Anna is a retail expert writer for Fit Small Business, contributing to our POS and payments sections. Her experience in business and finance led her to work for a US risk mitigation company in its regional Singapore office. She holds a degree in accountancy with a minor in financial management. You can integrate your crypto wallet on your website and enable it as https://www.xcritical.com/ a payment option in the checkout process. Amatil, the drinks’ giant’s bottler and distributor in the Asia-Pacific region, has enabled cryptocurrency as a method of payment through its partnership with the Centrapay platform. As of 2020, there are now over 2,000 vending machines in Australia and New Zealand which are geared to accept cryptos to pay for drinks.
If you want to spend your balance easily, you’ll need to open an account with a firm that offers cryptocurrency debit cards and uses the kind of digital currency you own. Coinbase, for one, has a special debit card that lets customers spend any Coinbase assets they own and earn cryptocurrency rewards, but there’s currently a waitlist for new customers. BitPay, another firm, offers a prepaid Mastercard debit card that customers can use to spend their digital currency. Cryptocurrency is becoming more and more popular as a form of payment, and small businesses should start preparing to accept it. There are a number of different processors that make it easy for businesses to accept crypto payments, and each has its own advantages and disadvantages.
How to accept crypto as a small business?
Whichever way you choose, BitcoinWide gives you the most comprehensive list of businesses and services that accept crypto, all on one page. Digital currency transaction times do depend on the type of currency you choose to accept. For instance, Bitcoin Cash is slightly faster than Bitcoin transaction times. Ripple takes up to five seconds, while Litecoin processing takes two to five minutes. Many DAFs accept cryptocurrency now, so your donors may already be equipped to donate cryptocurrency through their DAFs. Crypto customers tend to spend more – in particular for luxury goods and services – with one report stating that crypto orders have twice the average value.
If this option is not available to you, you can integrate payments with HTML code from your wallet (both BitPay and Coinbase provide this). Speak to an accountant so you understand the tax implications of accepting bitcoin or other cryptocurrencies, as regulations vary by state and country. Regulations may change how you plan to record bitcoin payments in your overall accounting systems. Cryptocurrency is an increasingly popular method among today’s shoppers. Renowned auction house Sotheby’s first began accepting cryptocurrency as payment in late June and has since firmly embraced both cryptos and NFTs. Following an extensive trial, Starbucks customers can now use the new Bakkt app to pay for drinks and goods at the coffee chain with converted Bitcoin.
You can take payments from anyone, virtually anywhere, at any time.
The price of bitcoin is always changing and, historically, can be volatile. If you plan to accept bitcoin for your business, either plan for huge fluctuations in price value or plan to convert bitcoin payments to cash immediately when you receive them. There are several reasons a business owner may want to accept bitcoin payments.
By accepting cryptocurrency, you are securing your business’ data and the data of your customers. Banks and businesses alike are seeing the benefits of digital currency and the blockchain technology that supports it. Businesses looking to https://www.xcritical.com/blog/how-to-accept-cryptocurrency-bitcoin-ethereum-litecoin-and-others/ give their bottom line a boost should consider cryptocurrency. As cryptocurrencies like Bitcoin grow in popularity as a mainstream form of payment, businesses can capitalize on a new target audience, among other profitable benefits.
How to Accept Cryptocurrency Payments: A Step-by-Step Guide
Overstock uses BitPay plugin to accept Bitcoin as a payment method on its online checkout. Some providers offer even lower transaction fees (CoinPayments is just 0.5%), while others add a network fee on top of the 1%. Potential additional fees include currency conversion fees and withdrawal fees. Marcela DeVivo is an SEO expert and online marketing entrepreneur who has been in the business since the beginning. Since starting her own SEO consulting firm in 1998, she has founded 4 separate companies and worked with major international brands and small businesses alike to create powerful, integrated marketing campaigns.
For businesses looking to accept crypto, payment processors may offer certain built-in protections. That said, there are several benefits and challenges that are more straightforward when it comes to accepting crypto payments in your small retail business. Alternatively, a merchant with its own cryptocurrency account linked to a payment processor, can set up the process so that there is no need to convert the crypto payment into fiat currency. The crypto payment can be added to the merchant’s cryptocurrency balance.