Your Guide On:
How to Accept Bitcoin Payments as a Business in Canada
Accept Bitcoin (BTC) payments in Canada with practical guidance from The Bitcoin Way. Book a consultation.
Why Should You accept bitcoin as a business?
Reduce Payment Processing Costs
Bitcoin payments don’t rely on traditional payment rails that can incur high transaction costs, so businesses can reduce revenue lost to fees by accepting the cryptocurrency.
Eliminate Chargebacks and Payment Reversals
Transactions processed on the Bitcoin network are irreversible, so businesses don't have to worry about unwarranted chargebacks or payment reversals that can create unexpected losses.
Expand Access to Global Customers
Since Bitcoin can be used for payments globally without restrictions, it allows Australian businesses to reach customers in markets that might otherwise be inaccessible.
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How to Accept Bitcoin Payments Online: Step-by-Step
Step 1: Check Bitcoin Payment Regulations in Canada
It is important to first understand what it means to accept bitcoin as payment for goods and services in Canada. In particular, check how transactions should be recorded and reported in your accounts, especially for tax purposes.
Step 2: Choose a Bitcoin Payment Gateway
A Bitcoin payment gateway offers a smooth checkout process and simplifies bookkeeping. With a growing list of available service provider options, it is worth researching which options will best suit your specific needs.
Step 3: Add Bitcoin to Your Checkout
Once a payment gateway is integrated into your store, you can easily offer bitcoin as a payment option for the goods and services you provide. Customers don't usually need to visit a separate page to pay with BTC. In most cases, the payment processor handles the transaction and delivers the funds directly to your wallet or account.
Step 4: Promote Bitcoin Payments
Make customers aware that they can pay using bitcoin as a payment option by highlighting this option on your website, social media channels, and your newsletter.
How to Accept Bitcoin Payments In-Store in Canada
Step 1: Check Canadian Regulations for In-Store Bitcoin Payments
Before allowing customers to pay for goods or services with BTC, it's important to understand the relevant regulatory requirements, including those around tax reporting.
Use a Bitcoin-Enabled Point-of-Sale Terminal
You need a system that can properly capture each transaction appropriately and generate the required financial reports.
A bitcoin-enabled point-of-sale terminal does this, whether through dedicated hardware with built-in software or by installing compatible software on your existing devices.
Accept Bitcoin at the Counter
The most convenient way to share a payment address with customers is through a QR code they can scan using their phone.
Most mobile wallets include a built-in scanning feature. You can display the QR code on a screen attached to the point-of-sale terminal for easy access and integration.
Train Staff
Most point-of-sale terminals that accept bitcoin are similar to those used for other payment methods and currencies.
However, there are important differences, such as the irreversible nature of payments and the need for network confirmations. It’s important that your staff are trained on these unique features.
Manage Your Treasury
As a business that accepts bitcoin, you have the option of converting your BTC to fiat immediately via your chosen bitcoin payment gateway. However, you may also consider holding part or the entire amount as part of your business’s treasury.
If you choose to hold BTC as a company, you must make the necessary arrangements to secure your assets, including setting up secure cold storage.
Learn How to Accept Bitcoin the Right Way
The Bitcoin Way helps individuals and businesses transition to full Bitcoin self-sovereignty. From buying and securing bitcoin to setting up multi-signature wallets, our consultants will guide you every step of the way.
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FAQs
To accept bitcoin payments as a business, you should check regional regulations and requirements. Next, choose a Bitcoin payment gateway that works well with the structure of your business. That also includes a point of sale terminal that is convenient for both you and your customers.
You can create a Bitcoin wallet for your business either through a payment gateway, which typically generates a wallet automatically, or by setting one up independently using wallet software. If you plan to hold BTC as a company, consider using cold storage with multisignature access to allow secure approvals by authorised users.
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