How to Accept Cryptocurrency Payments as a Business
Due to the availability of low-cost, user-friendly platforms and applications, small businesses are increasingly incorporating cryptocurrencies as a payment option. You must register for a cryptocurrency account (wallet or payment gateway) and integrate it into your online checkout process to begin accepting cryptocurrency and Bitcoin as a business. Additionally, you can take cryptocurrency payments in person by using a compatible QR code scanner.
Here is how to accept crypto as a business in four easy steps:
Understanding Cryptocurrency
A cryptocurrency like Bitcoin is a kind of decentralised digital money that is encrypted, secured, and based on blockchain technology.
Cryptocurrency is solely available online and is unregulated by a government or other body, in contrast to conventional physical currencies like the US dollar. As of June 2022, as much as 30% of cryptocurrency owners made purchases with cryptocurrency, and this percentage is only predicted to rise.
While it’s still growing as a usable, tradable currency, with new advancements coming out, it is a highly debated topic, as are the legalities when it comes to offering it as a payment method. There are some basics you need to understand. For example, when PayPal in 2014 enabled online retailers to take Bitcoin payments, small businesses began to seriously consider cryptocurrencies as a possible credit card substitute.
Observe State Laws for Cryptocurrency
You have to be an investor by default if you want to accept cryptocurrency payments and have your own account. This implies that you have an obligation to abide by your state’s cryptocurrency laws.
Review Cryptocurrency Platform Policy
Check for supported countries and read the user agreements on your service provider’s website. Despite the fact that users can convert (or withdraw) their savings in US dollars, not all cryptocurrency platforms are allowed in the country.
Set up a Crypto Wallet
First, you must choose whether you would prefer to receive fiat money or cryptocurrency as payment for your crypto assets. You will need to follow the instructions to create and set up your account after selecting a platform. Whether it’s from a desktop or mobile app, you’ll probably need to start by downloading the software. The exact steps vary based on the provider.
There are three types of wallets you can choose from:
- Hosted wallets
- Self-custody wallets
- Hardware wallets
It’s important to ensure you are keeping all logins secure; this will prevent any crypto scams. Although there are crypto scam recovery firms, avoiding any inconveniences and problems should be prioritised.
Integrate Crypto Payments into Online Checkout
Depending on the e-commerce platform you use, adding a cryptocurrency payment gateway to your online stores will vary in ease. For instance, Shopify offers a simpler, step-by-step guided setup process for cryptocurrency payment integration than WordPress, even though both platforms have built-in support for these payments.
Offer In-Person Crypto Payments
This might be a preferred source of payment options, as the chances of having to go through a crypto recovery are less likely but aren’t impossible. Ensure in-person crypto transactions are regulated and smooth.
If you allow it, in-store customers can also benefit from the ability to pay with cryptocurrencies. There are numerous ways to manage in-person cryptocurrency payments using some of the aforementioned platforms.
A crypto-compatible NFC terminal or QR code scanner should be added for in-store checkout. If your current system accepts cryptocurrency payments, you might also be able to integrate it with your mobile point of sale (POS), if you use one. Be aware that Coingate includes a comprehensive cryptocurrency/bitcoin point-of-sale system.
