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Accepting Bitcoin Payments on your Website

More and more businesses are adding Bitcoin as a payment option on their websites. Adding another payment option will increase your conversion rate. Customers with Bitcoins to spend will look elsewhere if you have no Bitcoin payment option on your site. Digital currencies are here to stay so installing a Bitcoin payment option on your website is an investment for the future as well as the present.

Why Should you Accept Bitcoin Payments on your Site?

• Low-Cost: Accepting payments in Bitcoin costs nothing. The only fees are those taken by a third party processor (PSP) when you withdraw your funds to your corporate bank account. These fees are 0%-1%.
• Instant Payment: You receive the payment instantly.
• Global Currency: Unlike fiat currencies you can easily receive Bitcoin payments internationally with no exchange rate conversion.
• Speed: Bitcoin payments are a lot faster than international bank transfers and credit card payments.
• No Charge-Backs: All Bitcoin transactions are final.
• Security: Bitcoin is a secure currency which helps eliminate the chance of payment fraud.
• If you operate an online casino, it is a must to be able to accept USDT deposits from your players.

What is a Bitcoin Payment Service Provider (PSP)?

Bitcoin Payment Services Providers (PSPs) help you to accept Bitcoin online and at POS. Respected Bitcoin PSPs include Coinbase, GoCoin, Coinify,BitPay, etc. Some PSPs act only as payment processor platform while others offer an all-in-one solution functioning as both a payment processing service and a Bitcoin exchange. You can instantly sell the Bitcoin after receiving the online payment thus avoid any volatility of the Bitcoin market and also get a direct deposit of fiat in your regular bank account. PSPs offer you and your customers a seamless experience.

How to Accept Bitcoin Payments on your Website with a PSP?

Using a PSP (Payment Service Provider) you open a Bitcoin account; link your bank account to the Bitcoin account and use the PSP’s integrated solutions (no development required) to add a Bitcoin payment button to your site. At check-out the customer simply selects “pay with Bitcoin” and the PSP handles the rest of the transaction. If you prefer there are opensource plugins and Point of Sale options.

How to Manually Accept Bitcoin Payments on your Website?

To accept Bitcoin payments manually without going through a third party you must generate a unique Bitcoin address for each individual sale; receive the payment in your Bitcoin wallet and then process the order. Without a PSP you will be responsible for invoicing, record keeping and billing. This is a lot of work and is only a viable option if you have very few Bitcoin payments.

Don’t forget to add the “Bitcoins Accepted Here” sticker to your website!