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How to Accept Cryptocurrency Payments as a Business

With every day that passes, cryptocurrency is being spoken about more and more in the media. This can leave small business owners wondering if they, too, need to set up to accept payment in cryptocurrency.

The good news is that accepting payment in crypto is easier than ever before, as there are numerous options integrated with modern payment processors. So, if you are a business owner, read on to learn how you can accept crypto payments with ease.

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4 Ways to Accept Crypto Payments as a Business

1. Use PayPal for Vendor Payments

As a business, it is likely that you frequently buy things from other vendors. How do you process those payments? If the answer is PayPal, then you are already set up to accept crypto if these vendors want to pay in it. Generally, when they pay in crypto, the amount is converted to whatever currency you sent the invoice in.

The cool thing is, this process is reversible, meaning if you invoice in crypto, they can pay in whatever currency they would like, and you will receive crypto. While this might be fun, know that the exchange rates on PayPal are a bit high, so you might be better off just continuing to bill in the currency you want your business to hold.

From our understanding, the CashApp app in the US has this same capability, though we have not investigated the details ourselves.

2. Accept Cards

Crypto.com and a few other companies have cryptocurrency credit cards, where the individual can swipe their card to spend crypto at your establishment. This means, if you accept cards, you accept crypto, whether or not you realize it!

Of course, this option means you still end up with the currency you charge at checkout, but still, it’s cool to know your business is accessible!

3. BitPay

BitPay is a cryptocurrency payment app that functions similarly to PayPal, though it will give your customer a QR code to scan to pay, based on their chosen currency. Then, you can get paid in that currency or in the currency of your checkout. You have lots of options when it comes to BitPay.

The thing we like about BitPay is its notoriety, meaning if you post you accept it in store, or have it as a button on your website, it might encourage people to pay with cryptocurrency more often than they do now! Additionally, BitPay offers email invoice options, making it a decent choice for B2B payments.

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4. Choose Your Favorite Crypto and Set Up a Wallet

We know some people out there are reading this and thinking that these options aren’t truly accepting crypto, as most of them convert to a local currency before payout. If that’s you, then this section was written for you.

The most difficult part about accepting cryptocurrency as a business is choosing which cryptocurrency to accept—because if you don’t want to use one of the aforementioned payment apps, you will need to choose one, or maybe two cryptocurrencies to focus on, otherwise you will become inundated with crypto apps only for someone to pay with it once in a blue moon.

Generally, we recommend choosing either Bitcoin, Ethereum, or Solana, as these are the most common cryptocurrencies and are all pretty much household names. You can also choose to accept all three, but honestly, accepting Bitcoin and Ethereum will likely cover most of your customer base.

Next, you need to get a digital wallet on your phone that supports each token. While cold wallets are safer, they are simply too much work for accepting sales. You can transfer the amount received by your software wallet to a cold wallet, of course, we just know the cold wallet transaction process takes far longer than the average customer is willing to wait.

If you want an app that does both, we recommend an exchange one, like Binance or Coinbase. While the fees are a bit higher, it is very convenient.

Now, whenever someone wants to pay in crypto, you will simply show them your public key (a QR code) on your wallet app and wait for your funds to arrive.

**Do note that if you choose to accept payment in Bitcoin, it can take up to 30 minutes for a blockchain transaction to be processed—meaning it isn’t the right fit for all business types.

Should You Accept Crypto as a Business?

You might be reading all of this and thinking that, besides option 2, it sounds like a lot of work to accept crypto, and you aren’t sure if it’s worth it in the end. In our honest opinion, it isn’t worth it for all types of businesses to accept crypto, and that’s the honest truth. That being said, we think all high-end businesses will benefit from accepting crypto payments.

Why specifically high-end businesses? Well, cryptocurrency is currently being seen as an investment option more than regular tender. So, if you sell houses, cars, or homes, your customer is highly likely to have at least some sort of crypto on hand. Businesses selling smaller items, or household goods, are far less likely to come into contact with those paying crypto, so you are probably okay to just stick with a regular POS (considering customers with a cryptocurrency debit or credit card can still pay with crypto anyway!)

This all being said, know that while accepting cryptocurrency is a choice, it may not stay that way forever, so it might be worthwhile to upgrade your point of sale now so you can accept cryptocurrency in the future if it is ever mandated.

Overall, it is really easy for businesses to start accepting cryptocurrency, even if you don’t want to hold the crypto after you sell it. Whether you decide to invest in a POS with these capabilities or set up a wallet for a certain currency, accepting cryptocurrency as a business is an excellent step for the future.

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