 Hey everybody, Bruce Wagner, host of the Bitcoin Show on OnlyOneTV.com here to talk about how to get your business set up to accept Bitcoin as a merchant. Say you sell products or services and you want to accept Bitcoin as payment. So let's start here. Go to bitcoinme.com and then click on the accept tab. You'll find loads of information on this page if you scroll down. Now in the world of Bitcoin, things are changing at lightning speed. I call it the speed of Bitcoin or Bitcoin speed. As a result, it seems like every day or at least every week, there are new service providers offering point of sale solutions, Bitcoin processing for both websites, shopping carts online, and retail point of sale. So because there are so many diverse options, both online with shopping carts, etc., but even more so with physical retail stores and point of sale, it depends on so many factors that the size of the chain or the store, whether it's a mom and pop shop or a large chain, the volume that they expect to encounter, the speed of the checkout process of that particular establishment, there's so many factors that we decided to form a group, a nonprofit group of volunteers who are Bitcoin experts who are there to provide Bitcoin merchant services for free, hand-holding for any business that wants to get set up to accept Bitcoin. We call it bitcoinsolutions.com. So as part of this tutorial, the first thing I want to do is introduce you to bitcoinsolutions.com. They're there. You can call, text, email 24 hours a day, bitcoinsolutions.com. It's a USA plus one phone number, 646-580-0040. You can call or text message that number or of course send an email to the address email at bitcoinsolutions.com or of course visit bitcoinsolutions.com for more information about that. And again, the idea of bitcoinsolutions.com is to literally hold your hand and take you through all the different possible ways that you could set up a system, all the different systems that are available at the moment and help guide you through that process. And we charge absolutely nothing for this service and we make absolutely nothing on kickbacks or anything like that. We're just here to help grow the Bitcoin economy. Okay, so having said that, I expect you all to contact bitcoinsolutions.com for questions and advice. But I'm not going to leave you there. We're going to actually show you as a tutorial how to do it yourself do it yourself first. So here's a super, super simple method for any mom and pop retail store to get set up accepting Bitcoin in just moments. Okay, so step one is get yourself a Bitcoin address. If you haven't already followed the use tab tutorial and gotten yourself your own Bitcoin address for your business, you can do that now. Just go to mtgox.com. Mount Gox, that's mtgox.com. Sign up for a new account. Once you're logged in, click the second orange tab here on the left, funding options, very easy. And then under add funds, bitcoins, scroll down and this long string of letters and numbers, capital and lowercase numbers and letters, that's your Bitcoin address. So just double click on it, right click, copy, email it to yourself. And now your business has a Bitcoin address. So keep a record of this number. It's very important that's your business's Bitcoin address. It's like an email address, but the only thing anyone can send to you is money in the form of Bitcoin. Okay, now on to step two, go back to bitcoinme.com on the accept tab, and you'll see that you need to post on your website. If your company has a website, what company doesn't, you need to post on your website the text words that say we accept Bitcoin. It's important that you put the text words somewhere on your website so that Google search can find those words. We accept Bitcoin, Bitcoin accepted here, something like that. Also, if you scroll down this page, you'll see several different choices of Bitcoin logos and graphics. Just pick one of the ones that you look appropriate to your site, and then right click, save image as, and save that image on your computer, then upload it to your website so that you have some indication for your customers that you do accept Bitcoin. Okay, so that takes care of your web customers. But now if you're a brick and mortar retail shop, then you need something in your window to display to physical customers coming into your store. So you scroll down and you'll see here, post a sign in your window, and you'll see two links, bitcoinaccepted.jpg and bitcoinaccepted.psd. You can click both of those and download those files. Okay, so once you've downloaded those files and you open them, you'll see the jpeg image is simply that an image, which you can print on a color printer and cut it and you'll have a nice looking logo. Alternatively, the PSD file is a file that can be opened in a GIMP image editor or a Photoshop or any other similar photo or image editing program. And then in this format, it's very, very simple for you to add text to your company logo or any other modifications you'd like to make to it. But the idea is very simple. You cut it and you take it to Kinko's or any other kind of photocopy print store and have it laminated and then just tape it to your glass window of your storefront with clear box tape and it'll look surprisingly very, very professional. As you can see in this image at the top of the Acceptab, this is exactly what we did here at Mezzy Grill and that's what it looks like in their window. They've added their own graphics for their brand. Okay, now if you keep scrolling down a little bit further on the page, you'll see we also need some branding inside some signage near the cash register. And this is a very special sign because it's going to accept it's going to actually display your stores, your businesses, Bitcoin address so the customers can actually scan it to send a payment. So one of the brilliant developers in the Bitcoin community has created this little tool that automatically will create this sign for