How to accept Bitcoin payments: A guide for small businesses

When choosing your crypto wallet, consider which types of cryptocurrencies it works with. Bitcoin is by and large the most popular cryptocurrency, with 75% of crypto owners owning some form of this currency. Other players are also emerging; the more currencies you can cover, the more sales you’ll likely capture. You should also consider the level of crypto/bitcoin payment security that wallets provide. While credit card processors typically side with the customer in a dispute, and merchants pay a chargeback fee, bitcoin functions more as cash.

That leaves you and your customers without any annoying middlemen, like a bank. Choose which cryptocurrencies you’d like to accept – and how you’d like to get paid . Coinbase supports payments from all crypto wallets, and also enables you to send invoices to get paid in crypto. Start accepting Bitcoin, Ether, USDC, and other cryptocurrency payments on your website or store. Join the thousands of businesses already using the world’s leading crypto payment processor. You’ll want to make sure your bitcoin payments are being recorded in the same platform where you account for the rest of your business transactions.

Staging / Sandbox Environment for your integration

She holds a double degree in Accountancy and Financial Management and is currently pursuing further education in financial and payment technology. From setup to settlement, BitPay makes accepting these payments easy. Virgin Airlines and Virgin Mobile, subsidiaries of Virgin Group both accept Bitcoin as payment for services. In this article, we will be taking a look at the 15 major companies that accept Bitcoin as payment.

PayPal makes it easy for customers to pay using their cryptocurrencies. PayPal will automatically convert crypto to U.S. dollars for the merchants. This option is geared toward offering more payment options for customers while still allowing the merchant to deal exclusively in fiat currency.

Determine how you’ll use Bitcoin in your business

Also, the anonymity of payments prevents state regulation of the economy and does not comply with international standards of information disclosure by participants in http://www.mushrooms.ru/content/?grib/20061115_0901/ financial markets. Bitpay allows you to accept crypto payments in BTC, ETC, ETH, XRP & LTC. Accepting crypto payments gives you access to an international audience.

• Yes, you can open a Crypto/Crypto merchant account quickly and easily.
• “NOWPayments has delivered an intuitive and flexible system for accepting cryptocurrency payments that’s supported by a solid selection of merchant tools.”
• When a customer begins a payment, BitPay locks in an exchange rate available to the customer for 15 minutes.
• Fees vary between providers and not all fees are easy to catch at first.

The company has invested in a Norwegian cryptocurrency exchange, paving the way for accepting cryptocurrency as payments for its services. One of the first companies to adopt Bitcoin was a Fortune 500 company which started doing so in 2014. According to Bloomberg, in 2018, the 17 biggest crypto processing merchants handled transactions in Bitcoin worth $69 million which was a significant decrease from 2017 which recorded $411 million. Since chargebacks can’t be processed and the cost of using Bitcoin is high, many vendors refuse to use it.

To start accepting crypto and bitcoin as a business, you need to sign up for a cryptocurrency account and integrate it into your online checkout. You can also use a compatible QR code scanner to accept crypto payments in-person. One of the longest-running services for cryptocurrency payments is CoinPayments, which has been helping businesses worldwide since 2013. CoinPayments acts as a payment processor for both in-person transactions and online platforms, and it supports numerous cryptocurrencies. The company’s plugins work with nearly every major e-commerce service, including Magento, Shopify, OpenCart and WooCommerce.

Remember that not all wallets and exchanges are reliable since anyone can start their own cryptocurrency trading exchange platform. If you’re interested in doing this, you can look into hiring a blockchain developer. In addition to its own point-of-sale app, BitPay has a partnership with Verifone that puts the option to pay with crypto alongside the option to pay with card payments on a single device for in-person payments.

Others hold on to their Bitcoin, in the hopes its value will continue to climb. Believe it or not, these strategies will impact what kind of technology you want to employ for receiving and managing cryptocurrency. Some businesses may use company-specific cryptocurrencies—a payment strategy in which a company issues its own currency, called a token. Customers use the company’s tokens to “pay” for goods and services provided by the company.

Send, store, exchange and accept digital payments anytime, virtually anywhere across the globe. Accept cryptocurrency payments easily and securely with one of the industry’s leading cryptocurrency gateway. The merchant and customer payment experience is easy and intuitive as any other payment method.

Arnold Galiwango

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