For a business to survive, it must make use of the latest technology, especially when dealing with other countries. That means not only having a website that can display different languages but also having as many payment methods as possible. For that reason, accepting bitcoin can be a good way of doing more business, but how can you begin to integrate this new currency into your company?
Start Accepting Bitcoin as Payment
Before you can start to use bitcoin for your business, you need to begin accepting them as one of your payment options. Although companies such as PayPal are popular payment methods, sometimes there can be delays and other issues that can cause your customers to become unhappy. However, bitcoin transactions are final, so there is no way it can be delayed or returned. It can make for good PR for your company, and also generate business from the existing bitcoin community.
Use it for Paying Suppliers Overseas
As well as excepting bitcoin as payment from your customers, you can also use it to buy goods from your suppliers. When dealing with suppliers overseas, using bitcoin can be considerably faster and more convenient. For suppliers, it can also be anefficient way to accept payment. Because bitcoinis paid fast and have lower transaction fees, it can make dealing with international clients easier. It also allows you to pay even during weekends, public holidays and out of hours.
Once you have started accepting and paying in bitcoin, you will need to have an accountancy system set up for the transactions. Check with your existing accountant to see if they have updated their procedures to deal with bitcoin. Not all accountancy firms have done that yet, so you might have to use a different firm who can deal with them. The act of using bitcoin is extremely transparent. This is because all the transactions are recorded using the blockchain. The record cannot be amended or deleted, so there is secure proof of payment. Not only is this good from an accounting perspective, but it is also good for fraud and disputed payments.
If you do a lot of traveling for your business, then it is better to buy BTC, because they can be a safer and easier way to travel with money. There are many bitcoin wallets out there, both online and hardware that allows you to store your coins securely. Although you can use apps to pay for goods, it is perhaps easier to use a bitcoin debit card. They are as easy to use as regular debit cards, plus, if you are traveling to many countries, many bitcoin providers will convert the coins into local currency.
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