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Accepting Bitcoins
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Accepting Bitcoins

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

  • adxnadxn Member, Host Rep

    Bitpay + WHMCS works like a charm for me.

  • justvmjustvm Member, Patron Provider

    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

    Thanked by 1stn
  • 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 e.g. I only include payments withdrawn to the business bank account from PayPal, not each individual transaction.

  • MikeAMikeA Member, Patron Provider

    @ValueVPS_Dave said:
    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 e.g. I only include payments withdrawn to the business bank account from PayPal, not each individual transaction.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.

  • @MikeA said:

    @ValueVPS_Dave said:
    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 e.g. I only include payments withdrawn to the business bank account from PayPal, not each individual transaction.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.

  • edited June 2017

    Bitpay works ok. Seems that most who pay with bitcoin for hosting are doing questionable things of one kind or another.

  • randvegetarandvegeta Member, Host Rep

    LosPollosHermanos said: 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.

  • Awmusic12635Awmusic12635 Member, Host Rep

    We use coinbase. Would highly recommend. Just have it set to instantly convert to USD.

  • BradyHBradyH Member, Host Rep

    we use bitpay + WHMCS with no issues.

  • ChristianDSHChristianDSH Member, Host Rep

    Bitpay would be a good choice, never tried coinbase tho.

  • BradyHBradyH Member, Host Rep
    edited July 2017

    @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.

    Thanked by 1Caygri
  • mailcheapmailcheap Member, Host Rep

    Stripe supports BTC payments although its still in beta.

    Pavin.

  • @Awmusic12635 said:
    We use coinbase. Would highly recommend. Just have it set to instantly convert to USD.

    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.

  • RIYADRIYAD Member, Patron Provider

    +1 for coinpayments , we a re using this .

  • SplitIceSplitIce Member, Host Rep

    @ValueVPS_Dave said:
    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.

    Ditto. Saves all the hassle of foreign currency gains.

  • vfusevfuse Member, Host Rep

    For nixstats I implemented Mollie's payment gateway for Bitcoin. Recently i've also looked at coinpayments which accepts several other crypto currencies.

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