As a small business owner, you know how expensive it can be to take on payment Solutions and therefore you might not have thought about accepting cryptocurrencies as a form of payment. As I recently experienced Consulting a small business on how to receive cryptocurrencies, it doesn’t need to be expensive, and it doesn’t need to be difficult there is even aways to begin accepting cryptocurrencies such as bitcoin litecoin Ethereum and get local currency directly into your account. I will divide into some different categories some of them requires a little knowledge about cryptocurrencies, and how you can exchange them back to Fiat currencies. of cause I have something on how to swap them into FIAT currency. So with this article, you will have no excuse not to take on cryptocurrencies as a form of payment.
The simple way
The cheapest way requires that you educate yourself a little and how to get your cryptocurrencies converted into Fiat currencies, but at the bottom of the article I will put in a short description that will help you. the limit on this wallets is that you can not make a view only account so if you have employees that need to be able to accept cryptocurrencies on your behalf I will advise you to read the solutions longer down
Setting up a simple Payment solution can be done if you have a computer or a phone. For this you will not have to pay for a fancy solution, It just requires you to be aware of how much you receive and either putting it into a form of cold storage on which we also have a description which can be found HER. Or you will have to exchange your funds before you get too many in the wallet and this is for security reasons.
For the simple solution, there are three different wallets I would recommend you look at. And you don’t need a lot of knowledge about it, a basic understanding is all that you need, to get started that’s why I have chosen these three wallets. If you want a basic knowledge, we have an article right here.
The first one is coinbase by directly using coinbase to accept cryptocurrencies you are limited in what coin you can receive. Currently, it is Bitcoin, Bitcoin cash, Ethereum, and litecoin. But you will have the benefit of being able to directly in the wallet sell your cryptocurrencies back into Fiat currencies, the advantage here is that you can access it on multiple platforms. When you are in your store, you will be able to access your wallets directly from a computer, but you will also be able to access from phones or tablets, so you’re not limited to have a computer standing. And you able to quickly convert into Fiat currencies and get it wired to your bank account. I will recommend Coinbase if you have little to no knowledge about cryptocurrencies and want to accept cryptocurrencies in your business and of course, start reading up on what cryptocurrencies so you can further develop this form of payment in your store.
If you have a basic understanding of cryptocurrencies and you want to accept more cryptocurrencies, I recommend that you use jaxx.io or exodus.io, The reason I suggest these two wallets is that they have a wide selection of available currencies. And they have something called shapeshift which allows you to exchange the currency you received into one joint currency And then transfer it onto something like coinbase where you can get your money out so you will be able to purchase new inventory.
The direct solution
If you don’t want the hassle of exchanging cryptocurrencies yourself, there’s a solution for that also it is called BitPay, it’s a payment solution where you are allowing people to pay with bitcoins which in turn is exchanged directly into FIAT currency and then deposit in your bank account. This opens up your business to accepting Bitcoin without taking the risk of the volatility within the market of Bitcoin, And if you receive less than 30 transactions per month, they have a free solution. It’s an excellent place to start with the free solution just to get you going it will take time to build up customers who will pay with Bitcoin. After that, you have a 1% fee on your transactions which is an acceptable fee if you think about credit card they will take up to 3% fee of the sales. So this is an excellent natural solution that has the added benefit of being able to integrate with different online shopping systems such as Shopify, 3DCart and many more, Besides that they have an integration that works with some point of sale systems. And you can even ad bitcoin payment to your billing solution they also have an open source integration so if your system support integration of self-made apps you will be able to fully integrate and accept Bitcoin quickly and conveniently and in your bank account, you will still just get FIAT currencies transferred.
Going all in
If you’re thinking about going all in on cryptocurrencies, I would say go for it, and this is because it will benefit your business to be able to accept cryptocurrencies. You do not know who is a bitcoin millionaire and it is probably not the people you think that’s why in all internet businesses I would recommend some form of receive payment in cryptocurrencies. In physical stores I would look at what type of consumer is coming in because you need to make enough in a given cryptocurrency to be able to exchange it, that’s why I would set a minimum purchase for cryptocurrency payment. And if you place a minimum of amount around $25. Well, I would say you are in the right zone for starting to accept cryptocurrencies. You still need to consider how much you will be getting. But if your average sale is more than $25. I would like to ask you what’s holding you back, and my favourite solution is coinpayments, it can be your way of accepting cryptocurrency. You are not as shielded as when you use BitPay, but you will have the ability to take on more coins. And a lot of the coins can be auto exchanged into whatever coin you choose or even into Fiat currencies this requires a little work to set up but once it’s setup, it runs by itself just as BitPay. You can then focus on attracting more customers, Of course, you have to pay a fee for the use of their services. They also need to make a living, but the fees are 0.5%. When I have consulted on payment solutions for small businesses I run into a price of between 1% and 3% for receiving credit card payments, so now you have a lower cost, And if you sit down click a little around the coinpayments website, you will find it easy to set up. Once you have opened an account with them which is free, then you will be guided towards a setup wizard that helps you set up what the coins you want to accept, and you can set it to all those coins which the platform automatically exchange for you. So you don’t need to think about anything except making sure that people can see that they can pay directly to you with cryptocurrencies.
Taking everything into consideration the coinpayments site offers you the best solution With a broad array of cryptocurrencies and good integration opportunities with existing web shops and point of sale systems you can even use it to send out invoices directly in cryptocurrencies.
Need to know
If you have a simple exchange opportunity if you’re using exodus or Jaxx wallet, then you can use the shapeshift opportunity within the wallet exchange to either bitcoin Eethereum bitcoin cash or litecoin. Then send it to a coinbase account from there you can exchange it directly to US Dollars or Euro and have it wire-transferred directly into your bank account.
As a small business owner, you know how expensive it can be to take on payment Solutions and therefore you might not have thought about accepting cryptocurrencies as a form of payment. therefore we bring you some good solutions. https://cryptoms.online/2018/02/16/grow-your-business-by-accepting-cryptocurrencies-such-as-bitcoiN