With the seemingly unstoppable rise in cryptocurrency it seems inevitable that merchants will need to accept cryptocurrency alongside FIAT currency. This article aims to help merchants understand crypto, crypto payments and how crypto will fit in with existing merchant accounts.
If you are planning to accept payments in crypto, the first thing you need is an understanding of cryptocurrency. Cryptocurrencies are open source software that run on a decentralised network. There are many crypto currencies but the most well known include Bitcoin, Ethereum, Ripple and Litecoin just to name a few.
What Can I Do With Cryptocurrency as a Merchant?
Just like FIAT (USD/GBP/EUR etc) cryptocurrency has transactional properties which make it useful for merchants who want to sell online internationally without making their customers pay huge transaction fees when they could be paying small fees in cryptocurrency instead.
Can I Exchange Between Cryptocurrency and Other Currencies?
Yes, cryptocurrency is open source and the likes of Shapeshift exist which allow crypto to crypto exchanges. Merchants can accept crypto and then exchange it for what they want (like FIAT) when they need (like after sales). There are also debit cards that allow you to spend cryptocurrency as if it were a credit card too.
Accept Bitcoin Payments
Accepting cryptocurrency is easier than it may seem, there are many payment processors who can handle conversions. PayPal for example offers integrations and so does Stripe. Paymentwall offer integrations too, including Bitcoin and they have a nice list of supported currencies .
The other thing to keep in mind is that you need a merchant account to accept crypto. Some payment processors can work with existing merchant accounts but all cryptocurrency transactions are done on the blockchain.
What Type of Merchant Account Do I Need?
In order to start accepting cryptocurrency as a payment choice your current merchant provider will likely tell you that you need a new account as crypto as a payment type doesn’t fit into existing ones. Similarly some new accounts won’t support cryptocurrency so ensure your provider understands how it works or find one who does! You need a payment processor who can accept the coins you want and then pay out FIAT to your merchant account.
The same applies to debit cards too – you need a payment gateway that can exchange into the currency you need (like GBP) and then into your bank account. The process of converting to take it from being an asset to being spendable is always going to be important for those wanting crypto as a payment choice!
Do I Need a Cryptocurrency Merchant Account?
As crypto becomes more widely used you will need merchant accounts to accept payments, crypto debit cards are also becoming more popular too. Ensure you find payment processing and payment providers that can work with your merchant account.
How Do I Get Started?
Getting started is easier than it may seem, all you need is a payment processor that works with your existing merchant accounts! Take a look at what options are available to you when accepting payments.
You can then choose which cryptocurrencies you want to accept too. Make sure your payment gateway supports the type of FIAT currency you would like to receive when converting cryptocurrency before using their service!
The process to get started could not be simpler so check out the various cryptocurrency accounts available now to accept bitcoin.
What is the Best Way To Accept Bitcoin As A Payment Option?
The best crypto merchant accounts to accept crypto are ones that can work with your existing systems. Make sure your merchant account providers support the type of FIAT currency you would like to receive when converting, before using their service.
What Are The Advantages Of Accepting Cryptocurrency Payments?
There are many advantages when it comes to accepting crypto as a payment option including low transaction fees, international use and speed in addition to the customer benefits of privacy and security. More people are looking for crypto alternatives each day so find a crypto-friendly platform today!
How Can I Use Cryptocurrency To Pay My Suppliers?
Using cryptocurrency is becoming more widely accepted by merchants all over the world.
Supporting cryptocurrency allows businesses to pay suppliers or employees internationally without having to worry about the hassle of bank transfers.
What Are The Advantages Of Crypto Payments?
Accepting cryptocurrency is easier than you may think, there are many payment processors who can handle conversions.
PayPal for example offers integrations and so does Stripe .
Paymentwall offer integrations too, including Bitcoin and they have a nice list of supported currencies .
Secure Your Business
The other thing to keep in mind is that with cryptocurrency, transactions are done on the blockchain.
Crypto Payment Processor
How do I receive money in my bank account?
This is the same as receiving money in your bank account for any other transaction. Some processors will send you crypto payments daily, weekly or monthly depending on what works best for your business.
You can set thresholds to convert if it reaches a certain amount too which helps when dealing with large amounts of transactions.
Receiving payments are easy, but merchants do need to think about liquidity when dealing with cryptocurrencies.
Some payment processors will allow you to exchange between crypto and FIAT currencies when needed through an external exchange vendor. This ensures that you never have more crypto than necessary in one place at once.
Accept Bitcoin Payment
Bitcoin is the most popular and best performing currencies to date. So it makes sense that the most wanted payment gateway would be the ability for UK merchants to accept Bitcoin as a payment method.
CoinPayments is a processor that supports over 85 coins, including Bitcoin. Merchants can create their wallet for free and start accepting payments right away.
CoinPayments have been established for over 4 years now and they have a range of features to help merchants give their customers a hassle-free payment experience.
In order to start accepting Bitcoin payments alongside card payment processing merchants need a payment processor. The payment processor will then take care of converting into GBP to be deposited into the merchants account.
Accepting payments like Bitcoin payments is beneficial for many reasons, but especially because crypto has fast transactions.
Merchants will also enjoy the added benefit of much higher customer spending power than traditional cards. Bitcoin is quickly becoming a widely accepted currency, even by larger companies such as Expedia, Tesla and Microsoft.
What Wallet Should I Use?
For crypto payments to be possible you will need a digital wallet too. Some payment processors offer their own wallets for retailers, while some gateways can work with existing digital wallets.
It’s recommended that you use one that automatically exchanges funds into FIAT currencies as there are no banks or other organisations who deal with cryptocurrency directly at present (although this may change in the future).
