Should Your Business Start Accepting Cryptocurrency? by@victortsvets

Should Your Business Start Accepting Cryptocurrency?

Read on Terminal Reader
Open TLDR
react to story with heart
react to story with light
react to story with boat
react to story with money
Traditional payments are no longer satisfying the needs of businesses and customers. Cryptocurrency payments are becoming increasingly popular, with huge advantages over conventional electronic money. Many large companies that need to accept payments from their customers are thinking about gradually shifting their business to cryptocurrency payments. Not all countries are ready to recognize cryptocurrency as a means of payment, but bitcoin has already won this title in some countries to answer the question: ‘What can you use cryptocurrency for?” The future of all world financial settlements lies in cryptocurrency payments, author says.
image
Victor Tsvers HackerNoon profile picture

Victor Tsvers

Author of texts about crypto

Table of Contents

  • The popularity of cryptocurrency payments
  • Which businesses already accept cryptocurrency payments?
  • What does the world think about cryptocurrency?
  • Simple steps on how to start accepting cryptocurrency payments
  • How to accept crypto payments?
  • How to accept cryptocurrency as a business?


Today, as the world is quickly becoming more and more global, traditional payments are no longer satisfying the needs of businesses and customers. They do not like the slow processing speed of transactions, high commissions, and the insecurity of transactions. Under these conditions, cryptocurrency payments are becoming increasingly popular, with huge advantages over conventional electronic money.


Now, many large companies that need to accept payments from their customers are thinking about gradually shifting their business to cryptocurrency payments.


The Popularity of Cryptocurrency Payments

There is a huge discussion on the topic of cryptocurrency payments today. Even though some businesses still doubt that they should switch to such a payment system, one cannot but admit that the future of all world financial settlements lies in cryptocurrency payments.


However, the difficulties that arise with how to accept bitcoin payments are almost completely levelled if the business needs to make large volumes of payments. In this situation, digital currencies allow you to make the fastest transaction with minimal commissions and accept bitcoin on a website.


At the same time, when using payment in cryptocurrency, such commissions will be much lower than those that have to be paid when conducting transactions using conventional bank cards. In this case, they range from 1% to 3%. In addition, intermediaries in such transactions charge additional fees for processing transactions and servicing the card. When making cryptocurrency payments, the commission will not exceed 1%.


At the same time, payment in cryptocurrency has its drawbacks which, nevertheless, do not outweigh its advantages. One of them is the non-refund of payment in cryptocurrency. The buyer of a product or service cannot cancel their payment. Only the recipient of the money can do this. As a rule, this problem is more related to small e-commerce companies. In the case of large businesses, this does not happen in practice.


Another disadvantage is the volatility of cryptocurrency rates. This can prevent you from not only accepting bitcoin on your website but also from overall accepting crypto payments on your website. The rate can fluctuate significantly, so it is important that businesses that accept cryptocurrency payments transfer their digital assets into cash daily.


There may also be problems with data security, which occur, as a rule, solely through the fault of the owner of the private key. If they lose it, then they lose all of their digital currency, which is stored in a cryptocurrency wallet.


At the same time, it is absolutely impossible to count on any compensation and that you can recover at least some part of the lost funds. Cryptocurrency is not insured in any way, and this, of course, creates some difficulties.


Which Businesses Already Accept Cryptocurrency Payments?

So far, not all countries are ready to recognize cryptocurrency as a means of payment. However, bitcoin has already won this title in some countries to answer the question: «What can you use cryptocurrency for?».


What Does the World Think About Cryptocurrency?

First of all, we are talking, of course, about El Salvador - the first country in the world where bitcoin was recognized as an official means of payment. El Salvador did this largely to attract the attention of investors. The country has created its own cryptocurrency fund, which is constantly replenished with new bitcoins. It also directs the money earned on the growth of the exchange rate to the construction of social facilities.


Other countries in Latin America are also following this experience with interest, but are still hesitant to follow the example of El Salvador. Although, it is possible that this is a matter for the near future while consultations and discussions are underway.


Many states treat cryptocurrencies as property and believe that transactions with digital assets should be taxed. This creates additional difficulties for both those who send the payment and those who receive the money.


The largest payment systems today are looking at cryptocurrency payments very carefully, believing that they are the future.


For 3 years now, AT&T has been making cryptocurrency payments, and the international PayPal service allows you to place orders using digital money and pay not only in bitcoins but also make other cryptocurrency payments.


With great interest are digital currencies and the largest payment systems in the world: Visa and Mastercard.


