All famous bitcoin payment services offer more than one mediums for retailers to accept bitcoin payments. They consist of solutions for various platforms, like integration with e-commerce platforms like Shopify, PrestaShop, and Magento; for payment via in-store point-of-sale (POS) systems, like Soft Touch and DC POS; and for direct payments from within the popular billing and accounting solutions, like Host Bill and Invoice Ninja.
One can additionally discover options for accepting donations in bitcoins through such services, which encompass integration with donor services like NationBuilder and Targeted Victory. App developers can discover ready-made functions and code libraries in Android SDK and iOS SDK, and in programming languages like Java, Perl, and PHP, which allow them to receive bitcoin payments through their apps and portals.
One can additionally discover options for accepting donations in bitcoins through such services, which encompass integration with donor services like NationBuilder and Targeted Victory. App developers can discover ready-made functions and code libraries in Android SDK and iOS SDK, and in programming languages like Java, Perl, and PHP, which allow them to receive bitcoin payments through their apps and portals.
Bitcoin Payment Workflow: Step by Step
In terms of steps, the following workflow gets executed:
- Your customer opts to make payment in bitcoins at the checkout (in-store, on the web, or in-app).
- He can pay the amount at the locked-in exchange rate relevant at the time of the transaction.
- The bitcoin payment service instantly converts the received bitcoins into the currency of your choice, casting off the volatility risk.
- The money gets added to your account, and it in the end gets credited to your designated bank account at the decided frequency once the accumulated account crosses the threshold limit.
The service additionally sends the necessary details in a secure manner to the blockchain network for the transaction to be authenticated and recorded on the public ledger.
Miners, who verify and add the transactions to the blockchain, receive a bitcoin miner fee. This fee does not go to the payment service but is given to reward the miners for their work carried out for verification and authentication.