How to accept Bitcoin payments: A guide for small businesses

The system makes it easy for two parties to make an exchange. However, some merchants might not be comfortable accepting payment in digital currency; they might not understand how any of it works or be skeptical about the system. If you’re using Shopify, one of the biggest platforms for e-commerce, you’re in luck, because cryptocurrency has first-class support on the platform.

how to accept cryptocurrency payments

There are over 30 currencies supported on the NOWPayments service. They include the most popular coins, stablecoins, and tokens. PCMag.com is a leading authority on technology, delivering lab-based, independent reviews of the latest products and services.

The Easy Way

Their products include a crypto payment gateway, personal and business cryptocurrency wallets with a built-in exchange, an OTC desk, SaaS crypto payment gateway. In addition to their existing services and solutions, CoinsPaid is planning to release a CPD token and DeFi solutions for their clients. By using their token, you will receive up to 50% fee reduction for your business. Plisio is a cryptocurrency gateway allowing your business to start accepting crypto payments in a matter of a few minutes. The connection won’t take long and the most popular integrations like Opencart, WHMCS, VirtueMart, and WooCommerce will make it even easier for you. Plisio has a perfect solution for any business and its flexible API can meet any demand.

  • NOWPayments allows you to simply set up your payment system, and focus on running your business.
  • Businesses that accept Bitcoin should be prepared for the possibility of customers requesting refunds, and keep track of how much money each customer has paid,” wrote Inc.
  • As such, it should be no surprise that many of the world’s largest companies have begun accepting cryptocurrencies as payment for goods and services.
  • In the survey, 35% of the respondents said that they chose to go crypto to keep up with competition and customer demands.
  • Their cryptoprocessing solution is widely used and works with 5% of all Bitcoin transactions.

Stripe allows you to design your own personalized payment processor using their API. This is great because it offers a lot of flexibility, but can be difficult to use if you don’t have your own programming expertise . Its e-commerce plugins and API interface makes it one of the most trusted global network wallets. API allows you to receive and send bitcoins to other wallets. POS mechanism allows bitcoin to be converted into 8 fiat currencies.

There are a number of different processors that make it easy for businesses to accept crypto payments, and each has its own advantages and disadvantages. Many small businesses use services like BitPay, Coinbase Commerce, CoinGate, or GoCoin. These brands specialize in helping businesses accept cryptocurrency payments, and they make it very easy to integrate this functionality into your business website or online store. If you accept them as a business owner, you’ll want to make sure you are converting your payment to U.S. dollars quickly or holding the crypto as part of a long-term investment plan. These payment gateways can convert your crypto payments to cash automatically. Is a large ecosystem that consists out of multiple financial solutions for businesses and individuals.

Cryptocurrency Payment Gateway: What It Is, How It Works, Fees

In fact, each government is working on issuing regulations and guidelines for cryptocurrency transactions. Some countries already have these crypto regulations in place. That’s why each situation may be different, and you should consult a tax specialist in your country or state. Another key factor to consider is the range of cryptocurrencies that different cryptoprocessors support. For example, while Coinbase Commerce supports all four major cryptocurrencies— Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—GoCoin only supports Bitcoin and Ethereum.

“NOWPayments is thrilled to present a new feature for all the business-owners out there who would like to explore crypto payouts along with payments.” The money is added to your account with the provider; it is deposited to your designated bank account in intervals decided on in your service contract. BitPay converts the customer’s payment into your local currency. During the past few years, cryptocurrencies have exploded in popularity, with assets such as Bitcoin, Ethereum, Polkadot and Litecoin all growing sizably. Bitcoin’s total market cap, for example, surpassed $1 trillion in February 2021.

Businesses can use cryptocurrency payment processors to accept crypto payments on their websites. GoCrypto is one of the top crypto payment platforms, and it is available to merchants from over 60 countries. As mentioned earlier, estimates show that 36% of small businesses accept cryptocurrency payments. To keep up with the rest of the industry, more businesses should start accepting cryptocurrency payments. There are no size restrictions on businesses that can accept cryptocurrencies. Accepting bitcoin payments will require paying fewer fees than credit card payments.

