Accepting Crypto Payments, Easier Than You Think! | CoinPayments Blog (2024)

Accepting Crypto Payments, Easier Than You Think! | CoinPayments Blog (1)

You’ve got a business, it’s doing well, but you want to tap into a new audience, namely cryptocurrency holders.

Your product or service doesn’t have to be connected to cryptocurrency directly for you to engage this audience, they are just normal people who want the same items and services the rest of us do, they just would like to pay with their cryptocurrency.

Maybe you’ve got friends who are into digital currencies already, maybe you’ve just heard about the huge rise in the value of them, but you now know it is here to stay and it is the perfect time to move into the space yourself.

Globally, at the start of 2021, there were over 68 million crypto wallets in the world, and there were almost 400,000 transactions daily in Bitcoin alone. Add to that the recent rise in popularity and value of crypto, and it means that a lot of people are now looking for a way to spend their digital money, safely and securely.

At CoinPayments we’ve got a solution for you that is quick, easy, and simple to use, both for you to set up and for your customers to make payments in your choice of over 120 cryptocurrencies.

Set up the way you need it to be

Accepting Crypto Payments, Easier Than You Think! | CoinPayments Blog (2)

The online world is an incredible marketplace, with 2.14 billion people shopping online in 2021. If you are already using an online shopping portal for your customers, or you are looking to do so, we have a “plug ‘n play” solution that lets you accept the cryptocurrencies of your choice (and only those you choose) from over 120 options, directly through your normal shopping cart as a payment option.

Our solution is designed to work with a number of pre-existing shopping cart solutions. These include OpenCart, Drupal Commerce, Shopify, and many more, as well as an API allowing you to create your own solution with full support from our team. Once set up, your customers will be able to choose cryptocurrency as a payment option and make the payment.

Online purchases, while popular, aren’t the only way we do business. While we think of cryptocurrencies as an online solution, they can work just as well for payments over the counter.

To enable this we offer Point of Sale solutions you can use offline and in-store to take payments directly from the crypto holder as easily as normal card payments and without needing them to visit a web portal or sign up online.

CoinPayments give you the choice, and means, to accept cryptocurrency payments the way you want, in the manner that best fits your business.

What to do with your digital currency?

Accepting Crypto Payments, Easier Than You Think! | CoinPayments Blog (3)

After you’ve received a cryptocurrency payment, then there is the question of “what next?”

Should you keep it as it was paid to you, change it into your cryptocurrency of choice, or do you prefer it back in your local “fiat” currency such as USD, GBP, or EUR?

With the CoinPayments solution, you set up the system to work exactly as you want it to.

You may want to hold your cryptocurrency payments long-term in the currency they arrive in, to take advantage of any price rises in their value. We offer a “sweeping” service that at regular time intervals, or when you hit a certain amount of currency, lets you move all your digital currency at once. It then moves it into the wallet of your choosing, be that CoinPayment’s wallet or a 3rd party, where you have full control over them.

Perhaps there is a particular digital currency you want to hold, despite being paid in multiple types. We have easy to configure options where you can swap all your digital currencies straight away into another one and store them in the wallet of your choosing.
Alternatively, if you want to avoid the price volatility that can come with holding digital currencies, we support direct conversion, in real-time, into the Fiat currency of your choice. This way you get the benefits of accepting digital currencies, without any risk.

Find out more

With the CoinPayments solution, trusted by over 100,000 merchants globally, it is easy to set up exactly what you need, in a way that works for your business and gets you accepting digital currencies with no hassle.

Within minutes, you can be accepting payments from a crypto-holding community looking to spend their digital currency on products and services just like yours, and opening your business up to a whole new audience.

Integration is quick and simple, and you control exactly which digital currencies you want to accept payments in. After receiving the payment, you choose exactly what you do with the funds. You can hold them and, in turn, use them to buy other products or services, exchange them for another digital currency, or change them back into your local currency.

To find out more, register here, and get up and running immediately!

Accepting Crypto Payments, Easier Than You Think! | CoinPayments Blog (2024)

FAQs

Do people prefer in paying through crypto? ›

Lower Transaction Costs: Cryptocurrency transactions can significantly reduce the fees associated with traditional bank transfers and international transactions. Traditional payment processors typically charge around 2.9% per transaction, but cryptocurrency transaction fees can be much lower, often less than 1%.

What are the risks of accepting cryptocurrency as payment? ›

Cryptocurrency transactions are irreversible

Once a cryptocurrency payment goes through, it is permanent. This can be a double-edged sword for small businesses. “Transactions can be refunded only by the party receiving the funds.

