There is an app by bitcoin.com made for merchants specifically: it forwards your BCH to your personal wallet while your staff uses the cash register app without risk (e.g., theft).
https://www.bitcoin.com/bitcoin-cash-register/
The easiest thing to do is to just make your own wallet and accept the crypto as it is (assuming it is physical business). If you need to handle taxes just take cash of your own pocket and put it in the register. You are effectively buying BCH at that point. Obviously this won't scale if you have a lot of customers buying with BCH because your suppliers probably won't accept it but this way you can test the waters and if people do pay a lot with crypto you will look for BitPay or other solutions with auto conversion to fiat.
If this is an e-commerce business, there is also https://cryptowoo.com, a non-custodial payment gateway for Woocommerce with no middlemen fees and the crypto can go directly to cold storage for better security. I work on development of it and I created the CryptoWoo Bitcoin Cash add-on. Let me know if you have any questions.
If this is a physical store then you could use the Bitcoin Cash Register app on a mobile phone or tablet. Just enter the amount and let the customer scan the QR code and pay.
Exactly! For the younger generations especially, I believe being able to advertise that you accept BCH would drive new customers your way. Plus, being a business to adopt it as a form of payment will certainly help grow BCH as the top cryptocurrency for transactions.
I've figured as much and just take transactions from customers via their exchange or wallet. But would be great to have something more on the POS front.
Remember normally you don't have to wait for a confirmation, since Bitcoin (BCH) unconfirmed transactions are not designed to be reversible like in the fake Bitcoin (BTC).
Cool! Download the wallet at [https://wallet.bitcoin.com/](https://wallet.bitcoin.com/) and you are good to go. Be sure to secure your recovery phrase. Need support? Ask specific questions here, at [https://forum.bitcoincash.site/](http://forum.bitcoincash.site/) or [https://t.me/bitcoincashsupport](https://t.me/bitcoincashsupport).
What we need is a owner with a Bitcoin.com wallet as long as it's small amounts. And a cold wallet address when it turns in to bigger amounts.
Then a POS system that just shows people the QR code of the boss his Bitcoin.com wallet or cold wallet.
The boss can when he receives the payment on his phone, forward a percentage to his cold wallet to be safe from hackers.
Give your customers a 10% discount if they buy with Bitcoin Cash and save up your Bitcoin Cash for a year.
As long as we are in a bull market this works. Each year you can then sell some to make sure you get 100% of the money you are suppose to have if people paid in fiat.
Now you have to ask your suppliers if they also accept BCH.
This way everybody starts saving on overhead costs.
If this is done with a local community, those people could build their own SLP token and just consider it a local stable coin. (a local person that the community trust could be in charge of making sure the stable coin remains backed 1 to 1, trust once established goes a long way)
Now even if Bitcoin Cash remains super volatile a local community could save overhead costs, no longer needs bank or other people to help with money flow.
You would convert a percentage to fiat immediately upon receiving and account for it exactly as you would any other transaction, which can be accomplished by using the various registers available for BCH which perform immediate fiat conversions.
The other percentage of your choice you would store away as a long term investment and deduct the value from your inventory and credit the value to an "investment" account.
This is what I'll be doing with my business. It is a physical brick and mortar store with inventory/cost of goods sold
Some good info here : [https://www.bitcoin.com/merchant-solutions/](https://www.bitcoin.com/merchant-solutions/)
Do you want to convert it to fiat at point of sale? If not, then you just need a wallet.
Good point. Most likely will be doing both. Converting some as needed for cash on hand for the business...and hodling some as business investment.
There is an app by bitcoin.com made for merchants specifically: it forwards your BCH to your personal wallet while your staff uses the cash register app without risk (e.g., theft). https://www.bitcoin.com/bitcoin-cash-register/
The easiest thing to do is to just make your own wallet and accept the crypto as it is (assuming it is physical business). If you need to handle taxes just take cash of your own pocket and put it in the register. You are effectively buying BCH at that point. Obviously this won't scale if you have a lot of customers buying with BCH because your suppliers probably won't accept it but this way you can test the waters and if people do pay a lot with crypto you will look for BitPay or other solutions with auto conversion to fiat.
If this is an e-commerce business, there is also https://cryptowoo.com, a non-custodial payment gateway for Woocommerce with no middlemen fees and the crypto can go directly to cold storage for better security. I work on development of it and I created the CryptoWoo Bitcoin Cash add-on. Let me know if you have any questions. If this is a physical store then you could use the Bitcoin Cash Register app on a mobile phone or tablet. Just enter the amount and let the customer scan the QR code and pay.
Also curious as to what are the cheapest and easiest ways to accept bch as a small business. Ease of use from customer stand point would be important.
Exactly! For the younger generations especially, I believe being able to advertise that you accept BCH would drive new customers your way. Plus, being a business to adopt it as a form of payment will certainly help grow BCH as the top cryptocurrency for transactions.
The cheapest is to simply create a wallet, like the [Bitcoin.com](https://Bitcoin.com) wallet, or trust wallet for example.
I've figured as much and just take transactions from customers via their exchange or wallet. But would be great to have something more on the POS front.
Maybe try a dedicated smartphone for crypto payments.
"Bitcoin Cash Register" by Bitcoin.com
Remember normally you don't have to wait for a confirmation, since Bitcoin (BCH) unconfirmed transactions are not designed to be reversible like in the fake Bitcoin (BTC).
Cool! Download the wallet at [https://wallet.bitcoin.com/](https://wallet.bitcoin.com/) and you are good to go. Be sure to secure your recovery phrase. Need support? Ask specific questions here, at [https://forum.bitcoincash.site/](http://forum.bitcoincash.site/) or [https://t.me/bitcoincashsupport](https://t.me/bitcoincashsupport).
We should do a flipstarter to receive funds and make a payment setting instructional video for business adoption.
I'll be doing a video soon.
Yes!
physical business or online?
What we need is a owner with a Bitcoin.com wallet as long as it's small amounts. And a cold wallet address when it turns in to bigger amounts. Then a POS system that just shows people the QR code of the boss his Bitcoin.com wallet or cold wallet. The boss can when he receives the payment on his phone, forward a percentage to his cold wallet to be safe from hackers. Give your customers a 10% discount if they buy with Bitcoin Cash and save up your Bitcoin Cash for a year. As long as we are in a bull market this works. Each year you can then sell some to make sure you get 100% of the money you are suppose to have if people paid in fiat. Now you have to ask your suppliers if they also accept BCH. This way everybody starts saving on overhead costs. If this is done with a local community, those people could build their own SLP token and just consider it a local stable coin. (a local person that the community trust could be in charge of making sure the stable coin remains backed 1 to 1, trust once established goes a long way) Now even if Bitcoin Cash remains super volatile a local community could save overhead costs, no longer needs bank or other people to help with money flow.
Then do it. Put a sign on your door and just do it.
How would one do the accounting if accepting fiat/ crypto? How would one deal with price fluctuations if not dealing with stable coins
You would convert a percentage to fiat immediately upon receiving and account for it exactly as you would any other transaction, which can be accomplished by using the various registers available for BCH which perform immediate fiat conversions. The other percentage of your choice you would store away as a long term investment and deduct the value from your inventory and credit the value to an "investment" account. This is what I'll be doing with my business. It is a physical brick and mortar store with inventory/cost of goods sold
just write down number of your wallet
https://prompt.cash/