Cryptocurrency has successfully taken the world by storm during the past several years, with several new crypto coins hitting the market for people to use across exchanges and even at businesses. No cryptocurrency carries the same level of cloud as Bitcoin, however. And with a single Bitcoin being worth nearly $43,000.00 in spring 2022, there’s little wonder why.
But should your business start accepting payments using Bitcoin? What would that process involve? Would it be worth it? Our financial experts at unBanked are here today to explore these different questions so you can help your business advance into the future of crypto payments!
Related: Taxes on Crypto: The Best Guide For 2022
What Companies and Businesses Accept Bitcoin or Other Crypto?
Accepting cryptocurrency at businesses has become more accessible and more widespread over the past decade. Some of the first high-profile businesses to accept crypto include those operating within the world of tech, like Microsoft and Paypal, and the e-commerce industry, like Overstock and Etsy. Less techy companies have also jumped on the crypto payment bandwagon, including Whole Foods, Starbucks, and Home Depot.
Why Should Businesses Accept Bitcoin?
While the crypto payment process may seem exceedingly complex compared to more traditional payment methods, once businesses understand how to leverage them correctly, they can serve as a cheap and quick payment option that can be an attractive proposition for existing customers. Crypto payments also have the potential to unlock new business models for those who utilize them effectively, similar to how the rise of credit card payments enabled the massive expansion of online shopping opportunities.
Aside from these factors, some other key benefits that businesses can see from accepting crypto payments from consumers include:
- Lower transaction fees due to greater separation between businesses and central finance intermediaries like credit card companies
- Merchant protection due to the decentralized nature of crypto setup, which can defend against fraudulent chargebacks
- Increased levels of customer convenience
- An added layer of protection for customer payment information
- Faster payment transactions that save time for businesses and consumers alike
- Increased sales due to the ability of crypto to open the doors to a new range of eager international consumers
- The elimination of many chargeback fees from other payment sources
Are you eager to experience the financial freedom tied to a new banking experience? Our financial experts at unBanked are proud to offer access to specialized bank accounts, debit cards, and various crypto services that provide a wide range of rewards!
Factors to Consider Before Accepting Bitcoin
Before choosing to accept Bitcoin payments- or any other type of cryptocurrency payment- at your place of business, you need to consider a wide range of critical factors. Some of the essential points of consideration include;
- Will you use specific payment tools?
- Which crypto will you accept?
- What are the tax and accounting factors you need to consider?
- When and how will you convert your crypto to cash?
- What training will your staff need to accept crypto payments?
- How will you prepare to answer customer questions?
- What elements of customer service are involved?
- How will you issue refunds?
- How will any crypto payment tools you use work with your current inventory or payment tools?
Related: How to Sell Your Cryptocurrencies
How to Start Accepting Bitcoin and Other Crypto Payments at Your Business
A few basic steps come with accepting crypto payments as a business. For example, you’ll need to set up a secure cryptocurrency wallet, which essentially works like a bank account where you can receive digital money from customers in exchange for your goods and services. There are a wide array of crypto wallets you can choose from. However, it’s typically a good idea to select a multi-cryptocurrency wallet that can hold several types of crypto, especially if you’ll be accepting more than just Bitcoins.
Multi-crypto wallets also save you the inconvenience of opening several different crypto wallets to accept various types of crypto. While this isn’t a major issue if you only intend to accept Bitcoin, it’s an essential element to consider if you accept other cryptos.
You’ll need to integrate your crypto payment options with your business’s website. This element is especially critical if you operate any type of e-commerce site, like Shopify, Etsy, or others. Thankfully, there are several plugins that you can install to set up easy crypto payment processing. Alternatively, you can also sign up for a crypto payment gateway if you can’t find a plugin you like. Crypto processors provide multiple ways to accept crypto payments on your website, like payment buttons, invoices, etc.
One final option is to organize direct crypto payment methods with customers. All that your consumers will need access to is your crypto wallet address or a specially-generated QR code from your wallet. All your client will have to do is scan the QR code or enter the address to make their payment.
Related: Where Can I Pay With My Bitcoin?
Final Factors to Keep in Mind
The age of cryptocurrency is here, and it’s likely here to stay. Because of this, there’s arguably never been a better time for businesses to consider expanding their operations to accept crypto payments from customers! But while there are plenty of tools and platforms that you can choose from to start accepting crypto at your business, we highly recommend the specially designed business solutions developed by our team of financial experts at unBanked!
Our services don’t automatically convert crypto into FIAT and attribute a USD value on purchases. Instead, we support a wide range of tokens and empower businesses to hold their crypto for as long as they want until the point of sale. For other essential information on all things cryptocurrency, please also consider exploring our wide array of expertly written educational resources!
Are you searching for access to a top-quality banking provider that will easily allow you to buy, send, and sell cryptocurrency while also offering you great rewards? Our financial experts at unBanked are proud to provide clients with access to a wide array of stellar services!
