What is cryptocurrency? In other words, no central bank or government regulates or backs crypto. Buyers transfer funds directly to sellers without the third parties traditionally used to process payments. As we hear more stories of data breaches and hackers becoming more sophisticated, cryptocurrencies sound more appealing to consumers looking for a safer way to do business.
But is it right for your business? Benefits of accepting cryptocurrency Compared to traditional point-of-sale POS systems , cryptocurrencies offer several primary benefits that you may want to consider. Lower transaction fees: The lack of a central intermediary dramatically reduces transaction fees. These costs add up, which is why smaller stores often have credit card purchase minimums on their POS systems. The transactions, like cash, are final because no third party can reverse charges.
Learn more about credit card receipt signatures to protect your business against fraudulent chargebacks. Convenience for customers: Accepting cryptocurrency offers customers additional ways to pay while providing an extra layer of protection for their information. Key takeaway: By accepting cryptocurrency as a payment method, you can reduce your transaction processing costs, protect your business from excessive chargebacks, expand your market, and cater to consumer preferences.
Here are some of the risks of accepting cryptocurrency. Technical barriers Accepting cryptocurrency requires setting up a digital wallet on a digital currency exchange, which could be technically prohibitive for small business owners unfamiliar with the technology.
This is particularly dangerous because, unlike fiat currencies like the U. However, some cryptocurrency companies are working to change that. Companies are also working on solutions to address wallet security. This method also helps users reconstitute their wallets when access is lost. To better protect your accounts , you can enable multifactor authentication, secure and maintain your private keys, and even take your crypto offline by putting it in cold storage.
Regulatory uncertainty Another issue with accepting cryptocurrency is that the regulatory landscape will likely change in the near future. Cryptocurrencies are more volatile than traditional currencies. Consult with your accountant about the best way to handle cryptocurrency payments. To accept cryptocurrencies, enable one or more of the following additional payment methods from the Payments page in the Settings section of your Shopify admin: Crypto.
For additional help, refer to these setup instructions. Coinbase Commerce accepts a variety of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and more. Coinbase also allows for easy conversion to fiat. DePay is a peer-to-peer payment gateway that uses smart contracts for on-the-fly conversion. After you enable a payment method that supports cryptocurrencies, you can accept any cryptocurrency that is supported by their service.
You might still be charged third-party transaction fees for payments processed through these gateways.
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For simply augmenting your mobile into your PoS machine all you need is a wallet — and look at our wallet guide here to choose the correct Bitcoin wallet and features you need on your operating sytsem — whether its Android, Windows or Apple. Some of the most popular wallets are Coinbase , which at the time of writing is in talks with the UK government to incorporate automatic Bitcoin to GBP conversions — but does have the option for automatic Euro and USD conversion.
The process is very simple time the amount to be paid and a QR code will pop up — then present this to the customer who simply scans the QR code with their wallet and the transaction is made. For PoS machines that are dedicated to the process of Bitcoin and Crypto Currency payments there are other advantages that come along with the hardware and software. CoinKite marries the traditional dedicated debit or credit card terminal with Bitcoin and its standard wallet.
Merchants can register wtih an email address and a phone number and receive multiple cryptocurrencies into one user-controlled wallet. Moreover, the service connects to the Visa network and offers users a debit card that allows them to spend their cryptocurrency. Mobile Wallet App For mobile stores, the checkout process also uses a QR code representing your wallet address.
Customers will scan this using their devices at check out. Online Payment Providers If you are wondering how I do I go about accepting cryptocurrency on my website, Bitpay is considered one of the easiest to use cryptocurrency merchant gateway. You can link your Bitpay account to your bank account or cryptocurrency wallet as preferred.
Bitpay can also integrate with Shopify and many other e-commerce plugins. Want to let everyone know you accept crypto? Then be sure to display a Bitcoin payment button on your site. The button will automatically calculate the price of your product or service based on the current price of bitcoin. Simply embed the code provided into your website to show the exact live price to your customers. Conclusion As cryptocurrency gains in adoption and popularity, more and more customers will expect that merchants will accept it.
Disclaimer: This article was written to the best of our knowledge with the information available to us. We do not guarantee that every bit of information is completely accurate or up-to-date. Please use this information as a complement to your own research. Cryptocurrency investments are inherently risky so you should never invest more than you can afford to lose.
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