Digital Wallet with Payment Gateway
If you want to accept payments directly, you will need a wallet that can automatically exchange into FIAT currencies (wherever your customer is based).
The following wallets are compatible with this: Coinbase, Bitpay, Coinomi .
Digital Wallet without Payment Processor
If you’re already established and have an existing web-store or e-commerce store, then it’s also possible for you to integrate wallet software.
The following wallets do not require any third party integrations at all:
BreadWallet, Exodus. Many crypto exchanges offer their own particular wallets too which link back to the individual exchange.
Cryptocurrency Payment Gateways
Cryptocurrency payment solutions allow you to start accepting crypto payments including the ability to accept Bitcoin payments.
They come in the form of payment gateways that can be integrated into websites or e-commerce platforms to enable cryptocurrency payments.
When crypto currency transactions are made, payment services then convert cryptocurrency into GBP and deposit these funds into a merchant’s account.
Payment Processing Services
Merchants who want to start taking cryptocurrency payments need to find a crypto payment provider first.
Once they’ve been accepted as a merchant by one of the many cryptocurrency processing services available today and are able to accept crypto payments.
Merchants will have access to online wallets for cryptocurrencies too, where they can store their received coins securely until they wish to exchange them out for FIAT again – either going back into a wallet or for withdrawal directly from a third-party processor.
The crypto payment industry is predicted to grow massively over the coming years.
The crypto industry is fast becoming mainstream
The crypto world isn’t just about crypto payments though, crypto currencies are also used for crypto trading, crypto mining and crypto fund investment.
Worldwide Cryptocurrency Payments Adoption
As crypto adoption rates increase worldwide, crypto payments will become more widespread.
In addition, the crypto market has been growing exponentially in recent months and it doesn’t look like crypto currencies are going anywhere soon
This makes accepting crypto a very attractive proposition for a business looking to expand in a meaningful way in 2022.
Overall crypto payments make a lot of sense for many businesses, especially those who want to take crypto from international customers. These include e-commerce sites and bricks-and-mortar shops too
The crypto industry is growing rapidly which means crypto payment processors are very likely to be around in one form or another for a long time – meaning that your business could potentially benefit from cryptocurrency adoption alongside traditional payment methods.
To get started with crypto payments, merchants must first find a crypto gateway and digital wallet where they can store their crypto currencies securely until someone wants to buy them off them (or exchange crypto out for FIAT). Digital wallets also allow users to send and receive transactions efficiently and can even offer multiple cryptocurrencies within one wallet application.
After crypto currency transactions are made, crypto payment solutions will then convert crypto payments into GBP (or whatever your business’s local currency is) and deposit these funds into your business account.
Payment gateways work like crypto processor services but they can also be integrated directly onto e-commerce sites to enable crypto payments for web stores too.
Altogether crypto payments make crypto currencies more valuable as crypto coins are used for more than just trading or investment – they’re actually being spent by customers on their transactions.
It’s predicted that worldwide cryptocurrency adoption rates will only continue to rise, bringing new opportunities to startcrypto payments for merchants who are looking to expand in the crypto industry.
Crypto payment providers make crypto currency transactions easier than ever before and can help you to take crypto currencies for your business too.
Will all businesses eventually start accepting crypto as a form of payment?No, crypto isn’t for everyone just yet.
The crypto industry is still developing and crypto adoption rates are not yet high enough to support all businesses worldwide.
However crypto payment providers do offer an easy way to start taking crypto payments without the need for any bespoke development or third-party platforms.
This allows merchants of all sizes to get involved in crypto transactions – even if they don’t have their own “wallet” or crypto exchange account already established.
Do I Need a Cryptocurrency Wallet?
Yes, you will need a digital wallet before you can start taking crypto payments.
Cryptocurrency processing services provide access to digital wallets so that customers can make payments with ease via cryptocurrency transfers too.
There are two types of wallets available to crypto merchants, hosted wallets and software wallets.
Hosted crypto wallets are managed by crypto payment processing companies on your behalf so you don’t need to worry about losing any crypto coins or needing tech knowledge to manage crypto payments for your business.
However, hosted providers tend to have different fee structures so price comparison is key when finding the right crypto payment solution for your business too.
Software crypto wallets are installed onto computers rather than being hosted online by a third-party provider – this means that you then have full responsibility for keeping track of your digital assets safely.
If you want to accept bitcoin payments in particular (it is the biggest name)then you’ll need to use a crypto payment gateway such as Coinbase Commerce, Bitpay or Coinpayments to handle these transactions on your behalf.
Although crypto currencies like Bitcoin and Litecoin are the most popular crypto coins for merchants, other crypto currencies may be added to these services in future – meaning that additional crypto payments options could become available too.
What about Ethereum and Ripple?
Ethereum and Ripple aren’t quite as common as Bitcoin but they’re also both considered crypto payment solutions by crypto gateways or crypto processors already used by e-commerce platforms – such as Shopify .
However, there isn’t a huge amount of difference between processing different types of crypto currency (beyond system requirements required of each digital wallet) so crypto payment providers are flexible enough to work with crypto transactions regardless of which crypto coin is being used.
What Fees do Crypto Payment Gateways Charge?
It’s important to find crypto processors or crypto payments providers that offer competitive crypto processing services to avoid too many hidden charges or unadvertised fees.
Often there aren’t ongoing monthly charges for using crypto payment gateways – accepting payments in cryptocurrency just requires the one off fee for sending coins into your business account
However, different types of crypto currencies may incur transaction fees when they’re sent and converted around the blockchain network so you should compare volume discounts before choosing a crypto processor too
These costs are comparable to standard credit card rates so it’s worth researching these figures beforehand so that