eventually into your, uh, into your bank account.

How to Accept Cryptocurrency Payments for Small Businesses

[00:11:05] Uh, you’ll be able to move into your bank account and, and it’s handled not too much different from using Stripe for credit card payments or PayPal for PayPal payments. Right now you’re just adding sort of a third channel to cater to and accommodate a different type of customer who prefers to use cryptocurrency.

[00:11:22] Right. Um, and so, uh, so yeah, just, just be aware of this as an option. Um, as I said, uh, a little bit earlier, it’s not. That it can be beneficial to you in general. Right, um, to sort of, uh, leverage and, and benefit from and profit from the cryptocurrency trend. Even if you’re not interested in cryptocurrency yourself, um, in general, it’s a good idea to profit from it by making it a payment option.

[00:11:49] Um, but beyond it being a good idea in general, it’s also specifically a good idea now because not a lot of vendors are doing. So you’re gonna be kind of unique and you’re going to differentiate [00:12:00] yourself and you’re going to create some, some rapport and Goodwill among the crypto enthusiasts, uh, who, who might be, you know, among your audience and that, and part of your customer base.

[00:12:09] Right? So just keep all that in mind. Hopefully this video, uh, was, uh, useful to you and you guys can, uh, start accepting cryptocurrency using either BitPay or one or the other alternatives out there and, uh, put this to use and good luck with your crypto journey. All right. Thanks very much. Bye bye.


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