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Accepting Bitcoins
ValueVPS_Dave
Member
in General
As a provider, do you accept payment by Bitcoin? Do many clients pay using them and also, what do you do with them once you have them? From an accounting perspective are there any difficulties?
Comments
Bitpay + WHMCS works like a charm for me.
We use Bitpay never have problems not too many customers pay with bitcoin and you have the option to leave in the wallet or withdraw to your bank account
Cheers for the reply - from an accounting pov, i presume you are treating your BTC in the same way most of us treat PayPal. e.g. I only include payments withdrawn to the business bank account from PayPal, not each individual transaction.
That's what I do. I use BitPay also, would recommend for business transactions if you don't want to hold the BTC. I've tried alternatives but none of them have the support times I like from a company who is sending money.
Thanks for the info - still trying to decide if it's a route i want to go down :-)
Bitcoin has a trading risk.
Bitpay works ok. Seems that most who pay with bitcoin for hosting are doing questionable things of one kind or another.
Not sure that's true. At VPSBit, more than 70% of our payments are BTC transaction and only a small percentage get flagged for abuse. We terminate and then they normally don't come back.
Only very few people pay with Bitcoin. But still it is preferred to have it as option. You can use exchanger to with draw and I don't know about the bank option. But saw some people mentioning here.
We use coinbase. Would highly recommend. Just have it set to instantly convert to USD.
we use bitpay + WHMCS with no issues.
Bitpay would be a good choice, never tried coinbase tho.
@Caygri
No you don't have to use bitpay debit card. I like the plugin for bitpay so we use that and then the bitcoin is moved over to coin base. Or you can have the funds deposited right to your bank account.
Stripe supports BTC payments although its still in beta.
Pavin.
Don't want to get hit by the VOLATILITY? lol
We've been accepting bitcoin via our parent company (easyDNS) for years - we are technically the first ICANN registrar to accept BTC. We treat the original transaction as normal revenue, and normally just sit on the bitcoin. That's worked out well for us with the steady increase in value over the years.
For accounting purposes, if we sell any, the gain on the value since the transaction occurred is booked similar to a foreign currency gain/loss, which we have had to track always anyways for our US customers.
+1 for coinpayments , we a re using this .
Ditto. Saves all the hassle of foreign currency gains.
For nixstats I implemented Mollie's payment gateway for Bitcoin. Recently i've also looked at coinpayments which accepts several other crypto currencies.