How to Accept Bitcoin for Your Business | Ep. 77 | Business Podcast
If you’re not accepting bitcoin for your business, you should be because it’s going mainstream with companies like Tesla now not only accepting it, but holding it as an investment on their balance sheets.
I explain how to accept bitcoin as well as a principle about accepting all forms of payment and why, even if it costs a percentage of your sales to do it.
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Hello, friends. Welcome to the show. Today we are talking about how to accept Bitcoin for your business to cash in on the craze. Welcome to build the business success secrets. The only podcast that provides straight talk for entrepreneurs. Whether you’re an entrepreneur, starting with an idea or growing your business, this show is for you.
We’ll teach you how to build a strong mindset, powerful body and profitable business so you can achieve success. And here’s your host, Brandon See White from the very title of this podcast episode. How to accept Bitcoin for your business presumes that I suggest that you do accept Bitcoin for your business, and the answer to that is absolutely You should be accepting Bitcoin for your business. In fact, I believe that you should be accepting every single type of payment possible.
You want to make it as easy as possible for a consumer, a potential customer, a person to buy from you. We have already spent tons of marketing dollars, time, effort and energy to either get a new customer which has a customer acquisition costs associated with it or nurtured in existing customer to up sell them. I’ll give you an example.
My wife has a side hustle business that she teaches dog agility training, and she has a field where she has instructors. She does. Instructing in, she rents the field out to people who want to run the course who don’t have agility equipment, which is a big expense, et cetera. And one of the things that she struggled with in the early days was she invoices her instructors every month, so she had a choice. She could get cash from them. She could wait to get a check from them when she sees them, or when they remember to leave it, she could invoice it via the mail. She could send an email with a link where they would pay.
Now, when she sends a link in an email or they can pay, it goes to her square account, and when they pay that way, it cost her. I think around two and a quarter or 2.5% and as we talked about it, I said, Well, just let them click the click the link and pay because even if it costs you that percentage, you get your money faster, and that helps your cash flow in your business, which is likely worth more than two and a quarter or 2.5%. Whatever you pay, she uses square. I use stripe.
Whatever it is you could use PayPal, the long and short of it is you want to make it as easy as possible for a consumer to pay you. So should you be accepting Bitcoin, you should absolutely be accepting Bitcoin and it’s really not that difficult anymore to accept Bitcoin Shopify allows you if you go into your If you’re using Shopify to go into your settings and accept Cryptocurrency, we have not done it yet. But I was also reading that PayPal can accept Cryptocurrency.
There are some steps that you need to go into in the settings to do that because they want to make sure that you want to accept any Cryptocurrency Bitcoin, your ethereum, whatever Cryptocurrency you decide to and then there’s a bunch of other payment gateways that you can get to add to your site. A few of them, the one that I use is coin base. I use coin base to accept Bitcoin and pay, and I’ve had this account I was looking at my Bitcoin investment. I invested in Bitcoin in 2000 and 14.
We can talk about that later, but coin base is trusted. It has, like triple authentication. Likely no one is going to steal your Bitcoin from you and they have an interface that you can add to your site. Other sites are coin gate coins, bank bit pay payment 21. I want to be very clear that I don’t have experience with every single one of these. Like I said, I use coin base and I think I have used something on Shopify at some point, but I can’t remember and I couldn’t go through my logs for this recording.
But those are some suggestions for you that you could add to your website again. You should be accepting every type of payment so that you can get paid by a customer as easily as possible. You don’t want to make that a hurdle. Imagine when you go through an experience and how much of a pain you think it is when putting in your credit card and they don’t accept that credit card. You gotta get another credit card out and do that. I know for me. I’m like, Oh my gosh, Really? You can’t do this.
And then there have been times where I’ve abandoned a cart because I just got frustrated. If someone wants to pay you in, Bitcoin accept Bitcoin. Have your use one of these processors, Shopify, turn it on. If you only use PayPal, go into PayPal and type. How do I accept Bitcoin? And there’s a whole list of easy to follow instructions on exactly how to turn that on. And if you don’t have Shopify or PayPal, use one of the other processors that I mentioned. And I’ll end with a strong suggestion.
When you do accept any Cryptocurrency Bitcoin, your ethereum, Bitcoin cash, whatever, it is converted into U. S. Dollars immediately, if not immediately, near immediately. And here’s why. I’ve been an investor in Bitcoin since 2000 and 14, and I’ve held the whole time. But here’s what I want to tell you. It is extremely volatile, and your emotions will run crazy. Seeing that price change, it used to change in like, a few dollars a day. Now it’s up to changing as much as $5000 a day.
And if you’re accepting something a product that costs 39 95 or $99 or even $599 and the price goes down. You could effectively have zero, and I wouldn’t want that to happen to my business. And I certainly wouldn’t want to happen to your business, because that’s a really sad experience. So given the volatility, understand that it’s volatile. Take it because it’s easy and someone wants to pay you. But convert it into a stable currency as fast as possible so that you can rely on that money for your cash flow.
Thanks for being generous with your time and joining us for this episode of Build a Business success Secrets. Before we go, let me ask you a quick question. Are you the type of person who wants to get 100% out of your time? Talent and ideas? If so, you’ll love our monthly Built A Business Success Secrets newsletter. It’s a monthly playbook about the inner game of building a successful business.
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