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Businesses leverage BitPay Send to make recurring and one-off crypto payments. Any payment made with traditional remittances and payroll solutions can be made with crypto, only cheaper, faster and in a variety of digital currencies. El Salvador made headlines in September 2021 as the first country to accept Bitcoin as its official legal tender. The announcement is a new milestone in the widespread adoption of cryptocurrency. As cryptocurrency becomes more mainstream, small business owners may want to take note.

how to accept cryptocurrency

Spectrcoin is another comprehensive crypto payment gateway offering users more than just a crypto exchange. Overall, cryptocurrency payments bring some intriguing benefits but also risks. Assessing one’s business model, customer base, and risk tolerance is key in evaluating if and how to integrate crypto payments. As cryptocurrencies like Bitcoin gain mainstream adoption, more businesses are considering accepting digital currencies on their websites. To fully embrace cryptocurrency, companies need to transform their mindset and operations in order to understand how to accept cryptocurrency as payment clearly.

With a dedicated customer base that relies on digital currencies daily, marketing directly to crypto holders can expand your reach. The company will be given permission to use the platform and can begin processing cryptocurrency transactions if all verification checks are successful. Now, you are ready to go on to find out how to accept crypto as a business. Ecommerce merchants have to adapt to new market requirements and changing technologies. Cryptocurrencies are creating a revolution in online retail and you don’t want to be left behind.

how to accept cryptocurrency

Once you understand the crypto regulations in your area and have an accounting plan to track these payments, accepting cryptocurrency can be seamless to set up. As digital currencies like Bitcoin, Ethereum, and Litecoin gain mainstream adoption, more and more businesses are looking to accept crypto payments. Accepting cryptocurrency can provide a number of benefits for your business, such as lower transaction fees, faster processing times, and access to a new customer base. GoCrypto is powered by Eligma, and offers a global payment solution.

Customers with PayPal wallets will be able to convert Bitcoin, Bitcoin Cash, Ether and Litecoin into fiat currencies like dollars and euros when checking out with an established PayPal merchant. This means that as a merchant you won’t actually accept crypto directly but it does at least open the door for more people buying your products and services using Bitcoin or other digital currencies. Another cryptocurrency processor that has been helping businesses how to accept cryptocurrency manage crypto payments for years is GoCoin, which was founded in 2013. The service can help merchants accept Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash and Litecoin payments. GoCoin offers a 1% transaction processing fee and works with most e-commerce services, including Magento, OpenCart, OSCommerce, Prestashop, Shopify, UberCart, WooCommerce and ZenCart. Crypto payment processors can enable companies to accept cryptocurrency payments.

how to accept cryptocurrency

Blockonomics is another cryptocurrency gateway widely popular for its simplicity and the delightful checkout experience. It allows users to create their payment link for a specified amount, making it flexible for service providers. It easily integrates with WordPress and Shopify and supports both bitcoin and bitcoin cash. The exchange rate is locked for customers once they initiate the payment until they checkout.

  • Businesses leverage BitPay Send to make recurring and one-off crypto payments.
  • It currently works with more than 100 crypto wallets and over 15 top digital coins without charging high fees.
  • The customer can scan the code with the Bitcoin wallet app and sign to execute the transaction from their smartphone.
  • This is one reason why it is important to ensure the service you select supports the countries your company operates in.

Note that accepting crypto payments via a shareable link or QR code is not ideal for big merchants who have to manage many transactions. The reason is that this method requires you to do a lot of administrative tasks. You will have to manually record your crypto transactions and try to account for them. Also, frequently converting crypto to cash might become stressful and financially unprofitable if you do not intend to keep your digital currencies in crypto savings. A growing number of businesses have begun accepting cryptocurrency payments to meet the demands of their crypto-using customers.

But if you’re interested in accepting Mooncoin or Alice, for example, you might need to search harder. Open your business up to a new global audience of cryptocurrency spenders, who may not have had access due to geographical constraints. BitPay allows businesses in 229 countries and territories to accept instant and secure cross-border crypto payments. The pandemic has led to a surge in credit card fraud; in 2020, the dollar volume of attempted fraudulent transactions rose 35% in April 2020 as compared to April 2019.

With a few lines of code, your developers can use the Pay API to create custom checkouts for your business. Crypto enthusiasts and users of blockchain-based digital currencies are young and youthful people. Therefore, your business might profit from adding crypto to your site if your customers are Gen X, Millennials, and/or Gen Z. To start to accept Bitcoin payments in your business, you can look into some of the payment options outlined here that integrate with your eCommerce store and determine the best option. Your customers can send payments to your wallet using this code to make purchases from you. As every transaction is converted automatically into cash, there is no limitation on the currencies you want to support.

To make a payment using cryptocurrency, users need a crypto wallet, which can be installed on their computer or mobile devices and act as an interface for accessing their crypto holdings. To be clear, the wallet doesn’t store the crypto itself; it holds the user’s private keys required to access their funds. There are hundreds of wallets available, each with different features.

In basic terms, it’s a form of currency that only exists in the digital space, so it’s exclusively transmitted from computer to computer. This currency uses cryptography — or encoded information — to validate and secure each transaction. Each transaction is then recorded in a digital ledger called a blockchain. One of the biggest differences between cryptoprocessors is their approach to fees. For example, while Coinbase Commerce and BitPay charge flat-rate fees for each transaction, GoCoin and CoinGate base their fees on the currency being used and then charge a percentage on top of that.

In partnership with three expert business owners, the PayPal Bootcamp includes practical checklists and a short video loaded with tips to help take your business to the next level. Coinbase, Bitpay and Blockchain Merchant are probably the three most well know and well used of the PoS apps out there all offering roughly the same product but with tiered structure of payment. With the right processor, you’ll be ready to take your small business into the crypto future.

By leveraging an integrated, industry-agnostic crypto payments processor like  BitPay, B2Bs in any sector can reap numerous benefits you may not have considered. Since many cryptocurrencies are deregulated, they don’t come with the usual government protections of traditional currency. For businesses looking to accept crypto, payment processors may offer certain built-in protections.