For over a decade cryptocurrencies were all over the news and media. Now the dog and pony show is over, so where’s that leave us now?
Now cryptocurrencies taking the mantle of means of payment i.e currencies fully. The biggest payment system paypal is going to accept the crypto quite soon- in a few months it will operate with cryptocurrencies.
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In addition to that Visa lately announced that it works tightly with cryptocurrency platforms to provide millions of merchants an access to crypto-payments. Users of dozens of currency wallets can spend their coins using Visa already.
In addition to more than 9 million US business Visa and PayPal payments are accepted almost all over the globe. And there’s every reason to assume that bitcoin ATMs are soon to be seen.
And if we look up the number of people using crypto (more than 80 million people) it should indicate only one thing- it’s good for business to accept any currency which people use and your business rivals accept- if they don’t know, they will soon, because crypto has several advantages over the conventional payment means.
- Fewer transfer fees. Yes, there are charges for transactions but it mostly varies between 0,5% to 1%, and in some cases, it’s completely free of charge. Meanwhile, Mastercard AE or Visa charge from 1,5% up to 3,5% per transaction. The reason for that is that cryptocurrencies are decentralized, and there’s no need for a third party.
- Nearly- instant transactions. Peer-to-peer exchange means instant money transfer, at least in comparison to traditional banking methods. With banks, waiting for a transaction to be complete might take days. Nobody likes waiting now, and the speed of transaction is the thing you and your clients will appreciate.
- Borderless transfers. Your clients can send you money from any part without any access to banks. This means that you’re entering the global market.
- Protection from fraud is guaranteed by most cryptocurrencies. Crypto and the blockchain works like cash in many ways. Namely, it prevents clients from using chargebacks and prevents your clients from paying for your goods with money they don’t have.
- New customers and marketing. It’s always a good thing for a business to be at least perceived by the public as progressive. You want to be known as innovative and Crypto provides a helping hand with the PR. It attracts new customers with the newly acquired rep and customers who prefer to use BTC will naturally be drawn to you.
- Less “abandoned shopping carts”. According to recent statistics, the lack of payment methods is one of the major reasons for clients to abandon the cart. It simply means that after implementing the BTC payment system you can expect a rise in conversion rates.
The aforementioned reasons should be enough for any enterprising business owner to ask the following question:
How can your business accept bitcoin payments?
It’s not nearly as complicated as it may seem for a person yet removed from the world of crypto. The following steps are enough to establish a working payment system suitable for almost any business model you’re currently running.
- Pick Bitcoin PSP (payment processing provider) and open a bitcoin account. You can find several PSP services each offer different fees and features they include but are not limited to: bitcoinpay coinfy and bitpay. Check each and every to make an informed choice. Then just pick “accept BTC”, provide your email and you’re mostly done.
- Eliminate restrictions by verifying your identity. Despite the fact that bitcoin exchanges are anonymous, your account will be limited to $1000 a month transfers. It’s not that big of a problem, though. All you need is to verify your identity by providing IDs, and information about your company.
- Pick the currency. After you receive your payment in BTC money is converted into fiat currency and transferred to your bank account. Sounds simple? But there’s a catch. EUR and USD have the lowest fees for this type of transaction. Especially EUR, by picking it you’ll save a significant amount of money. And in addition to that, you can charge in USD and with help of SPOT exchange it to EUR without paying any fees.
- Accepting BTC payment from customers in the store. There are a few ways to do it. You can either send your client an email with a payment link or give a QR code to your customer via point of sale(PoS) machine.
- Accepting BTC payment from customers on your website. The majority of PSP offers API you can integrate through the backend on your website and in addition to that, there’re downloadable plugins for the majority of online store management systems, so you can accept bitcoins as payments right away.
What to do with BTC after. It can be automatically converted and deposited into a bank account. All you need is to configure a sum which will be deposited on a specific date you want it to be transferred.
Alternatively, with a Split function, you can, well, split the crypto income into two parts. One is deposited into the bank and the other just stays in your coin wallet.
If you are still not convinced there is a small coverage of the.
Where’s the Crypto payment used already?
As it was already covered above- not only the retail segment of business accepts BTC. Even JP Morgan launched the crypto token – JP Coin and Bank of America accept crypto as well.
Over the past decade, even some healthcare organizations accepted BTC as a payment system and Coca-Cola has vending machines accepting BTC. Let alone the small and middle businesses especially in countries that warmly adopted Bitcoin. There is even a region in Holland called “Bitcoin City”. There’re 130 BTC ATMs in London and the list goes on and on.
Major travel companies accept bitcoin as well. Here’s a small list: CheapAir, Fluege.com, Abitsky Destinia, Berkeley Travel, BTCtrip. You can book hotels, rent cars or book flights with these services. If we take a look at airlines in specific, you have Far Eastern Air, airBaltic, FlyPeach, Norwegian Air and the list goes on. In addition to that Uber accepts crypto so basically, you can get anywhere paying with BTC for transportation.
Nordstrom, Tesla, BMW, Whole Foods will gladly accept your coins as well. For less known brands you can use a search engine dedicated to finding things available for purchase in BTC called Spendabit. It aggregates both major BTC accepting vendors like Newegg, Overstock.com, Fancy.com, and a huge number of smaller vendors.
When it comes to the platforms where bitcoin isn’t accepted yet you can find dozens of services offering assistance in buying goods for BTC. Take Amazon, for instance, you can easily buy anything there with BTC using the following services: Purse.io, Bitrefill, Crypto Credit Card, Moon.
As you can see, accepting BTC is easy and major Businesses have already implemented this new and forward-looking way of payment.