Start Accepting Bitcoin – A Vendor Checklist

Consider Impact On Brand & Operations

Bitcoin is an innovative technology and a payment system with the potential to impact how your brand is perceived in clients mind. Likewise, Bitcoin integration is educational intensive and will require daily maintenance and duties. Is your staff ready to learn a new payment system? Does your organization have the necessary resources (capital, time, staff) to offer a new payment system without complicating, or discouraging current operations?

Estimate the additional resources your might need to cover the initial integration, marketing and educational costs for a specific timeframe.

Know Why You Are Accepting Bitcoin Payments

As with any successful strategy, start in the right direction with goals, and objectives to achieve these goals. Before you begin, map out what your main initiative is. Why are we opening the doors to Bitcoin, how does Bitcoin fit into our current business model, necessary changes, and overall, what is the end goal. Without goals, there is nothing to achieve, no landmarks along the way and a lack of direction for achieving a positive result.

SMART goals are a great place to start (Specific, measurable, attainable, realistic, time-bound…. or something like that). Perhaps Bitcoin will be used as a tool to up-sell specific items, generate word of mouth within your community, basis for a loyalty program, or earn customer retention. Looking for transparent spending accounts, a new way to pay employees, or a way to save on commercial transactions? You found the right place!

Map out your general motivations, goals, and strategies on route to achievement.

Supportive Marketing

It’s time for the fun part. Consider how your brand will reach the customers with Bitcoin education and wisdom in an interactive and exciting environment. Remember, for the average person, a new currency and technology can be a handful to take in… We see this as an opportunity to generate a loyal bond and excite clients.

Referencing your goals generated in the previous step, outline potential promotions, printable educational materials, in store signage, guerrilla marketing.

Consider Books, Accounting & Other Administrative Tasks

Proactively considering how to complete payroll, books and accounting will save future resources. A number of innovative services and software alternatives are available to integrate Bitcoin payments with your current books. It’s important to note that the federal legal standing of Bitcoin often changes between nations. Keep up to date with your countries regulations to ensure your numbers reflect the necessary values. Find a Bitcoin accounting service that is perfect for your organization here.

Decide whether your organization will outsource duties or maintain in house accounting, and how this process will integrate with current practices.

Choose The Ideal Point of Sale Platform

Bitcoin point of sale alternatives come in all shapes and sizes. eCommerce? Discover endless innovative Bitcoin POS plugins, buttons, and checkouts. Retail? Browse merchant point of sale hardware alternatives, or locate some point of sale software and apps to utilize mobile and desktop devices already in the workplace. Take your time and find the ideal solution to suit your specific needs. Each point of sale service offers unique features targeted at industrial needs.

Locate a Secure Wallet

After you’ve made the decision to keep your Bitcoin’s in Bitcoin or FIAT form, locate the perfect Bitcoin wallet to suit your needs. Bitcoin wallet’s are the software, or device that is used to store, send and receive Bitcoin. Each point of sale alternative either offers an eWallet for quick access from any browser, or an automated process in which payments will automatically deposit into your desktop, mobile or physical Bitcoin wallet. Each wallet service offers a unique set of security enhancements and usability features. Learn about Bitcoin wallets here, and Bitcoin wallet security here. It is recommended that organizations holding Bitcoin use personal wallet services, and consider cold storage alternatives for storing large sums of Bitcoins.

Get Listed

Once your Bitcoin payments are set up, it’s time to get noticed by the active Bitcoin community. This works hand in hand with a healthy eCommerce SEO strategy. List your businesses on the applicable Bitcoin Merchant Directories to gain community exposure, and generate backlinks for important pages. Visit Bitcoin press release services and blogs to share your motivations with the active Bitocin community and generate high quality backlinks.

Connect With The Bitcoin Community

Get involved with the Bitcoin discussion on social media and forums! As a digital currency, Bitcoin discussion and communication thrives across a number of the top social platforms. Check out our “Bitcoin Communities page for the ideal locations to connect with Bitcoin users around the world.

Measure of Analysis

Finalize the time-frame in which you wish to revisit initial goals and strategy updates. Often overlooked, this process should reoccur on multiple occasions annually in order to stay on track and focused on the reason your organization is accepting Bitcoin payments.

Don’t Overcrowd Checkout!

Up to 60% of sales are lost within the final seconds. This statistic applies to any industry, whether you are a service, eCommerce outlet, or retail location, it’s important to avoid overload and processes that require timely input. Overload comes when a consumer is offered to many decisions, with an end result of a lost customer. In order to reduce the “flight response”, double check that your eCommerce checkout is not overcome with additional signup forms, and a nasty array of payment methods.

Don’t Dive In Without a Plan!

Having a strategy guided by goals is the key to a successful integration.

Don’t Have An Uneducated Staff!

Own your Bitcoin integration. Nothing is less appealing then staff that is un-aware of in-house promotions. Make sure your entire staff is on board prior to launch.

Don’t Be So Insecure!

As noted before, when using Bitcoin, the accounts are in your hands, so is the security. Digital payments bring a new level of threats, it’s crucial to stay on top of security with all the wallets you manage. Learn about 2FA, Multi Signature transactions and the benefits of cold storage.