Because cryptocurrency is changing the financial face of businesses and replacing the need for physical money, entrepreneurs are asking: is there a way to easily accept cryptocurrency payments on my website?
The answer: Yes there is.
However, you need to consider the pros and cons.
Nevertheless, we outline here the steps to take for you to start accepting cryptocurrency payments in your next transactions.
Setting Up a Cryptocurrency Payment System
First step is to obtain a cryptocurrency wallet. You have the option to accept an exclusive list of cryptocurrencies, or like many other businesses, you can accept just any cryptocurrency. To date, there is bitcoin and 200+ other cryptocurrencies.
When opening a wallet, you have to register an account with a cryptocurrency exchange like coinspotreview.com. The exchange service you should choose must be a secure platform and has a customizable features to protect your account.
After registration, the exchange service will provide you a wallet for which you need to generate an address and a code. It is pretty like setting up an email account. When a customer needs to pay to your cryptocurrency account, he/she is required to input your address and scan for your QR code. Then he inputs the payment amount and send it to you by hitting the send option.
Next step is to announce that you are now accepting cryptocurrency payments. Many of your customers might just be waiting for your business to make such an announcement. The announcement can be as simple as placing a board of “Cryptocurrencies Accepted Here” just beside your current list of payment processors (Visa, MasterCard, PayPal, etc.).
Cryptocurrencies and How They Are Impacting Small Businesses
It is important to know how cryptocurrency can negatively or positively affect your business before making a decision. Below are favorable ways it will affect your business.
No Processing Fee
Digital payments have processing fees and that is the case with Stripe and PayPal. They charge between 2% – 3%. With cryptocurrency on the other hand, and as long as you will not use an intermediary, there will be processing fees to pay. With the use of an intermediary, you will be charged some fees but at a significantly lower rate compared to PayPal and credit card services.
Fast Speed of Transaction
Roughly, it takes only about 10 minutes to complete a transaction using digital currency. Ethereum and Litecoin complete transaction in as little as one minute.
Transaction Is Final
In the same way that a credit card transaction is processed, all transactions involving cryptocurrencies are considered final. This allows you to control your return policy and get rid of the risks associated with chargebacks and customer fraud. As long as the transaction is valid, there is no way for the customer to dispute the validity of the transaction.
Starting a business can be tough, but you are not alone. There are coaching business services available such as Mentoris.
Apart from the financial aspects of your business, they can help you with other areas including:
- Refining and fortifying your strategies
- Workshop and Training Programs
Mentoris’s mission is to change lives and build businesses.
Create your free account and start trading today.
Sign up to CoinSpot with your email address and you will receive $10 worth of Bitcoin* when you complete your first AUD deposit. That's $10 of new coins just for signing up. From there you can link your bank account or make a cash deposit when you get more comfortable. Other deposit method are available