Olaniran
Web application developer, I write and share my understanding of how systems work.
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The worldwide adoption of Bitcoin is based on tangible use cases in everyday life. The use of Bitcoin in instant commercial transactions around the world reinforces this adoption at both large institutions and small businesses. In this tutorial, we'll take a look at Speed Business, a unified payment platform that enables your business to accept Bitcoin payments via Lightning.
Getting started with Speed Business
Speed Business is a platform developed by Speed Wallet that enables any merchant to integrate instant, low-cost Bitcoin and stablecoin payments.
Speed has a wide range of features to cover the financial aspects of your business. You'll find:
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Online payment configuration: Receive payments from your customers wherever they are, thanks to your website.
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On-site payments: Ideal for stores and businesses that collect cash in-store.
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Withdrawals: Withdraw your assets smoothly and use your bitcoins to pay back your customers and salaries.
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Connection with other platforms: Do you use external tools to manage your payments? Speed offers you the possibility of connecting them to its platform, for an all-in-one ecosystem that reflects your business.
Create your account on Speed and we'll start setting up payments for your business.
Provide information to Speed Wallet so that he can help you simplify the platform according to your experience with Bitcoin and Lightning Network
Speed comes with a software development kit that lets you customize your integration, and an extension for standard integration.
For the purposes of this tutorial, we'll be working with a standard integration using the extension provided by Speed.
To make your experience easier, Speed offers a test mode that lets you try out the various features without having to worry about their impact on your store management.
You can test all the aspects covered in this tutorial using the test mode.
When you deactivate test mode, you must configure your withdrawal wallet.
If you don't yet own a Bitcoin and/or Lightning wallet, we recommend you take a look at our [mobile wallets] tutorials(https://planb.academy/tutorials/wallet).
⚠️ IMPORTANT: When configuring your wallet, choose the BTC (On-Chain) type when you receive large amounts, in the order of thousands of euros, to ensure reliable confirmation on Bitcoin, and the LN Address type when you wish to receive instant micro-payments in your business.
Then confirm the addition of your wallet using the verification e-mail sent by Speed.
Define the minimum withdrawal and the minimum balance below which you will not be able to withdraw your assets.
Add your products
In the Products section, add your catalog of products you sell in your shop.
Press Next to continue defining your product and its features.
Then define your product's selling price.
These products enable you to generate payment links so that your customers can pay for them.
Receiving payments
Speed Wallet gives you the option of using multiple methods to receive online or on-site payments in your business.
In the Receive Payments > Payments menu, you'll find the history of payments received and their status (paid, expired, unpaid, cancelled).
- Payment links are located in the Checkout Links option and allow you to set up unique payment pages for your products.
Depending on your needs, you can configure and customize the payment page to receive payments of a specific amount.
You can find the list of payment links you have set up in your account in the Payment Links menu.
- Invoices: Speed lets you generate quotations and invoices for your customers.
Select a customer you've already registered, or easily create your own.
By setting the currency, you will have access to the list of products configured in that currency.
You can send this invoice in PDF format, by e-mail, or generate a QR code link to scan (ideal for stores that collect on site) so that your customer can pay the invoice.
- The Payment Addresses menu lets you set up a Lightning address to which you can receive multiple payments of varying amounts.
⚠️ You can add and use domain names other than Speed's. However, for your first experience, we recommend that you use the standard configuration to benefit from all the expertise of Speed business technical support.
- The One QR: Ideal for on-site payments, create a QR code associated with your business to enable your customers to pay for your products.
Make payments from Speed
Speed business doesn't just collect payments for your business, it's a wallet that lets you manage the entire financial side of your business without a hitch.
In the Send Payments menu, you'll find all the money transfer options speed has to offer.
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Instant payments: With the Instant Send option, securely send bitcoins instantly from your merchant account.
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Generate withdrawal links to enable your partners and suppliers to access their payment at a later date without requiring your online presence.
In the Withdrawal Links option, create a new withdrawal link, then configure it by defining the currency, the amount and a password to secure your recipient's transaction.
⚠️Les withdrawal links can only be used once, we strongly recommend that you set a unique password for each link, otherwise anyone in possession of the link can withdraw the amount set on the withdrawal link.
- Payouts: In the Payouts menu, initiate withdrawals from your Speed Business balance to your personal wallet.
- Discounts: Encourage your regular customers by setting up rebate options to earn bonuses.
Explorer Speed Business
Speed Business is a multi-currency platform that allows you to hold separate wallets on a single system.
In the Balances option, find the balance of your Bitcoin, USDT and USDC wallets.
Like Speed Wallet, in the Swap menu, Speed Business allows you to exchange currencies between your different currency wallets (BTC, USDT, USDC) for as little as Sats 20,000 (around $20 at the current rate).
In the Transfer menu, communicate with other merchants and transfer bitcoins easily using their Speed ID.
In the Customers menu, you can save and consult the list of your customers (individuals or companies).
Earn rewards by participating in Speed's affiliate program.
In the Partners menu, invite merchants to set up their business on Speed business and earn passive income.
Integrate Speed into your business website
Speed Business has a Development Kit that lets you integrate its payment solution into your own website.
In the Developers menu, create your public and private keys to use the Speed Wallet API methods.
Find the complete documentation for a better integration of Speed Business.
Customize your business
In the Settings menu, you can configure your merchant profile and business information.
In the Business Settings section:
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Edit your merchant account details such as your name, location and time zone.
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Check the permissions activated (receive payment, send Bitcoin, exchange, transfer, withdraw) on your account in the Account Status menu.
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Define your withdrawal wallets in the Payout Wallets menu and configure them in the Payout Scheduling menu.
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Define the graphic guidelines for your business and customize payment pages, emails, QR codes and invoices to your liking in the Branding menu.
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Configure payment methods in accepted currencies in the Payment Method menu.
⚠️ The tolerance corresponds to the percentage reduction you accept on the invoice amount for a payment to be considered valid. If your customer has to pay USD 100 and your tolerance is 1%, any payment of USD 99 will validate the USD 100 invoice.
You've got a good grasp of Speed, integrate Bitcoin into your business and develop your local circular economy based on Bitcoin. If you found this tutorial useful, we're sure you'll enjoy our Swiss Bitcoin Pay tutorial just as much.
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This tutorial has been written by Olaniran
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