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Quick Crypto Plan for Small Business

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Everyday more business owners are becoming curious about cryptocurrencies and their acceptance as payment for goods. It is no surprise considering the buzz that Bitcoin generates from the main stream media. New tools become available almost daily to make adoption of cryptocurrencies easier for businesses and customers alike.

 

This article is intended as a quick guide to help small business owners easily get started accepting cryptocurrency as payment. The other side of cryptocurrency payments is managing them or converting to cash after they are received. For now, I will only cover the process of accepting cryptos in this guide.

 

After touching on the necessary components, I will walk through the process of accepting payment in the form of DigiByte. DigiByte is a fast and secure cryptocurrency with a vibrant community and lots of ongoing development activity. With DigiByte, transactions are processed up to 40x faster than Bitcoin transactions which makes it optimal for in-person payments.

 

The Hardware

 

Cryptocurrencies are digital assets, so you will need an internet connected smart mobile device or computer. The typical hardware used in a retail environment would be a tablet or smart phone. You will also need some stickers or signage to let your customers know that you are accepting crypto payments.

 

The Software  

 

The most critical piece of software for accepting and holding cryptocurrencies is the wallet. Your wallet facilitates sending and receiving digital currency, and it displays your balance.

The crypto wallet is essentially your crypto bank account. Wallets are typically available for a range of platforms, mobile and desktop. At the simplest level the wallet is enough to begin accepting payments. You will just have to manually convert prices based on market rates.

 

Optional Software

 

An optional piece of software is a point of sale system that converts cash totals into current cryptocurrency market rates. This software would also pre-populate your customer’s wallet with the amount due and send transaction receipts. The POS will make accepting cryptos much easier and add a professional touch.

Getting Started with DigiByte

Note: The following steps are similar with other cryptos, but each cryptocurrency has their unique way of doing things.

 

The Wallet

Choose your DigiByte wallet. There are many options to choose from. You can look over this resource to learn more: https://digibytewallets.com. In this example I’ll use the official mobile DigiByte wallet for iOS, it is also available for Android.

  • Search for “DigiByte” in the App Store or Google Play Store.
  • Install the wallet and carefully follow the instructions. It is very important that you write down the mnemonic phrase and place it in a safe location. If your wallet is ever deleted you can reconstitute your wallet with the mnemonic phrase.

  • Access your wallet’s receiving address, send and receive functions by clicking the “+” icon at the bottom.

  • You will need to copy your wallet address to setup your point of sale app, so take note of how to access it in the following image.

  • Click on “My Address.” You will be directed to a page where you can copy your address to the clipboard as shown if the following image.

  • Hold your finger over the QR image or text to copy your DigiByte deposit address to the clipboard. Note: This address will change often, you will still receive funds if they are sent to a previously generated address, don’t worry.

 

 

 

 

The Point of Sale

In this example I’ll use the DigiCafe POS for iOS, it is also available for Android.

  • Search for “DigiByte” in the App Store or Google Play Store.
  • Install the POS.

  • Visit the settings page as instructed on the home screen. You will need to enter your DigiByte receiving address into the DigiCafe settings in order to receive payments.
  • Copy the address in your DigiByte wallet as instructed above.
  • Paste it into the settings as in the image below.

  • Look through the settings and edit your business name, currency or optional local tax rate.
  • Begin your transaction by adding items to the total. You can also save menu items for future use on-the-fly by clicking “Save Item.”

  • Once you total the transaction all of the price conversion is done automatically, a QR code is generated for your customer to scan.
  • This QR code will pre-populate your customer’s wallet with the amount due, so all they need to do is click “send” in their wallet.

  • Once the transaction is confirmed your DigiByte will be instantly transferred to the wallet address you added into the settings.
  • The POS will also ask if you would like to email a receipt, provided your email client is set up on your device.
  • If you need further help, explore the DigiCafe tutorial page here: https://www.digibytecafe.com/tutorial/

 

In Conclusion

I hope that this guide was helpful in demonstrating the types of tools available that can facilitate crypto acceptance for business. While much of this information may be new to you, it is no more complex than setting up a PayPal account or other merchant equipment.

 

Play with the steps in this guide, download the tools and experiment with small transactions. The space is growing rapidly, and your business can benefit from having a cryptocurrency strategy in place. It is better to ride the wave than be struggling to catch up.

 

Disclaimer: I am the developer of DigiCafe POS.

 

Written by: Adam Wolfe

                    Developer of DigiCafe POS

                    DigiByteCafe.com

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