you. It's so cool. If you go to this little shortcut, bitcoinme.com slash QR as in QR code, bitcoinme.com slash QR or you can click this link, it'll open up in a new tab. So this is the page that'll pop up in a new tab. It looks like this. Now the first thing it's asking for is your Bitcoin address, which you may still have on your clipboard. But once again, if you go back to Mt. Gox, funding options, ad funds, Bitcoin, there it is, just double click it, right click, copy, make a note of how it ends, SX or XSN6 in this case, right? Now I'm going to paste it into this first box. And then the second step is you can optionally add a company logo. So I'm going to add a company logo. Let's see for this business, it can't be too large. So make sure the file size is not too large. Then you can put any optional text if you'd like to appear below the logo and then you click submit. That's it. And this page actually creates this printable page. So here's what it looks like on the screen. And then you can just use your browser's file print function to print this on a color printer. So once you print it on paper on a nice printer, a nice color printer would be good. Make sure you've got good ink in it because this QR code is very important. You'll see here the logo of the business that you uploaded if you did. Any text that you inserted below that. And then this logo that says we accept Bitcoin. Then below that, please send your Bitcoins to this address. Now below you'll see here, this is the actual Bitcoin address. Verify that that is the Bitcoin address, in fact, that is on your Mt. Gox account. Make sure that this number here matches this number here on your Mt. Gox account funding options, ad funds, Bitcoin, the number that you copied from here. You can pretty much just verify the first letters are 1MR and the last are SN6. You can easily see here it's 1MR and SN6. You know you have the right number. Now this QR code is a scannable barcode, obviously. And this QR code contains this Bitcoin address. So the purpose of this sign is that you'll either laminate it or just put it in one of those plastic page protectors and keep it either in a stand by the cash register behind the counter or the cashier could have it even in a drawer that she pulled here. She pulls out and lets customers scan it. But the customer will scan this code and that's how they send the Bitcoin payment to you. They use their smartphone and scan that code. Okay, so moving right along this process, now there are three pages that I want you to bookmark in your web browser, especially the web browser by the cashier stand. The first is PREV. It's P-R-E-E-V dot com. That's P like Peter, R like Robert, Edward, Edward, Victor. PREV dot com. Bookmark this page. The reason is it's a handy dandy calculator. It goes by the Malcox last price. And you can see it defaults to 1Bitcoin equals how many dollars. And it changes and updates continuously in real time. It defaults also to US dollars, which you can change here. So the point of this page is that I know that 1Bitcoin is $3.19.1 right now. But as a cashier, if I'm ringing up something for $12.95, I instantly can see that's 4.058 Bitcoin. So if someone's buying lunch and for the group it comes out to 48.48, then that's 15.19 Bitcoin. So as fast as you can just key in the number, you can see the number of Bitcoin. So bookmark this page PREV dot com. Now the second page that should be bookmarked in the browser by the cashier is this. This is the Malcox account history Bitcoin page. So you click the account history tab and then the Bitcoin, BTC means Bitcoin. And that is a page that you need to have bookmarked as well. Account history Bitcoin so that this always appears on the bookmark. So just go to this page and add this page as a bookmark as well. Okay, now the third page I want you to bookmark is constructed based on your Bitcoin address. So I'm going to put it right here on the screen. It's of course HTTP colon slash slash. And then I want you to type into your web browser this address blockchain is all one word B L O C K C H A I N dot info slash address ADDR ESS slash and then after that I want you to paste in your Bitcoin address that you had from the previous step. Okay, now this is what you should end up with. HTTP colon slash slash blockchain dot info slash address slash and then of course this part replace it with your Bitcoin address that we got from the previous step. So now when you go to this page, you're going to see a page that looks very much like this transactions newest first no transactions that's because it's a brand new address that's okay but still bookmark this page in your browser because this page is going to be very useful in the following steps. Okay, so once again, you've got three bookmarks that you have on your browser near the cashier station, preve.com, which looks like this, your mount gox account history, Bitcoin's page, which looks like this, and that blockchain dot info slash address slash and then your Bitcoin address page that looks like this. Those are the three pages you're going to need. Okay, only two more steps and you're all done. And then I'm going to show you how easy this whole process is in a day to day transaction. Alright, next to last step, this is important to go to Bitcoin me.com and click on the shop tab. This is where businesses where customers would go to find out where to spend Bitcoin. It's important that your business now being a Bitcoin accepting business is listed on all of these sites. So just click the shop tab and you see go through each one of these sites, you know, when you have time and make sure that you follow the instructions on each of these sites to get your business listed in each of the various directories and maps and so on, contact the operator of the site and say I'd like to please have my business added to your site. It's very important so that customers know that they can find you and they can shop and support you because you support