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 Neo Bank allows you to accept crypto payments and fiat payments from a accept litecoin single account. You can store, manage, and spend more than 800+ cryptocurrencies on various blockchain networks.

Review cryptocurrency regulations in your area

Some payment processors like PayPal have crypto built into https://www.xcritical.com/ their checkout solution, so accepting crypto from customers can be simple. PayPal even converts the cryptocurrency to fiat currency, like traditional US dollars, to pay the merchant. For business owners who value simplicity but still want the benefits of accepting crypto payments, BitPay offers a trusted, turnkey solution. First, entrepreneurs should create a crypto wallet, which is a software program or physical device that stores, sends, and receives crypto. The next step is setting up an account on a crypto processing platform like BitPay or Coinbase Commerce, which allows merchants and e-commerce platforms to accept crypto payments. Small businesses can also take advantage of the crypto craze, and they can easily accept digital payments with the help of online payment processors.

How to accept Bitcoin payments and other cryptocurrency as a small business

Here’s an example of the flow of funds in a crypto payment (with BVNK as payments partner). In other words, tried-and-true cryptocurrencies are more likely to return as fiat currency if you wish to exchange them, so your finances will be safer in the long run. That’s because most cryptocurrencies aren’t backed by assets; their value is solely based on demand. Stablecoins may differ, however, in many are backed by highly liquid and stable assets (e.g., PYUSD). Crypto, short for cryptocurrency, is a form of currency that exists only in the digital space and is transmitted from one computer to another. It uses cryptography – encoded information – to validate and secure transactions.

Cryptocurrency has security issues.

Companies as varied as AT&T, the Dallas Mavericks, Microsoft, Overstock, Tesla and Twitch all accept Bitcoin and other digital currencies in 2021. What makes PayPal different from other services is that merchants neither choose to allow this option, nor do they have the option to be paid in crypto. Instead, a PayPal user who holds cryptocurrency in their PayPal account can choose to pay with it.

• Once you have chosen a platform, you’ll need to go through the steps to create and set up your account.
• In other words, tried-and-true cryptocurrencies are more likely to return as fiat currency if you wish to exchange them, so your finances will be safer in the long run.
• It’s just another way CoinPayments is the clear choice for merchants who want to start accepting cryptocurrencies ASAP and with a minimum of hassle.
• If they lose the private key, they are unable to access their wallet and the crypto inside.
• These tokens are most likely to be accepted by other merchants and are most likely to be easily exchanged on your chosen crypto exchange platform.

How secure are cryptocurrency payment gateways?

Traditional payment processors, on the other hand, charge both fixed and variable interchange and transaction fees, cutting into your margin. While cryptocurrency appears to be safer than the average credit card, there are still some security risks. Hackers can (and sometimes do) find ways to get into crypto wallets and take the currency found there. This can be a huge problem for a business that relies heavily on cryptocurrency to run, especially since no laws appoint anyone to help get your stolen funds back. If a customer pays you in collectible baseball cards, or with another good or service, you will owe taxes on the value of that payment.

Accepting Bitcoin at Your Business: Pros, Cons and How to Get Started

These payment gateways can convert your crypto payments to cash automatically. Though many national banking networks enable fast payments within a country, this is not the case when merchants are selling abroad. Most payments today rely on the international banking system  Swift, and can take several days to settle, particularly when moving funds in and out of emerging markets. Finance teams may have to resort to pre-funding or suffer cash flow pressures.

Pros and Cons of Bitcoin Payments

Platforms such as CoinGate offer APIs that will permit cryptocurrency payments on your website. As we illustrated in the previous section, merchants can easily adopt cryptocurrencies payments. At the same time, you shouldn’t remove any other payment methods from your website.

⚡Accept Bitcoin. Lightning fast.⚡

The unique characteristic of cryptocurrencies is their decentralized nature, which means they aren’t regulated by any bank or governmental body. Some of the top crypto processors in the world are CoinBase Commerce and BitPay. This type of wallet supports numerous digital currencies, acting as a versatile, all-in-one solution.

Alternatively, with a non-custodial the user owns the coins, but they are responsible for managing the wallet’s keys (similar to a pin number). If they lose the private key, they are unable to access their wallet and the crypto inside. Another factor businesses should consider when selecting the most appropriate wallet solution is how easy it can integrate into the checkout flow. This is another advantage of offloading wallet management to a crypto gateway provider.

Another neat feature offered from BitPay is that it protects businesses from crypto price fluctuations. The company only charges a 1% transaction fee on almost all transactions and allows clients to settle up in local currency 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. For high-risk merchants who’ve been declined by traditional payment processors, accepting cryptocurrencies may be especially appealing. This guide covers how to set up your business properly to accept crypto payments and the significant ways accepting cryptocurrency differs from accepting credit card payments. Adding cryptocurrency as a payment method has become increasingly popular among small businesses with the availability of affordable, easy-to-use platforms and apps.

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. Although cryptocurrency transactions eliminate cyber threats like stolen credit card numbers, the currency still isn’t 100 percent safe from cybersecurity threats.

There are no size restrictions on businesses that can accept cryptocurrencies. Accepting bitcoin and other crypto payments as a business owner can keep your business competitive, open your business up to more customers and potentially lower your payment processing fees. When you enable cryptocurrency payments for your B2B enterprise, you can be as involved or uninvolved in the payments process as you want.

Stablecoins like USDT and USDC are increasing in popularity around the world and a good alternative for payments, because they provide far greater price stability. As well as the benefits of offloading technical complexity and regulatory obligations, the crypto payment gateway provider can also keep volatile cryptocurrencies off the merchant’s balance sheet. They do this by immediately exchanging a customer’s crypto payment for a fiat currency and depositing this with the merchant’s business bank account, or in a virtual account on their platform.

We’ll weigh all the cryptocurrency factors small business owners should consider and examine how some blockchain startups are trying to push the space forward. Payment gateways and processes are available around the Internet, and CoinPayments offers both of these services on the same platform. It’s just another way CoinPayments is the clear choice for merchants who want to start accepting cryptocurrencies ASAP and with a minimum of hassle.