Simple Steps on How to Start Accepting Cryptocurrency Payments

What should those businesses do, following the example of payment giants, if they have decided to start accepting payments in cryptocurrency? The first thing to answer the question “How to accept cryptocurrency?” is to choose the right payment gateway. This is not as simple as it might seem at first glance. There are many such gateways. However, there are a few very important things to keep in mind to answer the main questions of the vast majority of modern businesses which include:


  • Legitimacy of Work

    Such a gateway must be officially registered in a reputable country and have a license for its activities.

  • Speed ​​of Transactions

    It must guarantee its customers that all transactions will be carried out quickly. Indeed, with the volatility of cryptocurrency rates, this is one of the most important aspects.

  • Low Commissions

    When paying in cryptocurrency by users, it is fundamentally important not to overpay. Commissions need to be transparent and reasonable.

  • It Must Have a User-Friendly Interface

    When starting to accept cryptocurrency, the first thing to ask is, “how do you pay with cryptocurrency?”, and the answer should be “with ease”. A user-friendly interface is one of the main criteria by which they choose a payment gateway. It should be convenient and pleasant for them to work with such a payment system.

  • Security All transactions through the gateway must meet the highest security standards. Users must be certain that they will not lose their money.


One of the best choices can be the CoinsPaid payment gateway. It is one of the leading projects in the crypto payment market, which also has its own token. The benefits of working with CoinsPaid include:

  • Low and understandable commissions (at the same time, a big plus is the absence of any hidden commissions. You immediately understand how much you have to pay).

  • The payment system supports more than 30 different digital currencies and more than 20 fiat currencies.

  • Instant conversion of cryptocurrency to fiat. In addition, direct settlements in 6 cryptocurrencies are also provided.


It is the only payment gateway that has passed the system security check by Kaspersky Labs and 10Guard.

How to Accept Crypto Payments?

Many businesses wonder how to accept bitcoin and other cryptos. To connect the ability to accept altcoin payments and bitcoin payments, the company needs to take a few simple and understandable steps.

How to Accept Cryptocurrency as a Business?

There are several points to keep in mind when accepting crypto:

  • Customize API

  • Decide on cryptocurrency

  • Withdraw funds automatically

  • Set up fiat options

  • Learn how to manage transactions

  • Conduct testing

  • Add a crypto payment button

  • Tell users you have started accepting altcoin payments


Let's go through all of them step by step. First of all, the API allows the website of the party accepting the digital payment to exchange data with the CoinsPaid payment gateway server. After that, you need to verify the merchant account, activate the API key, and get the secret code to access the API. After that, you will be able to withdraw the funds transferred to you from the account.


Bitcoin today is one of the most popular cryptocurrencies for making such payments. And yet, there is a huge number of other digital assets that are quite suitable for this. Among them are Ethereum, Dogecoin, Litecoin, and many other tokens.


Withdrawing received money manually is very inconvenient. However, it is much better to set up automatic withdrawal of funds to an external wallet. You can do this in situations where the balance in your account reaches a certain amount. You can set any limit that is convenient for your work.


The CoinsPaid payment gateway, after being approved by the security service, allows its users to set up bank account details to allow them to make withdrawals in fiat.

This is a convenient feature that allows you to accept altcoin payments and withdraw fiat money. It greatly simplifies bookkeeping. In addition, CoinsPaid can transfer fiat funds to the seller's balance via SEPA or SWIFT transfer.


The seller can access all information about accepting cryptocurrency payment transactions: both the receipt of funds from the buyer and the automatic withdrawal of funds from the account.

Moreover, this list of payments in cryptocurrency can be filtered by various parameters: amount, date, and so on.


Those in eCommerce who are just starting to accept altcoin payments should practice before starting to work with real money from users. This can be done in a special virtual "sandbox" that will demonstrate all the possibilities of accepting cryptocurrency payments without the need to test it with real money. After almost everything is ready and configured, you need to create a noticeable and eye-catching button that shows you are accepting cryptocurrency payments on your company's website. With the help of it, customers of your cryptocurrency merchant services learn that such an opportunity exists.


Now that all the technical part has already been done, the matter remains small. You need to notify the world that the company has begun accepting payments in digital currency. Of course, at first, some of the clients may have doubts. After all, everything new is always a little scary. Nevertheless, they will gradually get involved and appreciate all the advantages of such additions.


react to story with heart
react to story with light
react to story with boat
react to story with money
L O A D I N G
. . . comments & more!