How to Accept Cryptocurrency in Your Business?
Blockchain technology and Bitcoin, in particular, is on track to change the financial landscape forever. Bitcoin already has made a huge positive impact in the global payments industry. Many big companies accept Bitcoin for their goods as a legitimate, valuable currency. Though still in its nascent stage, more and more individuals are able to fathom what this blockchain technology is capable of in terms of cheap and fast cross-border payments.
How to Accept Crypto Payments?
There are a number of ways for a merchant to start accepting cryptocurrencies for his business. Some methods are elaborate and allow space for customization, while others are simple and require very little effort. Below are four ways.
Module integration is the easiest and most flexible option that is ready to go by integrating a plug-in via the preferred e-commerce platform. Installing a cryptocurrency payment plug-in is not very difficult at all. You can download it directly from the website, upload the module to your website and set up API credentials, which is provided by the crypto payment gateway provider automatically. Once setup, choose the currency you want to receive your payments in, and you are good to go.
Point of Sale
The next is the ‘point of sale’. Merchants have the flexibility to integrate cryptocurrency with point-of-sale apps. As long as the device is connected to the internet, the merchant can accept crypto payments on the go. They work on both Android and iOS devices as well as web browsers. Other than that, the merchant is also capable of connecting as many PoS devices to his cryptocurrency payment gateway account as he requires. Some PoS systems are able to accept more than one cryptocurrency. Some payment gateways also provide merchants to convert crypto payments to the local currency, which can be sent to the bank account immediately after conversion.
Connect with API
Merchants who have access to somebody with technical knowledge can also opt for API, which is the most customizable solution of all. The API is capable of processing cryptocurrency payments on virtually any website from the point of checkout till settlement. API works in a similar fashion as other integration options by providing a Bitcoin address and QR code to finalize the payment. You need to implement its code in a website to get the API to work, which may be a bit challenging to a merchant, which is why technical developer skills are critical. When using crypto payment gateways, merchants who use the payment API can manage and track orders easily. Similar to other options, the collected funds can be withdrawn to a bank account or a personal Bitcoin address.
Use the Payments Button
This is a fairly simple yet customizable solution to accept cryptocurrency payments. It is as simple as copying and pasting a line of code into your website. You can, to some degree, easily adjust the function of the button to suit your business needs. For example, you can set up the button to charge only one single amount or in other cases, the button can include a slide that allows users to choose minimum and maximum amounts. Button window title, description background picture, logo and colours are customizable. Some of the top cryptocurrency payment gateways provide users with some additional features such as notifications for receiving payments or custom information fields for shoppers to fill out.
Before getting into any cryptocurrency payment integration, the merchant is required to create an account with a crypto payment gateway and verify it. All merchants must be compliant with regulatory requirements. Now that you are aware of the cryptocurrency implementation methods choose a payment gateway that will satisfy the needs of both the merchant and the customer.< Next post - Four Major Online Payment Systems for E-commerce Businesses Prev post - Five Reasons Why B2B Merchants should Partner with Online Payment Gateway Providers >