How to accept bitcoin for business

In this article we will answer the main question you have and explore solutions to your primary accepting bitcoin challenges.

Many businesses are now starting to accept Bitcoin. Bitcoin is no longer a dirty word, and the shift to viewing it as a value add payment method for both merchant and customer alike is well on it’s way. 

Ok so you’re interested in accepting Bitcoin and the big question for you will be :

How do I accept Bitcoin? and still maintain liquidity for our business? 

Or you may already be accepting Bitcoin and would like to know if you have the most efficient method? 

or the best possible fees? 

the quickest bitcoin processing times etc..? 

In this article we will answer the main question you have and explore solutions to your primary accepting bitcoin challenges.

There are many cryptocurrencies (thousands actually) and Bitcoin is the daddy. While most of these are useless, the good ones such as Bitcoin are a new and powerful way to accept payment. Essentially Bitcoin provides a direct payment link between you and your customers. 

Bitcoin is transferred directly from your customers’ wallets into your business wallet with no middlemen or third parties involved, known as peer to peer. The benefits of this are much quicker payment settlements, simplified payment processes and usually cheaper fees than accepting fiat payments.

“The Bitcoin liquidation service that Relayed provides is second to none. From when we get paid in BTC, our fiat is in our bank account the same day and it is cheaper than a normal payment processor or bitcoin exchange and the process is simple via our account manager.”

You’ve managed to set up a method for accepting BTC, but how do you exchange this Bitcoin for good old pounds and pence needed to operate your business? This can be the challenging part. Let’s look at the three main options available to you:

Bitcoin payment processors

Expensive - processing and withdrawal fees combined can often add up to more than 2% and up to over 4% in some cases.

Slow - every processor has a different policy but average settlement time into your bank account is 2 days or more and these can often be blocked by retail banks.

Unsettled - certain banks will reject funds received from bitcoin and crypto payment processors.

Bitcoin/Crypto exchanges

Expensive - fees can be as high as 4%.

Slow - it can take up to one week for funds to settle in your bank account, depending on the exchange, some or better than others.

Unsettled - as with payment processors, some banks will reject funds received from bitcoin and crypto payment processors.

Bitcoin/Crypto brokers

Cheap - fees can be as low as 0.5 - 1%.

Quick - payment can be in your bank the same day depending on the currency and bank account provider.

Accepted - through our FCA regulated accounts you will never have a payment rejected once you’re a compliant Relayed customer.

So we’ve established that using a Bitcoin Broker such as Relayed is the best solution for converting your BTC into fiat. So how do you get started? Well it obviously depends on the broker, as with exchanges you get good ones and bad ones, at Relayed we’re considered a good one. In essence though, it can literally involve just sending your BTC to a Bitcoin address and the fiat clearing in your bank account with rapid settlement. Easy.

Yes, very easy, but we’re sure you will have a few questions..! Hopefully you can find the answer below…

Which cryptocurrencies can I sell?

At the moment you can sell BTC via the Relayed platform or with your Relayed Broker. We are working to add more coins. We offer OTC buying and selling of crypto via the sales desk.

How long will it take to process an order?

Your sell order is processed instantly, once the BTC has arrived in our wallet and is activated for sale by you. Once sold, it will appear in your fiat wallet within 60 seconds. You are then able to withdraw the funds to your bank account. We recommend a bitcoin account with Xace for all Relayed customers for instant settlement to your bank account.

How long will it take to receive the funds in our bank account?

Quick settlement is our thing. USD is one hour, EUR and GBP are usually the same day. If you have a bank account with Xace, we can settle your fiat funds instantly.

What are the fees involved?

Low fees is our other speciality, generally being 1%, settled in your bank account.

What currencies can I withdraw in?

We have access to real time FX pricing and allow you to withdraw funds in 28 currencies. 

For anything else, please just reach out to our team via the website contact section.

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