How to accept Bitcoin in my store? A guide to getting paid in BTC

Posted On : December 17, 2022

Unlocking the full potential of your business by going international will bring the entire world to your fingertips. Accepting crypto payments solves cross-border problems such as exchange rates and fees, allowing you to deal internationally with ease. It will also introduce a new customer base by attracting people that wouldn’t do business with you if your payment methods lacked this option. Most will support the more popular coins, such as Bitcoin and Ethereum, but some will also offer additional coins. It is best to accept coins that are well established in the crypto arena, but you also want some variety, so customers can choose what crypto to buy and pay with. Similarly to the crypto payment gateways, omnichannel gateway options are easy to integrate.

Ultimately, the choice between cryptocurrency and credit card payments most depends on your target market, business objectives, and customer preferences. To do so, business owners will need to do some research and follow some basic steps to get set up properly. So, read on to learn more about cryptocurrencies—the risks and advantages, and if offering this new form of payment option is right for your business. You’ll want to make sure your bitcoin payments are being recorded in the same platform where you account for the rest of your business transactions.

Never touch crypto

Payment security also allows for a more thorough accounting process, as transactions made with crypto are anonymous but trackable. You can use the transaction hash to locate payments to ensure a proper ledger when accounting, which helps drastically reduce human error. As cryptocurrency continues to become a more mainstream way of payment, companies are implementing strategies to accept crypto in many capacities. Accepting crypto payments on your website opens the door for new opportunities as your business grows. Recommending wallet options is risky because the wallets are only as safe as the intent of the private companies hosting your BTC reserves. However, if you make a transaction to a wrong address or with an unsupported currency, the underlying technology will not allow users to reverse or cancel it.

Bitcoin is a decentralized payment method, which means if there’s an error, you will not be able to call anyone to resolve it. There is a higher responsibility on the merchant, as opposed to a credit card processor, where you can get your questions answered by phone. Use PayPal Checkout to accept many different options, including cryptocurrencies like Bitcoin. With PayPal Checkout, shoppers can make the way they want to, and business transactions are kept secure with fraud protection. PayPal Checkout easily integrates with most major ecommerce platforms, so you can start accepting crypto with ease. PayPal also converts cryptocurrency to fiat currency to pay the merchant.

Cryptocurrency transactions are often considered more secure than other traditional payment methods, due to the use of blockchain technology. However, it’s still important to take steps to protect your business from potential security breaches or fraud. 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. PayPal converts the cryptocurrency into USD, and the US dollar is then used to make the purchase. So while customers are paying in crypto, the business will NOT receive crypto but rather the USD equivalent of the purchase price.

Small businesses can also take advantage of the crypto craze, and they can easily accept digital payments with the help of online payment processors. These processors typically offer a 1% or less transaction fee, which is less than the fees you’ll pay on most credit cards. A wallet will keep your money as cryptocurrency, while a payment gateway will allow you to easily exchange crypto for U.S. dollars.

Join the thousands of businesses already using the world’s leading crypto payment processor. You can also work with your e-commerce platform to download a specific plug-in for accepting crypto. If you’re using a crypto wallet, you may be able to hardcode this checkout option into your site. All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets.

If you decide to use cryptocurrency for payments, be sure to look into storing your cryptocurrency private keys in an offline wallet until you need to use them. Some brick-and-mortar retailers and stores are beginning to accept cryptocurrency as well. Those who do will generally use point-of-sale hardware linked to one of the payment service providers. You’ll often see signs on the doors, windows, or at the cash register announcing which crypto is accepted.

Bitcoin and the future of digital payments

This can easily be set up by integrating bitcoin transactions with your current accounting software. Before learning how to pay with crypto online, users need to acquire cryptocurrency. The easiest way to obtain crypto is by purchasing it on a cryptocurrency exchange with fiat money.

  • Look for providers using advanced security measures, such as multi-factor authentication and encryption.
  • Crypto transactions are instant and have no approval process bypassing the bureaucracy of banks and credit card companies.
  • Taxes calculated on Bitcoin transactions are heavily dependent on local jurisdiction.
  • It will also give you some extra features if you need them, such as storing your private keys or helping you with technical issues.

To make a payment using cryptocurrency, users need a crypto wallet, which can be installed on their computer or mobile devices and act as an interface for accessing their crypto holdings. To be clear, the wallet doesn’t store the crypto itself; it holds the user’s private keys required to access their funds. Some are compatible with nearly all cryptocurrencies, while others may work only with a few. It can be easily added or removed from your website and greatly benefit your company. You can find modules to help integrate international payments with all types of currencies on PrestaShop Addons Marketplace. In this article, we will look at how and why your business should accept crypto payments.

Why accept Bitcoin

However, once payment is initiated through the network, it cannot be reversed. Credit card payments, on the other hand, are processed immediately, but customers are able to dispute payments after they’ve been processed. There are several reasons a business owner may want to accept bitcoin payments. Here are six companies that can help you accept Bitcoin and other cryptocurrency payments. Second, accepting payments in crypto has lower fees than accepting other payments, such as credit or debit cards.

Due to longer settlement times, cryptocurrency transactions can cause overselling in flash sales. Use a direct payment method like Shopify Payments for the best flash sale performance. Several online retailers and some brick-and-mortar stores allow users to pay with cryptocurrency wallets. Before accepting payments in the form of how to accept cryptocurrency cryptocurrency, there are still important things to know and consider about what this means for your business. Accept crypto payments, deposits, and donations online from your customers. While bitcoin transactions are usually instant, sometimes they can take time to confirm and reach the sender, depending on the network activity.

How do I accept a crypto payment

Crypto.com may not offer certain products, features and/or services on the Crypto.com App in certain jurisdictions due to potential or actual regulatory restrictions. Once we have processed https://www.xcritical.in/ the payment, we automatically exchange it if needed and send it directly to your personal wallet. See all the official plugins and extensions developed for popular e-commerce platforms.

How to accept Bitcoin payments in Australia

Silicon Valley-based CoinBase might best be known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies. Still, it also has a Commerce product that makes it easier for businesses to accept digital payments. However, unlike similar services, CoinBase Commerce encourages companies to “be your own bank,” and the platform gives the company granular control of assets. This is a popular way that businesses wanting to accept crypto payments choose. You will simply need to implement the already available integrations onto your website.

How do I accept a crypto payment

Popular payment platforms like PayPal and Venmo also offer the ability for customers to pay in crypto, making integrating and accepting crypto payments quick and easy. Overall, the general cost of accepting cryptocurrency payments is often on par or even lower than regular transaction fees. But, this will depend on a variety of factors specific to your business.

Include cryptocurrency in your checkout process

Since many cryptocurrencies are deregulated, they don’t come with the usual government protections of traditional currency. For businesses looking to accept crypto, payment processors may offer certain built-in protections. You can use a crypto wallet to accept directly from a customer’s crypto wallet. However, the funds will remain in cryptocurrency form until you transfer them to a crypto exchange. You may be able to use crypto processors or gateways to accept payments and exchange them for U.S. dollars on the same platform. First, the best thing you can do for your business is to introduce new customers.