So you’ve decided to start accepting bitcoin, or maybe you’re thinking about it but you’re not sure where to begin…
This guide will take you through your options and explain some of the tools CoinJar provides to make accepting bitcoin simple.
Why you should accept bitcoin
Bitcoin offers answers to real problems with current payment processors. Setting up credit card and eftpos systems is expensive. There are upfront costs, dedicated landlines and fees. On top of that, getting access to the funds takes days.
Bitcoin requires no fixed infrastructure, can be accepted on any device connected online and you get access to your bitcoins straight away.
CoinJar offers great services that allow you to accept bitcoin and convert to AUD instantly, avoiding any worry about the changing price of bitcoin. We also offer next day remittance so you get your money before your neighbour while they’re waiting on their bank. There are no upfront or monthly fees, just a .5% conversion fee, so you’ll save money with every bitcoin you get.
What you need
CoinJar Account – set up your CoinJar here.
An activated Checkout – activate your checkout here.
You can integrate bitcoin into your checkout using CoinJar.
Depending on what you use to accept payments, you may be able to simply install a ‘plug-in’ (a ready made package) otherwise we offer the tools to ‘build your own’.
Check out our supported plug-ins here
Check out our developer resources here.
CoinJar allows you to create an invoice in Checkout which is fixed to an Australian dollar amount. You are able to send this invoice and it will generate a bitcoin payment page when it is opened. You then receive the funds at the original Australian dollar amount the next business day.
This is perfect for contractors who want to accept bitcoin. It takes no development and can be integrated into existing invoices by simply pasting a link.
Creating a Coinjar Invoice
Make sure you are logged in.
1. Go to Checkout
2. Select ‘Orders’
3. Select ‘Add an Order’
4. Input currency, invoice number, and reference, then select ‘Create Order’
5. Add items to the invoice and select ‘Add Item’
6. You will see a URL on the page. Send this link to your customer.
Example Order Page
Once they pay your order will be marked as ‘completed’ on your order page. This means you can withdraw the AUD to your bank account. If it is processed before 5pm it’ll be in your account by 9am the next business day.
Using a tablet or a phone you can set up a point of sale, which allows you to enter the amount in Australian dollars and generate a bitcoin payment screen. When the customer pays, you can receive the funds as either bitcoin or Australian dollars. This is the quickest, easiest way to accept bitcoin in store.
Leading Point Of Sale Providers
Both are Australian based start ups that are actively involved in the Australian bitcoin community. Both companies are also preferred CoinJar partners.
There are many options that suit different business types to accept bitcoin. As with all new technology there is a learning curve but the sooner you get comfortable with it and find the solution that works for you, the sooner you can start taking advantage of the benefits.