Merchant Readiness Checklist

This checklist is for small business owners who are considering accepting Bitcoin as a payment method. It is designed to be worked through before you start accepting payments, not during your first transaction.

Being prepared before you start will make your first transactions smoother and reduce the chance of a problem at a moment when a customer is waiting. Work through each section and note anything you need to resolve.

Understanding Your Setup

What you need to know before choosing tools

You understand the difference between accepting Bitcoin on the main network versus Lightning Network
You understand that Lightning is faster and better suited to small retail payments
You have decided which type of wallet or payment tool you will use (see your facilitator for region-specific recommendations)
You understand what a non-custodial wallet is and have decided whether you want full control of your keys or a simpler custodial option
You understand what fees, if any, your chosen tool charges

Device and connectivity

You have a smartphone that can run your chosen wallet or payment application
You have reliable enough internet connectivity at your business location for a mobile transaction to complete
You have tested the wallet and connectivity outside of a live transaction (during setup and testing, not with a real customer present)

Setting Up Your Merchant Wallet

Wallet setup

Wallet is installed and set up
Recovery phrase has been written down and stored safely
Wallet PIN or password is set
You can receive payments (your receive address or Lightning invoice QR code is accessible)

Test transactions

You have received at least one test payment before going live
You know how to generate a new receive address or Lightning invoice
You know how long a confirmed transaction typically takes on your chosen network
You know what a completed payment looks like in your wallet interface

Display and customer flow

You have a way to show customers your QR code (phone screen, printed QR, or tablet)
You have tested that a customer scanning your QR code from a typical counter distance can complete the payment
You can generate the correct invoice amount when a customer wants to pay in bitcoin

Managing What You Receive

Currency conversion decision

Before you go live, decide what you will do with bitcoin you receive. This is the most important operational question.

You have decided whether you will hold some or all received bitcoin, or convert it to local currency promptly
If converting promptly, you have identified and tested the conversion process and understand the fees
You have thought about what happens to your cash flow if bitcoin’s value moves significantly before you convert

Record-keeping

You have a way to record Bitcoin payments for your business accounts (date, amount in bitcoin, approximate local currency value at time of payment)
You have checked whether there are any local tax or reporting requirements relevant to accepting Bitcoin payments
You are not relying on memory alone to track transactions

Customer Communication

What to tell customers

You can explain briefly and confidently what Bitcoin is if a customer asks
You can explain what they need to pay: a Bitcoin or Lightning-compatible wallet on their phone
You know how to handle a customer whose payment fails or does not arrive immediately

What to display

Consider having a simple sign or card near your payment point. It does not need to be elaborate: a small notice that says “Bitcoin accepted” and shows the QR code, or indicates that customers can ask, is enough to signal that the option exists.

You have decided how you will indicate to customers that Bitcoin is accepted
The QR code or payment information displayed is current and correct (not an old invoice or address)

When Things Go Wrong

Common issues and what to do

Before you go live, know the answers to these questions:

What do you do if a customer says they sent payment but it has not appeared in your wallet?
What do you do if your phone dies in the middle of a transaction?
What do you do if there is no internet connectivity at your business?
Who can you contact if you have a technical problem you cannot resolve yourself?
Have you noted down the support contact for your wallet or payment tool?

Refunds

Bitcoin transactions cannot be reversed once confirmed. This means your refund process needs to be decided in advance.

You have decided how you will handle a customer who has paid but needs a refund
If you will refund in bitcoin, you know how to send a transaction to a customer-provided address
You are comfortable explaining your refund policy to customers if asked

Safety and Security

You understand that your wallet funds are controlled by your recovery phrase and no one else needs that phrase to help you
You know the signs of a payment scam (fake payment confirmations, requests to refund a larger amount than received)
If you receive an unusually large Bitcoin payment, you will wait for full confirmation before releasing goods
You have a secure location for any printed materials containing wallet information

Before Your First Live Transaction

Complete this section when you believe you are ready to accept your first real customer payment.

Wallet set up and tested
Connectivity confirmed
Recovery phrase backed up
Test transaction completed successfully
You know what to do if something goes wrong
You have a local contact for technical support
You are comfortable explaining the payment process to a customer

When all boxes are checked, you are ready for your first live transaction. Start with a small amount from someone you know, if possible, rather than an unknown customer. This gives you one more low-stakes run before you are fully live.