In this guide we will walk you through setting up a Bitcoin wallet and also a BitPay merchant account to begin accepting Bitcoin in just a few minutes. There are two primary methods covered in this guide, accepting Bitcoin directly with a wallet and accepting Bitcoin and having it automatically converted to your local fiat currency.
For merchants new to Bitcoin, the first thing you may be wondering is why should you accept Bitcoin in the first place?
Bitcoin is a faster and cheaper monetary exchange for merchants providing any service or goods. Whether online, or in a physical location using Bitcoin has significant benefits compared to credit card services and other methods of payment. If you want to learn more about Bitcoin, read our guide to take a deep dive and help you understand the topic further.
Accept Bitcoin Now
The fastest and easiest way to begin accepting Bitcoin now and have a complete setup in just a few minutes is to download our Bitcoin Wallet for a simple and secure way to receive and send Bitcoin. By downloading the wallet, you can provide your Bitcoin address or Bitcoin QR code to anyone and receive payments from anywhere in the world instantly and nearly for free. If you aren’t familiar with Bitcoin addresses, you can check our block explorer (Bitcoin search engine) and view for example this Bitcoin address where you will see how the page shows you the address and QR code (for mobile scanning addresses).
If you want to accept Bitcoin and be able to send and receive it later, this is all you need to do and are now part of the entire Bitcoin ecosystem in just one single step. For a detailed tutorial on how to use the Bitcoin.com Wallet, please see this guide.
Convert Bitcoin to your local currency
Some merchants that accept Bitcoin have the need to convert Bitcoin to their local currency. There are various reasons for this, but if you’re a merchant that wants to do this you will need to do a few extra steps.
The first thing we recommend you to do is open a BitPay account. BitPay is the largest merchant solutions provider in the world that has the most tools and fastest onboarding process to help merchants begin accepting Bitcoin and convert it to your local currency. To get started, simply go to BitPay.com and click on Start Now to open your account. You will see a screen and prompts like the one below.
Once you create your BitPay account, you will need to add your bank to tie your bank to your BitPay account so that your Bitcoin can be easily converted and deposited directly to your bank in your local currency. Once this is done, you are ready to go. You can begin accepting Bitcoin to your BitPay account which will automatically get converted for you.
In this video below by Ben Perrin, he takes viewers through this process we just outlined so you can see how it’s done in a visual format. In the video, he uses a local pizza shop as an example who in their case, wants to accept Bitcoin in their store as a point-of-sale merchant. You can use BitPay for both POS or just to get a Bitcoin account setup to accept payments that go directly to your bank.
If you don’t want to use BitPay as your merchant processor, there are several other merchant solutions available on the market to help you get started that have similar process-flows to setting up Bitcoin for merchants that want to use point-of-sale solutions, selling products online, accepting payments, and more.