Considering Accepting Cryptocurrency? What to Consider

Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does https://xcritical.com/ not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. Ethereum.org, Ethereum is the “community-run technology” behind the cryptocurrency Ether .

how to accept cryptocurrency payments

Setup will take only a couple of minutes and you won’t have to provide any documents and spend time on paperwork. Our company follows all today’s standards and security rules, as well as respects clients’ privacy and privacy in business. PC hardware is nice, but it’s not much use without innovative software.

How to know which cryptoprocessor is right for you

But before you even start thinking about your global empire through crypto, you need to remember that crypto is here and it’s now. CheapAir.com has been accepting cryptocurrency payments since 2013 and accepts a big range of coins. You can pay for your flight or hotel booking using a range of digital currencies and stablecoins, including Bitcoin, Ethereum, Dogecoin, Gemini Dollar , and USD Coin . The online travel company accepts a number of cryptocurrency payments, including Cardano , Bitcoin, Ethereum , Dogecoin , and more. It’s also partnered with Binance Pay and Crypto.com Pay so customers can pay for their hotel stays through the exchanges’ apps.

how to accept cryptocurrency payments

A delivery service offered an option of paying for meals with Bitcoin. According to their own statements, primarily to turn gamers, who are more inclined to cryptocurrencies, into a larger target group. That is, they can not only order their pizza online but also pay anonymously.

The Complete Guide to Crypto Business Ideas

Current Bitcoin fees are ~$1.00 per transaction and are estimated to decrease with further SegWit adoption and Lightning Network implementation. Additionally, you have significant control over the fees that you pay. The higher your transaction fee, the quicker you’ll receive your payment. If you’re a business owner and understand how cryptocurrency works, you might not have any reservations about accepting it. As a result, you might not need the services of a gateway provider. But because more than 99% of the U.S economy consists of small businesses, it’s possible that not every business owner will understand or trust cryptocurrency.

If you’ve been thinking about accepting Bitcoin or other cryptocurrency payments, this guide covers key considerations for small businesses. The IRS considers cryptocurrency to be “property” for tax purposes. This means that if you accept cryptocurrency, you must report it as gross income based on its fair market value when it was received. “In other words, each time you sell, buy, or use Bitcoin, you’re subject to a capital gains tax.” wrote Inc. El Salvador made headlines in September 2021 as the first country to accept Bitcoin as its official legal tender.

The more volatile an asset, the greater its potential to provide higher returns or lower losses over shorter time periods than those with lower volatility. With the right processor, you’ll be ready to take your small business into the crypto future. Finally, it’s worth considering the geographical reach of different cryptoprocessors. For example, while BitPay is available in nearly 200 countries, Coinbase Commerce is currently only available in 42.

Which cryptocurrencies to accept?

OpenNode is one of the most popular Bitcoin payment processors for business transactions. OpenNode is free to start and quick to set up, within minutes of signing up OpenNode provides a simple and easy-to-use experience for any business that wants to accept Bitcoin payments. As Bitcoin and cryptocurrency in general pick up steam, business owners need to make sure they are up to speed on how to accept it as a form of payment. Fortunately, it’s just as easy to accept crypto as it is to buy crypto, and there are multiple ways to do it.

The technology for crypto payments already exists

The platform supports 30+ cryptocurrencies including Bitcoin, Ethereum, BNB, and many more. Crypto travel giant Travala was the first platform started accepting crypto payments using Binance Pay. Here is a list of 19 best cryptocurrency payment gateways to accept Bitcoin and Altcoin as payments for merchants. These crypto payment processors accept BTC, ETH, XRP Litecoin, and a few other major cryptocurrencies. PayPal, one of the largest online payments companies globally, recently announced that consumers would be able to pay merchants in the PayPal network with cryptocurrencies.

The service fee is collected automatically before funds are transferred to the merchant settlement account. One of the outcomes of this boom was that purchasing crypto has become easier than ever, and the service is available on multiple platforms. This has also led to a decorrelation between the price of altcoins and bitcoin. New retail investors are more interested in the project’s use cases and overall functionality, than they are concerned about bitcoin’s price. Stay updated on the latest products and services anytime anywhere.

However, unlike similar services, CoinBase Commerce encourages companies to “be your own bank,” and the platform gives the company granular control of assets. If you’re among the enterprises left out of the crypto payments bracket, how to accept cryptocurrency it’s probably time to start figuring out how to accept crypto payments to keep pace with the competition. One advantage of accepting crypto payments through a payments company such as GoCrypto is the instant transaction time.