How to Accept Cryptocurrency as a Business
If you already have a business and a payment processing gateway in place, starting to accept crypto payment shouldn’t be a huge hassle for you. If you’re going to do it, you will need to keep a few things in mind in terms of security, ease of payment and other factor.
First and foremost, what you’ll need to accept cryptocurrency in your business is a virtual wallet for your customers to transfer their coins to you. Some payment processing gateways have the functionality to accept both crypto and regular credit/debit payments and some do not. Your first step should be to check with your current processor to determine whether or not they have the capability.
If your current payment processor does not have the ability to accept crypto, you’ll need to find an alternative route. There are a variety of options available for merchants to accept cryptocurrency for payment. Here are some things for you to consider.
A crypto terminal is a device that can be either digital or hardware. It allows customers to connect to your virtual wallet and transfer funds there to pay for the goods and services you are providing. Think of it as a payment processor, just like the ones that accept debit and credit cards.
If your crypto terminal is virtual, it will basically be a payment screen on your website. When a customer chooses their items or services and goes to the payment screen to complete their purchase, crypto would be listed as one of the options. When they click on crypto, it would take them to the crypto terminal, rather than the credit/debit card terminal.
If you have a brick-and-mortar store, you can purchase virtual or physical crypto terminals. For example, a physical terminal can be connected to your current POS system. This will allow your cashier to accept crypto from customers instead of credit/debit payments.
The most important thing with a physical terminal is the integration between the systems. You need to make sure they can easily communicate with one another and transfer data back and forth.
Accepting Crypto Payments on your Website
We touched on this a little bit in regards to crypto terminals, but let’s do a deeper dive specifically into your website functionality. In order to accept crypto payments on your website, you’ll need to install a plugin to an app that can facilitate the transaction. Here are a few of the most popular apps for businesses right now:
BitPay is setup a little bit differently. It has the functionality to accept crypto for one-time payments, donations, subscriptions and more. It also has the ability to accept a variety of cryptocurrencies. It is extremely versatile and can be a great asset, depending on your business model.
Woocommerce can handle pretty much anything you’ll need in terms of eCommerce on your website. It is not an exclusively crypto processor, which makes it highly desirable for business owners. It offers a variety of features and benefits that you might be interested in.
The basic Woocommerce bundle includes the ability to accept credit, debit, and bank transfers for payment. You can also add on other options like PayPal, Apple Pay and even crypto options. Because of its flexibility, many small business owners are signing on with Woocommerce for all of their payment processing needs.
Finding a Crypto Payment Processor
We’ve given you a little information about the three most popular crypto processors, but it’s definitely not a one size fits all solution. Each business is different and each business owner has a unique set of needs and circumstances. Here are a few things to keep in mind when searching for a crypto payment processor.
Although crypto almost always comes with lower transaction fees than credit or debit card payments, you still want to investigate what those fees are with your chosen processor. Some will have higher transaction fees than others. Be sure to investigate the fee structure and schedule before signing on the dotted line!
It’s important to consider what the integration process will look like for your business. If you already have a payment gateway setup, you need to consider how to fit the crypto processor into that equation. If your current processor already has the capability, that’s awesome! If not, ask them about the integration process for both your website and your physical POS systems if you have a brick-and-mortar store.
This goes without saying, but be sure to read the fine print as it pertains to security and encryption. The last thing you want to do is sign on with the cheapest provider only to find out that the service is incredibly unstable and insecure. Remember, cheaper is not always better and you get what you pay for!
Ease of Payment
Accepting crypto payments is a great way to reach new customers and add new revenue streams to your business. However, if the process is really complicated for your customers, it’s not likely to make a positive impact on your bottom line. Make sure that whatever payment processor you choose is fast, easy, and secure. Your customers expect this from every merchant with whom they do business.
Last but not least, have a look at the application process for the different processors you are considering. Some will have a process that is much easier than the others. There are pros and cons to having a lengthy application process.
If a company has an application process that seems too good to be true, it might just be too good to be true! You want to look for a processor who does their due diligence before giving an account to just anyone. Integrity and transparency are key when it comes to a payment processor because you’re dealing with people’s livelihoods!
Now that you know the basics, we recommend doing some investigation into the three options we’ve listed here. Each one has a unique set of benefits and features for you to explore. Once you learn about each one and what they can offer your business, you can move forward with implementation.
Remember to think about the process through the eyes of your customers. The easier and safer you can make it, the more successful you will be.
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