GoCoin offers a 1% transaction processing fee and works with most e-commerce services, including Magento, OpenCart, OSCommerce, Prestashop, Shopify, UberCart, WooCommerce and ZenCart. 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 https://www.xcritical.in/ 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. Gateways are an easier option that offer more flexibility since you can keep your bitcoin or convert it.

• Removing third parties from financial transactions is one of the fundamental tenets behind cryptocurrency.
• According to CoinGecko, the total cryptocurrency market cap surpassed $3 billion in Nov. 2021.
• That’s because most cryptocurrencies aren’t backed by hard assets; their value is solely based on demand.
• The crypto industry exploded in 2021 as more retail and institutional investors joined the space.
• Use PayPal Checkout to accept many different options, including cryptocurrencies like Bitcoin.
• Some even have near-field communication capabilities that let you make touchless payments in cryptocurrency.

GoCrypto is one of the top crypto payment platforms, and it is available to merchants from over 60 countries. For business owners who value simplicity but still want the benefits of accepting crypto payments, BitPay offers a trusted, turnkey solution. When you enable cryptocurrency payments for your B2B enterprise, you can be as involved or uninvolved in the payments process as you want. If you’re already comfortable with crypto you may opt for a more hands-on approach, but even if you have no interest in crypto whatsoever it’s no obstacle to accepting crypto payments. Most businesses prefer the hands-off approach, which affords the flexibility of accepting crypto payments without having to deal with the technical know-how and regulatory upkeep. It’s important to do extensive research to understand how to accept crypto payments and what are the exact legal implications.

Bitcoin Payments vs. Credit Card Payments

A variety of B2B organizations already leverage BitPay to accept and integrate crypto payments. Coinbase, a cryptocurrency exchange based in the U.S.—and regulated by the government—has a payment service called Coinbase Commerce. how to accept cryptocurrency On one hand, cryptocurrency’s irreversibility helps business owners better manage their cash flow. There are no chargebacks to worry about, and if someone requires a refund, the retailer has to manually pay them back.

You don’t need a central authority to oversee your transaction and validate your account. The crypto industry exploded in 2021 as more retail and institutional investors joined the space. According to HSB, a U.S.-based technical risk insurer, 2021 was the year when 36% of the small and mid-sized businesses started accepting cryptocurrency. In order to immediately convert your Bitcoin and other cryptocurrencies into cash, you might want to consider signing up for payment processors like BitPay and Flexa. Contact the BitPay team to start accepting Bitcoin and crypto payments for your B2B business. A cryptocurrency payment is a payment made using any cryptocurrencies accepted by merchants or individuals for a product or service.

GoCrypto is powered by Eligma, and offers a global payment solution. GoCrypto aims to ease crypto transactions between holders, crypto wallets, exchanges, and merchants. The technology developed by GoCrypto enables small business owners to accept cryptocurrency payments while caring for the needs of customers.

No risk of fraud or chargebacks

Every transaction takes place as a digital entry in online databases. However, everyday crypto payments can pose some challenges for both businesses and consumers. Some of the first thoughts that come to mind are price volatility, a lack of efficient bridges between fiat and crypto transactions, lack of education, and the big gap in regulatory guidelines. Ever since the first crypto projects were created, their main purpose was to become a globally used peer-to-peer digital currency. While widespread adoption of crypto payments is still a challenge for most businesses, it is moving in the right direction. In this guide, we aim to equip you with the knowledge required to start accepting cryptocurrency as a mode of payment for your small business.

Crypto fans appreciate that this currency is considered immune from inflation. Governments can’t manipulate the value of cryptocurrencies, which is both a risk and a benefit. On one hand, cryptocurrencies are a hedge against monetary inflation. On the other hand, the value of bitcoin and other crypto is extremely volatile.

Review cryptocurrency regulations in your area

With the 2021 crypto boom, it’s only a matter of time until we see more merchants accepting cryptocurrency payments. A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors gateways and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments and receive fiat currency immediately in exchange. Once you understand the crypto regulations in your area and have an accounting plan to track these payments, accepting cryptocurrency can be seamless to set up.

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. One of the primary reasons cryptocurrencies were developed was to be used as anonymous payments. This reason is often lost in the hype by media outlets and the financial sector, which are focused on gains, losses, and price fluctuations. Prices are important, but it is more important to know how to pay with cryptocurrency if you’re considering using it.

Learn more about the benefits of small business membership in the U.S. Standard flat rate is 2.9% plus 30 cents per transaction, but varies by processor. Some cryptocurrency purchases are now subject to verification rules under the Know Your Customer (KYC) laws, which means you must verify your identity. This includes providing your full legal name, a picture of your government-issued ID and possibly a photo or another form of identification.

Our sales team is ready to guide you through the whole crypto payments process.

Once your crypto-holding customers transfer the digital money, PayPal instantly credits your account with the equivalent USD, keeping your revenue stable and shielded from crypto volatility. For businesses running e-commerce platforms using services like Shopify, Magento, or Woocommerce, this process is relatively straightforward. Once you register to CoinGate you can start sending crypto bills immediately without spending any additional time on setup or coding. To create and send an instant bill you only have to add a payer’s email address and set the amount and currency you request to receive. Because cryptocurrency transactions happen on the blockchain, they’re permanently recorded once complete.

If your enterprise has yet to join this innovative movement, it could be high time to start mapping out a roadmap to crypto acceptance. Some business owners prefer being in the driver’s seat when it comes to accepting crypto payments. While this is perfectly acceptable, it does carry some significant responsibilities as it requires the user to serve as their own banker and payments processor. However, this may give some more privacy-conscious business owners peace of mind.

To make a payment using cryptocurrency, you’ll also need to have a wallet application. Wallets can be installed on your computer or mobile devices and act as an interface for accessing your crypto. You may not be able to afford an entire coin because it can be very expensive—when you buy a cryptocurrency to use as payment, you’ll receive portions that equal the dollar amount you paid.

In fact, each government is working on issuing regulations and guidelines for cryptocurrency transactions. That’s why each situation may be different, and you should consult a tax specialist in your country or state. Bitcoin’s market capitalization grew by 187%, many popular coins reached new all-time highs, and some even offered five-digit percentage returns. According to CoinGecko, the total cryptocurrency market cap surpassed $3 billion in Nov. 2021. The wave of cryptocurrency adoption has swept over the globe, as individuals and organizations are becoming increasingly comfortable with this digital asset class. Plain yet perfect solution for accepting simple payments and collecting donations.

While your customers may not dive into making crypto payments right away, it’s important to learn the A to Z of Bitcoin and crypto and how to accept bitcoin payments. Be ready to grab every opportunity to stand out and thrive in today’s dynamic market. El Salvador made headlines in September 2021 as the first country to accept Bitcoin as its official legal tender. The announcement is a new milestone in the widespread adoption of cryptocurrency.

One of the largest companies in the world enabling businesses to accept cryptocurrencies as payment is Atlanta-based BitPay. The company offers various tools to make accepting crypto payments simple, including hosted checkout, payment buttons, invoicing and Quickbooks and Shopify integrations. Another neat feature offered from BitPay is that it protects businesses from crypto price fluctuations. The company only charges a 1% transaction fee on almost all transactions and allows clients to settle up in local currency cryptocurrency. For high-risk merchants who’ve been declined by traditional payment processors, accepting cryptocurrencies may be especially appealing. This guide covers how to set up your business properly to accept crypto payments and the significant ways accepting cryptocurrency differs from accepting credit card payments.