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Accept Crypto Payments on Your Website Zero Risk + No Chargebacks

Many wallets can use your device’s camera to scan QR codes to create unique addresses for sending and receiving crypto. Some even have near-field communication capabilities that let you make touchless payments in cryptocurrency. These platforms offer an array of plugins that can be easily installed to enable crypto payment processing, allowing for a seamless transaction experience for your customers. Given the diverse range of cryptocurrencies in the market, it’s highly probable you’ll be accepting payments in various digital currencies from different customers. While cryptocurrency payments offer considerable advantages, they do come with challenges.

Similarly, there is an exchange fee every time you convert crypto into fiat or vice-versa. And should you want premium security, there are hardware crypto wallets. It lets you get paid in various crypto coins like BTC, ETH, ADA, XMR, etc. However, this platform is different from others in that they quote businesses individually about fees and plans.

Pros and Cons of Accepting Bitcoin & Other Cryptocurrencies

Make sure the processor supports the cryptocurrency you want to accept and integrates easily with your existing payment system. You may also want to look for a provider with simple integration options for popular eCommerce platforms, such as Shopify or WooCommerce. To set up crypto as a payment option for customers, you first need to determine which cryptocurrencies you want to accept. Conduct market research, and gather feedback to figure out which cryptocurrencies are most popular and in demand with your target audience. Bitcoin (BTC) is the most widely recognized and accepted cryptocurrency, but there are numerous other options, such as Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and so many more.

Coinbase commerce currently supports Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, Dogecoin, and USD coin. In June 2021, global crypto adoption soared over 880% compared to last year. Downloading the plugin for your prefered e-commerce platform and instal it with a few clicks. Leeron is a New York-based writer with experience covering technology and politics. Her work has appeared in publications such as Quartz, the Village Voice, Gothamist, and Slate. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.

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Even though cryptocurrencies are still pretty young, it is on the radar of the payments industry. PayPal has also «joined the party» and started to allow its users to buy, sell, and keep crypto on their platform before converting it to USD to pay for stuff. You must first determine whether you want your crypto payments to be received in cryptocurrency https://www.xcritical.com/blog/how-to-accept-cryptocurrency-bitcoin-ethereum-litecoin-and-others/ or fiat currency. It’s worth noting that PayPal allows shoppers to pay using cryptocurrency. What makes PayPal different from other services is that merchants neither choose to allow this option, nor do they have the option to be paid in crypto. Instead, a PayPal user who holds cryptocurrency in their PayPal account can choose to pay with it.

In order to immediately convert your Bitcoin and other cryptocurrencies into cash, you might want to consider signing up for payment processors like BitPay and Flexa. In this guide, we aim to equip you with the knowledge required to start accepting cryptocurrency as a mode of payment for your small business. Before we look into how to accept crypto payments, let’s see how a crypto transaction is processed. The key difference between the traditional banking system and cryptocurrency payments is that the latter is peer-to-peer.

of 18-35 year olds globally plan to pay using crypto in 2022

That is, as long as a business is complying with all the relevant laws and regulations. Tax regulations and reporting requirements change from year to year, so it’s crucial to stay informed about updates and changes in cryptocurrency taxation. In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto https://www.xcritical.com/ prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk.

Small business owners said that the crypto adoption by large payment processors and innovative companies is the main reason to start accepting crypto payments. A small portion of pro-crypto payment business owners revealed that they accepted crypto to challenge competition and meet customer demand. Silicon Valley-based CoinBase might best be known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies. Still, it also has a Commerce product that makes it easier for businesses to accept digital payments.

BitPay

However, it is one of the easier and safer ways to get your hands on some cryptocurrency unless you’re familiar with setting up a wallet and sending or receiving crypto. It’s important to note that according to the International Revenue Services (IRS), all cryptocurrencies are treated as capital assets and are subject to capital gains tax. For businesses running e-commerce platforms using services like Shopify, Magento, or Woocommerce, this process is relatively straightforward. It eliminates the need for managing multiple wallets for different cryptocurrencies, offering a streamlined, user-friendly experience.

• Plus, you can provide a flexible and speedy experience to your customers with a one-click checkout process.
• This method effectively shields your business from potential losses due to sudden market changes, ensuring you receive a consistent cash value for your crypto transactions.
• Many surveys have been related to what firms are thinking to do in the evolving crypto environment, especially smaller to mid-sized businesses.
• One of the outcomes of this boom was that purchasing crypto has become easier than ever, and the service is available on multiple platforms.

Not all cryptocurrencies may be supported, and some are simply more popular than others. For instance, most services offer bitcoin and support bitcoin wallets, but not that many will support bitcoin cash or lesser-known cryptocurrencies. But if you want to learn how to accept crypto payments, it is important to understand the different aspects of this payment method. The main criteria that any small business owner should consider are price volatility, the different types of cryptocurrencies, and cryptocurrency taxation. The service has no payment limits, offers competitive fees, and, most importantly, is intuitive and user-friendly. Cryptocurrency is still in its infancy, but the list of places you can use it to pay for goods and services is growing.