How do I add crypto payments to my website? ›

To create a payment button for accepting cryptocurrency payments, log in to your BitPay merchant dashboard, select Payment Tools, and click Payment Buttons. Complete the necessary fields and select the Generate button. After you've filled out the fields, copy the HTML code provided.

How to get paid in Bitcoin? ›

How to Get Paid in Bitcoin and Other Crypto (Step-By-Step Guide)
  1. Set up a digital cryptocurrency wallet to store your Bitcoin.
  2. Share your wallet's public address with the payer to receive funds.
  3. Keep track of your payments for personal record-keeping.
  4. Understand your tax obligations concerning cryptocurrency payments.
Apr 19, 2024

Should you accept crypto as payment? ›

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.

Why are crypto payments better? ›

Payments are usually instant, and there is no need for third-party intermediaries such as banks or credit card merchants. Crypto payments also offer increased security since they operate on blockchain technology, ensuring all transactions are securely recorded and immutable.

What is the biggest risk with cryptocurrency? ›

What are the risks of owning crypto?
  • Price volatility. ...
  • Taxes. ...
  • Custody of keys. ...
  • Technical complexity and making mistakes. ...
  • Scammers and hackers. ...
  • Smart contract risk. ...
  • Centralization and governance risk. ...
  • Bottom Line.

What is the best crypto for payments? ›

Best Cryptocurrencies for Decentralized Payments
Payment TokenMarket CapThroughput (in TPS)
Litecoin (LTC)$4.96 billion56
Ripple (XRP)$27.39 billion1,500
Bitcoin Cash (BCH)$4.61 billion116
Dogecoin (DOGE)$11.18 billion33
4 more rows
Mar 7, 2024

What is the downside to cryptocurrency? ›

The lack of key policies related to transactions serves as a major drawback of cryptocurrencies. The no refund or cancellation policy can be considered the default stance for transactions wrongly made across crypto wallets and each crypto stock exchange or app has its own rules.

How do I let customers pay with crypto? ›

How To Accept Bitcoin Payments in 5 Steps
  1. Understand Bitcoin Regulations in Your Area. ...
  2. Set Up a Crypto Wallet or Gateway. ...
  3. Enable Bitcoin Payments on Your Checkout Process. ...
  4. Integrate Bitcoin Payments With Your Accounting Software. ...
  5. Prepare for Crypto Volatility by Converting Bitcoin to Cash.

How to accept cryptocurrency as payment? ›

How to accept cryptocurrency payments
  1. The merchant sends the QR code to the customer.
  2. Customer scans your QR code.
  3. Customer enters their private key (which acts like a password)
  4. The transaction appears on the blockchain (the public ledger)
  5. All the other computers on that blockchain validate the transaction.

Who has the best crypto wallet? ›

Best bitcoin and crypto wallets
  • Coinbase Wallet Web3: Best bitcoin hot wallet.
  • Ledger: Best bitcoin cold wallet.
  • SafePal: Best crypto hot wallet.
  • Ledger: Best crypto cold wallet.
  • Coinbase Exchange: Best exchange wallet.

Is getting paid in crypto taxable? ›

You pay taxes on cryptocurrency if you sell or use your crypto in a transaction, and it is worth more than it was when you purchased it. This is because you trigger capital gains or losses if its market value has changed. If you receive crypto as payment for business purposes, it is taxed as business income.

What is the easiest way to receive Bitcoin? ›

To receive bitcoin, you simply need to provide a Bitcoin address to the sender. Your wallet can generate these addresses as needed, and you can share this address with the sender via any method of communication.

Is Cash App good for Bitcoin? ›

Cash App is PCI Data Security Standard (PCI-DSS) Level 1 compliant. Your payment information is encrypted and sent securely to our servers whether you're using public or private Wi-Fi or a data service such as 3G, 4G and EDGE.

Are crypto payments cheaper? ›

Crypto payment systems assist consumers and sellers by offering cheaper costs and changing financial transactions. Lower costs for enterprises result in lower operating expenditures, allowing for higher profit margins or more competitive customer pricing.

Is cryptocurrency better than regular money? ›

Cryptocurrencies are a portrayal of a brand-new decentralization model for money. They also help to combat the monopoly of a currency and free money from control. No government organizations can set the worthiness of the coin or flow, and that crypto enthusiasts think makes cryptocurrencies secure and safe.

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