Bitcoins are radically changing the way we transact payments online. But despite all the recent talk about this trendy virtual currency, many small business owners are unaware of how to accept bitcoins as a mode of payment.
As part of our Bitcoin week on the Moblized blog, we want to round up some of the best Bitcoin apps out there, to enable business owners to use start using bitcoins. Note that bitcoins can be used to pay for goods purchased not only online but also those purchased from brick and mortar stores; from anywhere in the world. In addition, there is no credit card fee charged and there’s no application fee for merchants to join the credit card networks. Double saving!
Businesses that want to accept Bitcoins on their website will have to embed an application or API into their site. Brick and mortar stores can download and use a quality Bitcoin app on a smartphone or tablet. If you still have any doubts about using Bitcoins, some merchants who already use Bitcoins include WordPress.com, the most popular blogging site, and Reddit, a popular entertainment and social news site. So you’re in pretty good company!
Coinbase is a good system for the average user, as well as the business owner. Business owners get the exact amount in local currency, that they price their products at ie no conversion losses back and forth. There’s no chargeback either to the buyer or to the business owner. Infact, your first $1,000,000 in payment processing is free. After that, you have to pay only 1%, when you cash out your bitcoins. That’s a really good proposition for small business owners. Coinbase has an extensive set of professional tools for merchants to integrate bitcoin payments into their websites. They are the only service to offer free micro-transactions and recurring billing. The simple 2 click, instant confirmation, makes sure it’s a hassle free purchase for the buyers.
This is a free system with which you can start accepting bitcoins immediately. This app is simple and easy to use. Simply create your wallet by selecting your Bitcoin address and currency. CoinBox also allows micro-bitcoin transactions. Each payment is collected in a temporary wallet, and when it reaches a certain threshold, the bitcoins are transferred to your bitcoin address. CoinBox happens to be one of the fastest bitcoin paying website, paying every 8 hours.
This app allows you to start accepting bitcoins instantly by providing HTML buttons that can be embedded in your online store or website. It’s purely a client side app, while the main server runs in the cloud. Again, you don’t a special signup. Your bitcoin address is the only identity required. Bitcoins are transferred to your account instantly, with no delay, making it more secure and reducing the chances of bitcoin theft. What’s more is that they don’t charge any monthly fee, but a flat 0.5% per transaction, which is the lowest fee on the market.
They have the most powerful tools for your business to accept bitcoins and excellent support. BitPay has a true flat pricing with no hidden fees. In addition, they guarantee exchange rates and thereby reduce volatility. They integrate seamlessly whether you’re accessing via PC, a smartphone, or tablet. Bitpay is available in every country, and you can set your pricing in over 150 currencies; with direct bank payment daily in 33 countries.
One of the largest bitcoin payment solution providers. They are a payment service provider (PSP) and can optimize e-commerce, m-commerce and in-store transactions. BIPS is ideal for small businesses because it has low to zero fees, no chargeback when the sale of products or services is cancelled. In short it is free of all the credit card transaction hassles.
We strongly believe that in the coming years small businesses owners will also start using Bitcoin for hassle free digital payments. Customers on the move can pay for the services or goods using their mobile wallets online. The transaction fees is significantly nil or less in comparison with the credit cards. However, as a merchant you have to decide which Bitcoin application best matches your needs.
We do hope this roundup helps you evaluate the various Bitcoin systems available and choose the best one for you. We’d love to hear about your thoughts on Bitcoin and whether you’ve ever used them. Do share with us in the comment section.
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