Looking into having your business accept cryptocurrencies like bitcoin? That is very smart. Plus, it may be easier than you think.
Read on to learn how your business can start accepting bitcoin.
Cryptocurrency is the newest form of digital currency. It is decentralized, meaning that it does not need a bank, government, or any other third-party entity to operate and maintain it. Being a stand-alone currency is beneficial to many people for many different reasons, making it a hot ticket item right now.
Why Cryptocurrency is Different
So, what exactly is it about the decentralized element of cryptocurrency that makes it so different from other forms of currency? Well, it has proven to make it more cost-effective, efficient, secure, and international transaction friendly.
Most credit card transactions come with fees upwards of 3.5% to 4%. This isn’t good for the merchant or the customer. Either way, you put it, the customer has to pay extra to get the product. Cryptocurrency, on the other hand, has a less than 0.5% fee when using a crypto payment gateway. Giving the merchant an edge over its competitors and the happy customer a new product at a lower cost.
Speeds Up Transaction Process
Cryptocurrency doesn’t take near as long to process as other, more traditional forms of currency. Because it is a stand-alone entity, there are fewer intermediaries for it to pass through before ending up in your bank account.
Crypto is incredibly secure. In fact, it is more secure than standard credit card transactions. It can accomplish this by using secure cryptography to process the data and ensure that it moves from owner to owner quickly with no intermediaries. Keeping both parties anonymous and their transaction tightly sealed.
The speed of this process is quick, but the difference is ultimately subtle when it comes to transactions within the U.S. International transactions, on the other hand, are an entirely different story. Typical international transactions have to pass through multiple intermediaries, taking a long time to process. Crypto has virtually no intermediaries and can be processed much quicker. So you, as the merchant, end up with your money much more quickly while simultaneously reaching a broader target.
Types of Cryptocurrency
There are plenty of different types of cryptocurrency that have surfaced within the last several years. Among these are Bitcoin and Ethereum
Bitcoin is a form of cryptocurrency that was designed specifically to become a replacement for other forms of currency and payments like cash, debit, and credit.
Ethereum, unlike bitcoin, wasn’t made exclusively with currency in mind. It uses a blockchain style of operation that can be used for several different things like NFTs, DeFi, and smart contracts.
How Do You Accept Bitcoin Online?
After learning all of this, the next natural question as a business owner is how do you accept bitcoin online? As cryptocurrency becomes more popular, it will become more and more important to be able to accept it. Plus, getting on top of this early will allow you to have an edge against your competitors. And the best part is that it is very easy. You just need to outsource a cryptocurrency payment gateway.
Cryptocurrency Payment Gateway
Cryptocurrency payment gateways are simply a medium that processes all of your transactions and immediately converts them into a currency of your choosing. They then deposit it into your bank account on predetermined days of the month.
Payment gateways allow you to accept crypto without having to do any of the work or hire any personnel. The only thing you have to do is choose the gateway with features that work best for you. Here are a couple of features you will want to look out for.
Some gateways have a vault that allows you to safely store your crypto coins in them. Many people opt for this option, so it is nice to have.
Integration into your current operations and software is critical. It could not be worth outsourcing to them if you have to change over other software and have your people relearn how to run the financial side of your company.
Auto Coin Conversion
A big thing you will want is auto coin conversion. This feature pays attention to the value of bitcoin at the time of transaction. So, it doesn’t matter if the value of bitcoin drops by the time the payment is processed. You will always be getting paid the proper amount for your product or service.
The Bottom Line
Accepting bitcoin is going to become a must sooner or later. So, you should get your business on board now and outsource a cryptocurrency payment gateway. This will allow you to efficiently and safely accept cryptocurrency, with lower fees than credit cards and faster processing. Ultimately, getting your money to you quickly and providing you with an edge over your competitors.
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