Many small businesses have found that cryptocurrency payments are an effective way to secure their customer base and open up new revenue streams.
It may seem overwhelming initially, but there are plenty of ways for your business to start accepting crypto payments. As your possibilities expand, you’ll have more options to choose from different types of payment processors.
To understand further, here are 7 top ways to accept crypto payments for your small business.
1. Online Payments
The first step towards accepting cryptocurrency payments for your small business is to locate a payment processor supporting crypto. Fortunately, numerous online payment methods support cryptocurrency. These platforms enable you to set up an online business with a few clicks and begin accepting payments immediately.
Then, when sending out invoices, select ‘cryptocurrencies’ as the payment method. You will then see your customers’ addresses and their public keys, which is how they pay on the invoice page. They can then use their keys to confirm the transaction using their computer or mobile device wallet app.
2. Merchant Processing
If you are not interested in setting up your crypto wallet or want to accept cryptocurrencypayments without all the hassle, merchant processing may be the best option for you.
Merchant processing is a service that allows small businesses to accept cryptocurrency payments and immediately convert them into fiat currency via bank transfer or other payment methods. It’s often offered by banks, credit unions, and other financial institutions as part of their suite of services for small business owners.
3. Retail Point-Of-Sale Systems
There are many ways to accept cryptocurrency payments at retail, but the easiest and most convenient way is through a point-of-sale (POS) system. When accepting cryptocurrencies, you have two options: buy your own POS system that supports cryptocurrency or use software-as-a-service (SaaS).
While purchasing a POS system may seem like an expensive investment, it’s important to note that this method can help diversify your sales and bolster your bottom line. If you choose not to, you don’t have to deal with volatile fiat currencies, which means more stability in both profits and revenues over time.
In addition, accepting cryptocurrencies in-store opens up new doors for customers, especially those who want to pay their bills with crypto like Bitcoin instead of cash.
4. Automated Teller Machines (ATM)
Automated teller machines (ATMs) are another way to accept crypto payments. ATMs are usually one-way transactions, meaning you can only withdraw funds from them, but they can still be used to accept crypto payments in-person or online.
Online ATMs allow users to scan their public addresses and transfer cryptocurrency from their wallets into the ATM. In-person, using an ATM requires a two-step process: first scanning your public key and then entering the amount you want to withdraw before getting paid with cash.
If you want people who don’t have access to bank accounts or prefer not letting strangers see their private keys, consider using an online ATM instead of setting up your hardware.
5. Mobile Crypto Payment Applications
Mobile crypto payment applications are easy to use and can be installed on your phone. This means that you can accept payments from anywhere at any time, making them an attractive option for businesses that have to move around a lot.
Many mobile wallets also provide analytics and transaction history tracking features, which can help you identify trends in your business’ spending habits and adapt accordingly.
6. Gift Cards And Vouchers
Gift cards and vouchers are an excellent option for a small business to accept cryptocurrency payments. They are also ideal for rewarding clients, fostering customer loyalty, and enhancing customer engagement.
In addition, if you want to accept cryptocurrencies as payment for products or services, consider using gift cards or vouchers instead of cash. This will help simplify the process on both ends of the transaction while at the same time saving you money in fees and taxes.
7. Third-Party Billing Platforms
Third-party billing platforms are a good option for small businesses. These platforms are easy to set up, use, and learn. You can also integrate into your website or mobile app with minimal effort.
Register with a third-party billing service and set up an account. After that, you can go ahead and sign up for the crypto payment processor that best suits your needs.
The list mentioned above is just some of the many ways you can accept crypto payments for your small business. After understanding your options, you can now embrace accepting cryptocurrency for your business through numerous alternatives available.