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21c Money
21st Century Money
Small Business Worksheet
Printable readiness checklist

Bitcoin Payment Readiness Checklist

A practical worksheet for small businesses exploring Bitcoin and Lightning payments before going live.

This checklist is for education and planning only. It is not financial, legal, tax, or accounting advice. Talk with qualified professionals before making business, tax, or accounting decisions.

A. Business Basics

Business name:
Contact person:
Type of business:
Location:
Main products or services:
Why are we exploring Bitcoin payments?
  • We understand this is an educational planning tool.
  • We are not relying on this as tax, legal, or accounting advice.
  • We will test with tiny amounts before accepting meaningful payments.

B. Payment Use Case

  • Tips
  • Retail purchases
  • Invoices
  • Events
  • Concessions
  • Donations
  • Online orders
  • Local services
  • Other
Primary payment use case:

C. Bitcoin vs Lightning

Bitcoin base layer

  • Best for larger or more important settlement
  • Fees can vary
  • Confirmations take time
  • Useful for savings or larger payments

Lightning

  • Useful for small payments
  • Often faster
  • Often lower fees
  • Great for tips, events, concessions, and small purchases
  • Wallet and provider choice matters

D. Custody Decision

  • We understand the difference between custodial and non-custodial wallets.
  • We know who will control the wallet or account.
  • We know who has permission to receive payments.
  • We know who has permission to move funds.
  • We have discussed what happens if a device is lost.
  • We have discussed backup and recovery.
  • We will not store seed phrases in email, screenshots, cloud notes, or shared documents.

E. Accounting and Tax Questions

  • How should Bitcoin payments be recorded?
  • How should sales tax be handled?
  • How should refunds be handled?
  • How should price changes be documented?
  • How should tips be tracked?
  • How should fees be recorded?
  • How often should payments be converted or reconciled?
  • What reports will the accountant need?

Bring these questions to your accountant or tax professional.

F. Staff Training

  • Staff know whether Bitcoin payments are accepted today or only being tested.
  • Staff know which wallet or payment app to use.
  • Staff know not to share seed phrases or private keys.
  • Staff know how to verify payment amount.
  • Staff know who to call if a payment is confusing.
  • Staff know how to handle failed or pending payments.
  • Staff know what to say if a customer asks basic Bitcoin questions.

G. Customer Experience

Where will customers see that Bitcoin is accepted?
What will staff say when a customer asks?
Will we use QR codes?
Will we accept Lightning only, base layer only, or both?
What receipt or confirmation will customers receive?

H. Security Basics

  • We will start with tiny test payments.
  • We will use strong passwords and 2FA where available.
  • We will limit who can move funds.
  • We will avoid installing wallet apps from ads.
  • We will verify wallet sources.
  • We will not keep meaningful balances in a wallet we do not understand.
  • We will document the payment process.

I. Test Transaction Plan

DateWallet or payment tool usedAmountWho sent itWho received itDid payment succeed?What went wrong?What needs changed before launch?
        
        
        
        
        

J. Launch Readiness

  • We tested receiving a tiny payment.
  • We tested a refund or correction workflow if applicable.
  • We know who is responsible for reconciliation.
  • We have staff instructions written down.
  • We have accounting questions prepared.
  • We have a custody policy.
  • We have decided whether to hold, convert, or review later with professional guidance.
  • We are ready for a limited pilot only.

K. Next Learning Links

Start small. Document everything. Do not let payment excitement outrun business controls.

21c Money helps small businesses understand Bitcoin, Lightning, custody choices, and payment workflows in plain English.