Bitcoin by accepting Bitcoin. And if you're not listed in these directories, how are they going to find you? Okay, now this final step is optional. But it is a trick that you can use if you're not very familiar with Bitcoin and you don't want to take any currency risk. Currency risk is as a merchant, if you're accepting a certain amount of money coming in in the form of dollars, but you're accepting them as Bitcoin, if the value of Bitcoin were to go down from the time you accept it until the time you convert those Bitcoin into dollars, then you could actually lose money if the value of Bitcoin goes down. And that's known as currency risk. In most small operations, the merchant cannot cannot afford currency risk in case Bitcoin was to go down 10 or 20% in one day, which is possible. So again, this step is optional. But I would recommend it if you're not very familiar with Bitcoin and or you're not willing or interested in leaving your funds in the form of Bitcoin for long term. If you need to turn it into dollars on a very quick and regular basis, then I do recommend doing this. So by putting this into place, what will happen is every time Bitcoins are received into your account, they'll immediately automatically be converted into dollars so that you know you can bank on the dollars that you've received and the quantity of dollars. And here's how you do it. Log into your MtGox account and it defaults to the trade tab and just click on sell Bitcoin. Now on the sell Bitcoin tab, you can actually put in an order here enter the amount of Bitcoin to sell. And you can literally just put in an order that can never be filled put in 1 million Bitcoin for 0.10 dollars per coin. So that's like 10 cents per coin. You're going to sell a million coins at 10 cents per coin. Now the reason that we say 10 cents is it's not actually going to sell them for 10 cents. MtGox will automatically always sell it for the highest bid price and then the second highest bid price and so on in order. So it will always get the highest price available. So you just do that and click sell Bitcoins. All right, you have a balance of zero Bitcoins before you start anyway. So what happens is it says in green here your order has been queued for execution. All right now when you go to another page and then go back to trade and refresh you'll see you scroll down here and this is your open orders. You now have an open order and it shows the date and time and it's an ask which means that you're selling Bitcoins. Not enough funds because you don't have any Bitcoins in there right now. But there's a standing order here to sell a million Bitcoins at 10 cents each etc. So what will happen is whenever a customer pays in Bitcoin, if a customer pays 25.72 Bitcoin then as soon as it hits your MtGox account this order will immediately sell all of those Bitcoins for the highest rate available and convert them into dollars right away and then deduct that from the million and this order will just continue to stand here until you click cancel. If you ever want to cancel this it's very simple you just click cancel or you've actually sold a million Bitcoins and you have to put a new order in. But anyway basically this is just the standing order idea is just a little trick that's going to force every Bitcoin that hits this account to immediately be sold into dollars. So you can count on it when you receive a hundred dollars worth of Bitcoins boom you'll actually end up with a hundred dollars in your MtGox account and thus you never have to worry if Bitcoin is $3 today and it's $1.50 tomorrow that the hundred dollars you brought in is now worth $50. Never have to worry about that problem so you'll actually have the exact number of dollars that you expect to have. Okay guess what you're all done you're all set up in 15 minutes your business is already set up as a Bitcoin merchant. Now I'm going to walk through the normal steps of the process of how it works when a customer approaches your cashier to check out. Okay so your cashier rings up the order in the normal way. The cashier will probably hit a button you you'll have to designate a button as an alternate payment or gift card or something maybe a sign as an unused button on your cash register just for these types of Bitcoin transactions so that you can keep track. But anyway the cashier goes to this page that he or she has opened the pre-page right let's say the order comes to $74.23 so literally types in $74.23 and then the cashier says that's 23.26 Bitcoin please because pre-automatically calculated as fast as she can type of course. Next the cashier indicates to the customer this sign either pulling it out of a drawer or it's on display pointing to it and then the customer sends that 23.2 whatever bitcoins to this QR code right here with their smartphone and with one beep and a scan of the barcode that amount has been transmitted and as soon as the customer scans it and sends it then the cashier goes to this bookmarked page the blockchain.info slash address slash your Bitcoin address this page that we bookmarked earlier and the cashier can immediately see the transaction here this shows newest transaction on top okay the green arrow meaning the money is coming in this is your company's Bitcoin address this is the amount the amount in Bitcoin the amount in dollars and then this red box means unconfirmed that means it just arrived and it's there it's in the Bitcoin network but it hasn't been confirmed by the work stations in the network yet and by the way on this page you can scroll down and see the previous incoming transactions all in order with the newest first so that you can recognize the different amounts and the different dates and times that they were received. Now if the cashier goes to this blockchain page refreshes the page with the refresh button and the transaction still doesn't show up here then the cashier needs to go over to the Mt. Gox page the bookmarked page for account history Bitcoin this page