How to Use Bitcoin to Grow Your Business

If you are a small business owner, you can do something with bitcoin, especially by promoting it through accepting it as a means of payment. This is most suitable for business owners dealing with goods and services regular currency who wish to add Bitcoin to their way of payment for their customer. Besides, it is also essential noting that it is best if you are willing to pay tax on your Bitcoin income. 

This digital currency has become one of the ways to carry out anonymous transactions as well as competing with the traditional currency. This has seen many small business owners uncertain about the best way to accept it, and whether it is legit as well as concerns over tax payment and such. Not to worry, here are several ideas on how to use it.

Merchant solution

The Bitcoin merchant solution is very convenient to use, especially if you are selling goods or services on your website. Then you can convert your bitcoins to the government currency through several available services. 

Using tablet or Smartphone

This can work best if you use a QR code that your customers can with their device to make a payment.

Accounting

 In this case, when a customer makes a purchase, you can credit their account, like a discount or something. However, it is worth considering whether this will disguise the transaction in any negative way. You can also be giving the discount for Bitcoins, and then selling them for currency, which will probably turn out that your income overall will reflect a benefit, but you may need to consult your accountant on this one.

Gift cards business

If you deal with the sale of gift cards or certificates, you can accept Bitcoin for the purchase of the card, and then have the card only used for a real purchase of goods or services. This is yet another place where the accounting comes in very handy, which you can also use to track sales.

Mail invoice 

If you usually send invoices to customers, you can boost Bitcoin’s economy in a way too. You can make it as among the other payment options. This may necessitate your customers to call or email to pay, but it will go a long way on the other side. If you can generate Bitcoin addresses, it is wise to generate a different one for every invoice and have it printed on it. This way, you can sort the invoices as they arrive.

Dealing with fraud

The risk of fraudsters can prove a challenge, especially if you do not know how to confront it. Fraudsters can take advantage of your customers, luring them to their Bitcoin address and taking your money. Although this is not as popular, it is a matter of whether a fraudster finds out about your customers, and this can be detrimental. To prevent this menace, you can ensure people do not type your Bitcoin address off your payment stubs. Then you can manage it by making sure they get your full address from your site, and use secure SSL.