Well hello there and welcome to our blog on how to get your business bitcoin ready.
Before we dive in – there are factual articles published that Standard Bank has a working, tested, to purchase and trade bitcoin with but its not available… yet…
Ok now the first thing you need to know about Bitcoin and your business is that Bitcoin fluctuates quite a lot and therefore you need to make allowance for what you are selling for Bitcoin. If you sell a service that’s great but if you sell a product you need to keep in mind that the Bitcoin you got for the item today might be worth 5 – 10 or even 20 percent more tomorrow for what you got paid today or the other way around. Make provision for this when pricing in Bitcoin.
So Step 1 you need to open an account with a service like www.bitpay.com.
Once you have registered you need to get your account verified, upload your ID, Proof of address, Business FICA, Supporting Documents for registration ect.
Ok after this has been done head over to the payment settings menu where you need tell Bitpay how they should pay you out and to what account or wallet. They have an option to pay you 100% of the transaction in Bitcoin or 50/50 Bitcoin & Rand or basically any balance percentage in between you want…
Or 100% in Bitcoin
Ok now after you have linked your bitcoin Wallet to your Bitpay account and your Bank account if you want payouts in Rand you are good to go. If you dont have a bitcoin wallet take a look at our getting started blog to get you started.
Head on over to your app store and download the Bitpay app listed as Bitcoin Checkout. Below is a step by step guide on transacting via the app.
Now you need to put a sticker on your shop saying you accept Bitcoin.