should have already been bookmarked and then it should show right here the deposit in Mt. Gox again refresh this page so the bottom line is if the customer sent the payment then and you refresh this page it should definitely show up here on the blockchain page or on the Mt. Gox page now the reason there are two separate pages is Mt. Gox transactions if someone's sending it from a Mt. Gox account to a Mt. Gox account it'll show up in Mt. Gox right away and it will not show up on the blockchain page if the transaction is coming in from the outside Bitcoin network then it will show up on the blockchain page first and then it will show up in Mt. Gox only after one hour later but the bottom line is the cashier refreshes this page and refreshes this page and if it doesn't show up on either one then the payment was not received and conversely as long as it shows up on one then it's safe the payment was received also as a footnote after one hour all of those payments will be reflected in Mt. Gox but it takes an hour for outside Bitcoin network payments to show up in Mt. Gox which is why we use the blockchain info page to check as well so that we can see those incoming transactions instantly okay now at that point once the cashier has seen the transaction show up here the cashier's job is finished she can let the customer go and say thank you very much for shopping here this next step happens kind of under the hood it happens automatically without any intervention at all and this again goes back to our standing order thing that we set up here which is optional but if you did set this up then what will happen is either immediately if it was a Mt. Gox to Mt. Gox transaction or within an hour if it was an outside Bitcoin transaction and it shows up in Mt. Gox within an hour as soon as those bitcoins hit this Mt. Gox account because of this standing order they'll immediately be sold and be converted into US dollars so that will happen automatically if you have this standing order in place but again that's just going to happen automatically the cashier the manager nobody has to do anything it'll just happen automatically and that's it you're done that's how a transaction works and again there are no transaction fees and there's no such thing as a charge back so once that money has been received in the form of a bitcoin and then can even you know whether it's converted into dollars or not this the funds cannot be charged back like a credit card or PayPal or other items like that now the next step is once the merchant has US dollars in their Mt. Gox account getting the dollars out now if you as a merchant are set up with bitcoin solutions.com for an arrangement like this then you can actually exchange these Mt. Gox dollars electronically for literal physical cash either on a daily basis weekly basis or even monthly basis depending on your volume if you set that up with bitcoin solutions.com and that will happen for zero fees and obviously for cash alternatively you can actually withdraw the US dollars directly out of Mt. Gox if you go to funding options on Mt. Gox and click that then click withdraw funds and then select the form international wire then you can actually enter the dollar amount which if you want the total you can just copy and paste it right there from the total and then fill in all the information from your bank you can call your bank branch and put in the you know the name of the account holder etc address etc etc including the iBan or account number probably and the swift code etc and then click confirm and that will initiate a bank wire transfer and they say it could take two business days it could actually take up to seven or even ten calendar days to receive that payment also of course there are bank wire fees on both ends which are deducted from your funds so that's why it's kind of a better deal to deal with bitcoin solutions.com because they're just going to give you actual cash dollars for these dollars right on the spot with no fees no charges and no delay whatsoever so that's it that's all there is it's as simple as that to get your business set up to accept bitcoin again there are many other providers solution providers even hardware software providers for both retail physical point of sale some specialize in certain types of businesses like restaurants etc and of course many different solutions for online websites shopping cart integration and so on so for lots of helpful information and advice be sure to contact bitcoin solutions.com again it's an all volunteer group of bitcoin experts who are there at no charge just to help advise you on these questions and they're informed about the very latest state of the art in software systems and company offerings that are available you can reach them at usa plus one phone number 646-580-0040 at any time and they'll be very happy to help you hold your hand through the entire process and even share experiences of how other businesses have had successes or challenges along the way so i hope this little tutorial has been helpful remember go to bitcoinme.com for more information about the basics of how to use bitcoin click the use tab how to buy bitcoin click the buy tab and the sell of course and shopping click the shop tab for using bitcoin to shop online or donate to charities and causes organizations value is all about how to see the current value and all kinds of charting and data information security is how to secure your bitcoin offline safely if you're investing in bitcoin and you want to just hold it kind of in storage offline storage conference is about the upcoming bitcoin conference which is very exciting make sure you register for that and connect is all the sort of ways to to connect with other bitcoin users through the bitcoin online forums and in-person meetups and development projects etc so i hope you also watch the bitcoin show on only one tv.com i will see you there make sure you click on the subscribe button and thanks for joining me