Olaniran
Bitcoin for Business4.7(166)
Beginner
Learn the payment and treasury basics to onboard your company to Bitcoin
Making Bitcoin usable for everyone also means showing its usefulness and how it fits in perfectly with your business. What better way to demonstrate Bitcoin's power than by letting you collect payments all around the globe? In this tutorial, we'll be taking a look at IbexPay, a simple platform that lets you integrate bitcoin as a means of payment both in your physical store and on your e-commerce platform.
Getting started with IbexPay
IbexPay is a platform developed by IBEX, a pioneer in Lightning infrastructure services. To obtain an account, go to the IbexPay official platform and click on the "Start" button.
Fill in the various information related to your business, then choose the country in which you have set up shop: this step is important for the currency that will be used to collect payments.
Unfortunately, IbexPay is not available for most African countries, but there are plenty of options in Europe, Asia and America.
When you confirm your registration, an e-mail will be sent to you so that you can set a password for your account. Please set a strong password to protect your sensitive business information.
Configure your account
IbexPay is a minimalist, fluid platform that lets you set up and start collecting payments via Bitcoin (onchain and Lightning) very quickly.
Once you've logged in, the dashboard gives you a customizable overview of your business's cash receipts data.
From this dashboard, you can :
- View transaction history over a daily, monthly, annual or customized period;
- Export history in Excel format (CSV) for accounting purposes;
- Consult the total amount of satoshis that will be sent to your personal address;
- Check the local currency equivalent available on your account.
In the Settings menu, configure all the information essential to your business: your personal addresses, company documents, etc.
In this section, you can configure your bitcoin onchain receiving address and your Lightning address. These two pieces of information are useful because every 24 hours, IbexPay will transfer the total amount of your transactions for the day directly to your configured bitcoin onchain address.
This information will be verified by the IbexPay team. Once this verification is complete, you also have the option of defining the percentage of bitcoin you wish to cash in per transaction. For example, for a payment of 20 euros via Lightning, if your Bitcoin percentage is set to 30%, IbexPay will dispatch this amount in 6 euros equivalent in bitcoins, then 14 euros available in your FIAT balance.
IbexPay will also need your bank details to pay out your balance in local currency. Set up your bank account details to receive your payments.
If you own several stores, you can create an account for each of your stores and track transactions separately from the same IbexPay interface.
You can also assign a different manager to each of your accounts (stores). To do this, in the Managers menu, create a store manager by entering the store supervisor's name and e-mail address. This supervisor will automatically receive an e-mail invitation to manage the store assigned to him/her.
In the Accounts menu, you can link a supervisor to a store by clicking on the Assign supervisor button.
Then select the store (account) and the designated supervisor, and click on the link button.
Bitcoin payment terminals
In the BTPs (Bitcoin Payment Terminals) tab, you can create a point-of-sale page for use at your store's checkout. Click on the Add BTP button, then fill in :
- Terminal name ;
- the store associated with this terminal;
- the local currency to be used.
Once your payment terminal has been created, click on the link to redirect you to the payment interface.
You can now start creating Lightning invoices that your customers and partners can pay. By clicking on the IbexPay logo on the interface, you get a QR code that you can scan on your smartphone to get the IbexPay POS on any device.
Integration into online shops
IbexPay is not limited to your physical store locations. In the Integrations menu, you'll find all the e-commerce platforms and payment solutions associated with IbexPay. In particular, you can link your IbexPay account via :
- API for your customized e-commerce site ;
- WooCommerce ;
- Shopify;
- Zaprite;
- TiloPay;
- and IbexPay donation pages.
You now have a tool that enables you to accept Bitcoin in your business in just a few minutes. If you prefer self-custody solutions, take a look at our tutorials for tools such as Breez POS :
Also check out our comprehensive BIZ 101 course for businesses, to learn best practices related to bitcoin payments and understand how to effectively manage your cash flow when integrating Bitcoin into your business :
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This tutorial has been written by Olaniran
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