Does your Small Business Accept Bitcoin?

Accept bitcoin at small business retailer

Small Businesses Save Hundreds of Dollars in Credit Card Payment Processing Fees Accepting Bitcoin

It hard to recall the last big thing that affected small businesses and retailers since the acceptance of credit cards in the early 1970’s.  When credit cards started to become popular, small businesses and retailers were left out in the cold.  At that time accepting credit cards at a small business was almost impossible.  Approvals were done by signature and/or telephone call.  We remember being at the department store check waiting for the cashier/clerk to call using the black phone for a credit approval.  Those days are long gone.

“Bitcoin accepted here” is displayed at small business shop retailer

Imagine if you would have invested in the Mastercard / Visa network.  Well, that’s Bitcoin today.  And even though the Bitcoin popularity is through the roof, so it seems, many retailers and small businesses are still not accepting Bitcoin as a form of payment.   Online e-commerce shops are also behind when it comes to accepting the cryptocurrency as a form of payment.

Here are some of the advantages of accepting Bitcoin at your small business, retail shop or restaurant.   Some legal professionals are already accepting Bitcoin such as lawyers, doctors, dentist and even architects.

  1. Cheaper than MasterCard and Visa processing fees.  Don’t expect to pay up to 3% to process payments. Bitcoin is cheaper than any traditional plastic card payment processing system.
  2. Get paid faster.  No more waiting for banks to settle credit card slips.  Your Bitcoin payment arrives in as little as 3-5 minutes but can take up to a half-hour on very rare occasion. But still, much faster than any other payment option.
  3. Payments can be made anonymously by discreet buyers.  For example, sex toys, hotel rentals, and other personally “private” purchases.
  4. And with today’s rapidly increasing Bitcoin value, you may be able to make some extra money on your sales.  If you get paid $500 today, tomorrow that same $500 could be $525.  But not always the case.
  5. Win a sale from a customer who wants to pay with cryptocurrency or will not otherwise make the purchase using another form of payment.

OK. So is your small business ready to accept Bitcoin?  Click here to get started and once your small business trades more than $100 in Bitcoin, you will get an extra $10 in your CoinBase Bitcoin wallet.

 

How to Establish Business Credit

bad personal credit and business credit

Establishing your small business credit profile is easier than you might think.  Don’t use your personal credit for your business.  Even if you have bad personal credit, you will be able to get credit for your business.

It’s important to know that ANY business can build business credit. It doesn’t matter if you are a startup if you do or don’t have collateral, your cash flow doesn’t matter either, and when you build credit the right way your personal credit makes no difference.

So business credit is a great solution if you can’t get a loan another way because you don’t have cash flow, good credit, or collateral. And it’s great for you even if you can get a loan because it’s the key to you getting the highest approvals at the best terms.

The first step to building business credit is to make sure your business is setup credibly. This means you should have a business address or a virtual address, a business phone number, a website and professional email address, a fax number and toll-free number, your number should be listed with 411 also.

You should have the proper licensing needed in your county, state and industry. And you should make sure that your business is listed online, and the listings are all congruent with the same information.

Next, check with Experian and Equifax commercial as well as Dun & Bradstreet to see if they have a record of your business or not. And get your D-U-N-S number through D&B for free.

Then start applying and getting approved for vendor accounts that report to the business credit reporting agencies and who will approve you for credit even when you have none already established. Some accounts that do are Uline, Quill, and Laughlin and Associates.

You’ll need to apply with them for credit, buy $50 or more worth of stuff from them using that credit, and pay your bill timely. Once you do this those accounts will report within 60 days.

Once you have 5 accounts reporting, you can then start getting approved for store credit. Some sources to try early on are Office Depot, Dell, and Amazon. Most major retailers offer business credit. Apply without putting your SSN on the application so the make the approval decision based on your business credit.

With 10 accounts reporting you can start to get fleet and cash credit.