Accepting bitcoins as payment is not difficult, dangerous or illegal. Whether online or in a physical store, the method is the same: to have an accepted digital wallet (a purse) on a smartphone, 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 still not well understood in France, this is not the case everywhere in the world. Sometimes the national currency is worth it! Also keep in mind that some employees who are paid in bitcoins (btc) may be willing to spend them in your store in some foreign countries. We explain why and how.
Why accept bitcoin?
I want to answer why not? Indeed why not accept an additional payment method? This is the case, for example, of Vueling, the Spanish airline, which already accepts UnionPay CB and cryptos in 2023). A new payment method like bitcoin will give you visibility among cryptocurrency users (increasing number) and increase your turnover. Not to mention that the transactions are untouchable, expenses almost does not exist and instant transactions thanks to that bitcoin lightning network. I’ll skip the technical details here (which you can read in detail in the linked article), what matters is the result. Also the cards bitcoin lightning There will be an increase in the future, because they represent real comfort for the user. With this payment type, no need to check tickets with a credit card, no more tedious collection, no more cash register errors, no potential fraud. And the significant savings on bank charges.
- minimum fees.
- easy use.
- free use: no payment terminal rental, no subscription.
- Free marketing: a sticker on your shop window or food truck probably the only investment.
- fraud is not possible.
- immediate payment.
- international currency.
You don’t need bitcoins, just euros: no problem!
There are ways for your customers to pay in bitcoins and to receive euros. In this area, the evolution is very fast: thanks to various payment software, your bitcoins can be converted immediately. We can mention conjunct, pay bit, BitfinexPay, Coinpayments.net or Pay Bitcoin Switzerland. (There is another solution BTCPay serverin this case your bitcoins are not converted)
Payment terminals (POS) and bitcoin : some “classic” payment terminals can be updated and Bitpay integrated with payment in bitcoin or bitcoin cash. Devices with android operating systems like the SunmiV2 Pro allow you to install applications or purse cryptos, but also other apps for classic card payments. You can also turn a smartphone into a CB payment terminal by installing bitpay or coin and activating NFC.
At first, bitcoin (BTC) may not have much weight in your turnover (all the more reason to accept it and be so in all the international trader directories that accept bitcoin). Slowly you will get your hands dirty, as others have done before you with the bank card. Here are the sites that can refer you for free: coinhood, payenbitcoin or ar 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 like (PSAN). StackingSat help you integrate bitcoin into your business (videos below). There are also associations locally to introduce you to these new payment systems, for example Increase Bitcoin in Brittany.
Accounting and taxation: cash in bitcoins
Don’t hesitate if your accountant doesn’t want to get too involved or gives you complicated explanations, like on this accounting site. The second one requires you to open your electronic wallet (purse(b) in an approved PSAN facility. Actually, it depends on your status (self-entrepreneur, sarl, etc.). In any case and as with any asset, you cannot confuse yours purse bitcoin and the head of the company. Go to the beginners section of Cointribune and select a purse : Atomic, TrustWallet etc. there is enough (and then safe your funds on a ledger).
VAT and invoices : The easiest way for you as a merchant is to use software that easily integrates with your accounting by issuing invoices (bitpay for example) and calculating 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 to calculate your PV if there is a resale).
” Crypto-assets as a means of payment can be analyzed in the same way as a restaurant ticket. It is strongly recommended that “crypto-active” payment method in cash register software and validate the fund daily according to the tax provisions in force. »
Many others are already doing it, why not you?
Depending on the nature of your business and the number of transactions to be managed, bitcoin payment setup and integration into your accounts will be more or less simple. One thing is certain: for local businesses, it’s great: a flower decorator or a restaurateur no longer has an excuse to refuse payment in bitcoin.
You 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 payment method: Gucci, Breitling, Balenciaga, Vuitton, Cartier, Hogan, Prada, LVMH, La Maison Maachi… So why not you? Even humanitarian organizations have crypto accounts to collect donations. Will the French be left behind again?
“Storing” bitcoins (BTC) is a great way to preserve cash against inflation: in fact if you look at the figures from Coinmarketcap, bitcoin has always been a great investment, some even call it digital gold.
Actually, accepting bitcoins is very simple: it’s a sure way to avoid fraud, fight inflation and make significant savings on bank fees. Your customers will also need to find solutions to combat this inflation which is already eroding their purchasing power. I will probably be amused in a few years to read this article again, imagining that bitcoin was still only a teenager in 2022. Anyway, promising teenager. Your turn now!
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Subprime, financial crises, galloping inflation, tax havens… Bitcoin was designed for more transparency and maybe finally change the game. I try to understand this new environment and I try to explain it to myself. The road is undoubtedly long, but it is worth it.