Many businesses are now accepting crypto payments on their websites. As cryptos continue to become mainstream, it is time you decide whether to start accepting cryptocurrency payments. If you decide to do so, you need to get it right from the start.
Before accepting cryptocurrency payments, you should first determine whether it is appropriate for your business. If you do not understand the intricacies involved and how it works, it can be a worrying decision to make.
Benefits of Cryptocurrency Payments
The idea behind marketing is to reach the right people with an appropriate message. In so doing, you will start making sales.
Thus, if you have many customers engaging with cryptocurrency, then you should allow them to buy from you with crypto coins.
When you accept cryptocurrency, it will have an impact on your brand identity. For instance, you will appear to be a cutting-edge, innovative business ready to embrace new technologies.
Statistics show that people who embrace cryptocurrency are aged between 25 and 45 years old. Thus, if your target market is made up of people aged above 60, then you should avoid it.
Another reason you should consider accepting crypto on your website is its lower transaction fees.
Disadvantages of Accepting Crypto Payments
Most business owners worry about the volatility of cryptocurrencies. You cannot tell how cryptocurrencies will perform from one day to another.
Some cryptos have been found to lose even 50% of their value in a few weeks. This is not what you want as a business owner.
Fortunately, accepting crypto payments does not mean you have to hold them. You can avoid volatility by exchanging them for your preferred currencies immediately.
The other thing to worry about cryptocurrencies is curiosity. When you accept crypto coins on your site, you will stir curiosity.
Also, your customer support team might be bombarded with lots of questions about cryptocurrencies, instead of questions about products. You should be ready for this if you accept crypto payments.
These are tips to help you accept crypto payments on your website:
Basics
Ideally, you are required to have a “wallet.” This allows you to hold, sell, and buy different cryptocurrencies. You are provided with a unique private key to keep your crypto coins accessible and safe.
If someone pays with crypto on your website, you will get money in your wallet. You can then exchange it into the currency of your choice.
Communication
Good communication is important when introducing new payment methods on your website. If you decide to accept crypto payments, then you should inform your customers. They need to know how this will benefit them.
With good communication, many people are likely to accept the option. Also, this can boost your brand loyalty.
Integrations and Platforms
The platform you use will have an impact on crypto payment integration on your site. Most content management systems have plugins for quick setup.
Also, some crypto payment platforms provide alternatives, such as custom integration, invoices, and payment buttons.
Remember cryptocurrency was meant to allow seamless financial transactions without the need for middlemen. Thus, you can always discuss with your customers about crypto payments.
Choosing Crypto Payment Processor
The purpose of accepting crypto payments on your site is to allow maximum value both for your business and customer. However, with so many options out there, you want to ensure you get the right deal.
These are some of the factors to consider when selecting a crypto payment processor:
- Transaction Fees – Consider the amount of fees charged per transaction to ensure you get the right deal.
- Supported Countries – Not all countries support cryptocurrencies. If you have customers from such countries, you should have a payment system that is available to them.
- Payout Frequency – Cash flow in a business is important. You can find crypto processors with daily, weekly, or monthly payouts.
- Security – As you know, the security of your customers and business is important. Thus, the crypto payment processor you choose should be secure.
- Customer Support – Always think about customer support. If you have issues with service or setup, there should be a technical team to help you.
Top Bitcoin Payment Processors
These companies will make it easier for you to accept cryptocurrency payments on your website.
BitPay
This is a good option for business owners who want to accept crypto payments. Customers are offered multiple payment options.
With a host of integrations and plugins, embeddable invoices, payment buttons, and hosted checkouts, you can start accepting payments within a few minutes.
Also, with daily bank deposits and zero price volatility, it helps protect you from market volatility.
Coinbase Commerce
It is easy to accept crypto payments with Coinbase. This is a great app and it is compatible with popular platforms. Thus, you can start accepting cryptos in an instant.
Cryptocurrencies such as Bitcoin and Ethereum are becoming mainstream currencies. As a savvy business owner, you should take advantage of this.
Follow the above tips to accept crypto payments without exposing yourself to the risk.