Why Should You Accept Bitcoin Payments in Your Business?

As Bitcoin and other cryptocurrencies are gaining ground, more and more businesses worldwide are starting to recognize the benefits of accepting them as means of payment.  At SpectroCoin we offer payment processing services that help merchants easily accept bitcoin payments, as well as payments made in XEM or Dash cryptocurrencies, in their day-to-day operations.

Why should you accept bitcoin payments in your business?

Reasons to accept bitcoin payments in your business

There are numerous benefits of accepting cryptocurrencies in your business. Here we cover the six main ones:

1. Competitive advantage. Nowadays businesses are trying to stand out from each other. Adding Bitcoin and other cryptocurrencies as means to pay for your goods or services provides the customer with a wider choice of payment options and might just be the deciding factor why a customer chooses your service over the competitor’s.

2. No chargeback risks. A chargeback occurs when a customer disputes the merchant’s charge with their bank. In most cases, the customer gets his money reimbursed while the business owner has to prove the transaction was valid if he/she wants to get the money back. Cryptocurrency transactions are complete and irreversible, therefore users cannot call back the money they paid to the merchant, saving you from possible fraud and the hassle of chargebacks.

3. No rolling reserves. As cryptocurrency transactions cannot be canceled, there is no way for customers to initiate a chargeback. That eliminates the need for rolling reserves that payment processors typically charge. For example, card companies can reserve a portion of your gross sales and keep it on hold for a definite period of time to protect themselves from potential loss due to chargebacks. With cryptocurrency payments, you get all your funds right away.

4. Get your funds faster. When accepting payments made with credit or debit cards it can take weeks before you receive funds for the services or goods you sold. This issue arises due to third parties involved in traditional payment processing (both the vendor’s bank and the buyer’s card issuer have to verify each payment). Bitcoin transactions are very fast compared to bank transfers as they are verified by the network of “miners” (distributed nodes of computers around the world), thus you can receive payments within minutes.

5. Accept one currency, receive another. With SpectroCoin payment processing solutions you can accept Bitcoin, Dash or XEM cryptocurrencies which can then be auto-converted to any of over 20 different currencies supported at SpectroCoin and funded to your account. For example, you can accept bitcoin payments but choose to receive euros. Bitcoins (BTC) will be converted to euros (EUR) before the funds hit your account. This way you will be able to avoid the cryptocurrency volatility risk.

6. Bulk payments. In addition to accepting payments from your customers, SpectroCoin offers the possibility to initiate mass or bulk payments, which is especially useful if you want to make multiple payouts at once, as it cuts time and costs that it would take to make each payment individually.

If we have convinced you that accepting cryptocurrencies is truly beneficial for your business, and you are ready to start, the next step is to select a payment gateway that is right for your business.

What is a payment gateway?

A payment gateway is a software solution that allows a business owner to accept online payments from his customers. A payment gateway can be designed to help you accept different kinds of payments, ranging from the ones made with credit card to the ones made with bitcoin.

At SpectroCoin we offer payment gateways that support multiple cryptocurrencies. Thus, using our merchant solution you can accept bitcoin payments, as well as payments made in XEM and Dash cryptocurrencies. Additionally, you can select to receive funds in a different fiat or cryptocurrency to the one you are accepting and get all the payments deposited straight to your account.

How to accept cryptocurrency payments in your business?

If you are a business owner, there are several steps you need to complete before you are able to start accepting cryptocurrency payments in your business.

Step 1 – Sign up. First of all, you have to open up a free merchant account on SpectroCoin.

Step 2 – Verify your account (optional). Account verification is not mandatory and is only required if you want to enjoy the full spectrum of services SpectroCoin offers, such as taking advantage of SEPA transfer capability, linking a credit/debit card to your account and more.

Step 3 – Choose the payment processing method. Once your merchant account is set up, you need to choose and implement one of SpectroCoin’s available payment gateways based on your business needs.

  • Payment plug-ins.  If you run an e-commerce site, you can use our plug-in solution. At SpectroCoin we offer a wide variety of payment gateways and plug-ins to suit different types of e-commerce platforms, including  WHMCS, PrestaShop, OpenCart, Magento, Drupal, WordPress, Zen Cart, VirtueMart, and Magento-2. With just a few clicks you can download a plug-in that is compatible with your website from our Github page and integrate it to start receiving cryptocurrency payments. Find tutorials on how to accept bitcoin payments using one of the plug-ins on SpectroCoin YouTube channel.
  • Merchant libraries. If your website is custom made, we have prepared open source Merchant libraries for PHP and JAVA with all codes and documentation included.
  • Wallet API. Merchants can also make use of SpectroCoin wallet API which offers them a simple interface to programmatically interact with their wallet. Wallet API allows users to easily receive and send Bitcoin, XEM or Dash,  make mass payouts and exchange between currencies.

Step 4 – Accept cryptocurrency payments. Now you can start accepting payments in your preferred cryptocurrency and observe how your business grows.

If you have further questions regarding how to accept bitcoin, DASH or XEM in your business, please contact our merchant support via email: merchant@spectrocoin.com or Skype: spectrocoin_merchant.