Cryptocurrencies are a hot topic in the world of business and finance. And as a business owner, it’s always important to keep up with trends so that you can stay one foot ahead of the competitors.
But cryptocurrency is a tricky one. Should you accept crypto payments just because it’s the latest fad? Is crypto here to stay?
This blog post will explain how to accept cryptocurrency, what some of the benefits are, as well as some of the pitfalls.
What are the pros of accepting crypto payments?
International customers: Cryptocurrency is an international currency, so it could lead to more customers in international markets who might not have been able to pay for your goods otherwise.
Faster payment: You can also get paid faster with cryptocurrency than with other types of payment methods since transactions only take seconds or minutes rather than days. It’s an effective way for many people around the world to send money without any high fees or international transaction costs.
No excess fees: There are no chargebacks either - if someone sends you a payment in Bitcoin, they're usually not going to be able to take it back once it's sent, which means less fraud risk for merchants who choose this method of payment.
What are the cons of accepting crypto payments?
Volatility: The major con is that there can be price volatility with cryptocurrencies - meaning your profits could go up one day only to come down the next because prices change quickly.
Trust issues: Additionally, because the industry is so volatile people may not trust using them as currencies yet. You also might need extra hardware like wallets or QR codes in order for your customers to pay with their coins easily unless they have them stored on their own computers.
Tax implications: Initially, it was thought that cryptocurrencies would mean less tax. You need to classify your crypto gains as gross income based on the fair market value at the time in which it was received.
Should You Accept Bitcoin on Your Site?
Bitcoin is a digital currency that's been growing in popularity over the last few years - it dominates 60% of crypto shares and encounters 100,000 daily active users in the UK. It's been touted as "the future of money" and has some advantages over traditional currencies.
Many people are wondering if they should start accepting Bitcoin on their site, but the answer is not that simple. That's why we're going to explain what you need to know before deciding whether or not it's a good idea for your business.
First of all, let's look at how much interest there is in this topic. A recent study found that there are 9.8 million British cryptocurrency owners, with 30% of these users being between the ages of 18-29. Judging from this state, would your business’s target audience benefit from using Bitcoin as payment?
With so many people interested in using bitcoin as a payment method, lots of businesses are looking into integrating this technology with their current practices. Currently, over 500 online businesses accept Bitcoin as a form of payment.
Benefits of Accepting Bitcoin on Your Site
Bitcoin is a digital asset that can be used to purchase products and services. With bitcoin, you don't need any of the following:
- a credit card
- a bank account
- a debit card
- to pay high transaction fees
- to worry about identity theft
Bitcoin transactions are made without middlemen, so there's no chance for fraud or fraudulent charges. It's also possible to accept bitcoin on your site with ease by using plugins like WooCommerce and Stripe.
5 Ways to accept Bitcoin and cryptocurrency on your website
Accepting cryptocurrencies on your website largely depends on what platform you are using. However, many of the top e-commerce websites accept the following crypto payment methods.BitPay
BitPay is a payment processing company that allows businesses to accept Bitcoin, Bitcoin Cash, Litecoin and Ethereum payments. Though still new, Bitpay has quickly grown into one of the largest companies in this industry.
Bitpay provides a platform for merchants to accept bitcoin as payment and convert it into their local currency. This way, if someone wants to pay with bitcoins, they can do so without having to worry about fluctuations in price or other issues associated with traditional currencies.
PayPal has been a popular choice for online payments for many years, and they are now expanding their services to include cryptocurrency. This move is sure to make it easier for people to use Bitcoin and other digital currencies in their everyday lives. PayPal's support of cryptocurrencies is a sign that this form of payment is here to stay and that its popularity will only continue to increase.
Integrated with Woocommerce and Shopify, Coinbase allows merchants from anywhere in the world to accept crypto as a form of payment. All payments are completely decentralised, which means it doesn’t rely on the need for financial intermediaries.
Coinbase allows businesses to compete with a global customer base, with chargebacks being a thing of the past.
NOWPayments is another integration system that allows merchants to accept Bitcoin, Ethereum and 100 more cryptocurrencies on your platform.
And if using a software tool isn’t on your agenda, there is always the option of accepting crypto payments manually. Because cryptocurrencies are designed to reduce the need for third parties, it’s easy to make transactions manually. You can simply speak to your customers and devise your own agreed-upon payment process.