A Beginner’s Guide to Accepting Cryptocurrency Payments
Many businesses all over the world have already integrated cryptocurrency payments into their routine. This means that the owners of digital assets don’t have to exchange them for fiat money to pay for goods and services. They can simply pay in crypto within minutes. Even some charities started accepting crypto donations to make sure everyone can help without extra steps involved.
But what makes this payment method so great for businesses, and how to accept Bitcoin payments? Is accepting cryptocurrencies different from accepting Bitcoin payments? No worries! We have prepared a detailed guide on how to become a part of the crypto world and attract new clients. Let’s start!
What are cryptocurrency payments?
As we all already know, businesses and charities usually accept payments from bank cards, PayPal, cash, etc. Cryptocurrency payments work the same, except using this option, clients can pay in digital assets. Bitcoin is the first cryptocurrency in the world, but in this case, it doesn’t matter since you can accept any crypto asset you want. If you want to be among those who accept crypto payments, you will need a service provider to integrate it into your online or offline store.
There are already a number of companies that provide such services, including Whitepay. They offer crypto acquiring as well as crypto POS terminals and payment pages. In this article, we will use Whitepay to show how cryptocurrency payments work.
Whitepay is a part of the WhiteBIT ecosystem. It is a SaaS company that helps businesses and charities start accepting digital assets as a means of payment. Whitepay offers a Demo version of their service, so you can test everything beforehand. With Whitepay, your customers will be able to pay in more than 140 digital assets from any crypto wallet they want.
How do crypto payments work?
After you have selected a company to work with, contact them and discuss all the details. They will set up a payment page for your website (it is usually customizable according to your needs) and provide a POS terminal. In the case of Whitepay, they also have widgets for OpenCart and WordPress stores, so it is even easier to integrate for you.
When a crypto POS terminal is set up, here’s how clients complete their payments:
A salesperson selects the crypto option for the client.
A client then picks the cryptocurrency they want to pay with as well as its network standard.
The salesperson enters the amount to be paid in the fiat currency used by the business. It will be automatically calculated by the terminal according to the current exchange rate. It will be frozen for 120 seconds.
The customer then needs to scan the QR code with their phone, and the information needed to complete the transaction will be shown in the browser. Using this information, the customer can send the cryptocurrency from their crypto wallet.
After the customer enters the information in the crypto wallet and completes the transaction, the POS terminal will print out the receipt. Meanwhile, the business receives the payment in crypto. It can then be converted into fiat money.
What about paying with crypto online? The process is quite similar:
A customer adds the desired goods or services to the cart and proceeds to the payment page.
After that, the customer will be presented with payment options, as usual. This is where they need to select “Pay with crypto/Crypto”.
The customer selects the cryptocurrency they want to pay with and its network standard. The price in digital assets is calculated automatically according to the current currency rate and frozen for 120 seconds. For instance, if a customer decides to pay using Ethereum, the Ethereum price at the moment of selection plays a crucial role in determining the transaction value.
The customer then scans the QR code shown on the page and completes the transaction in the crypto wallet.
As soon as the transaction is completed, the customer will be able to download the receipt, and the payment will be sent to the business.
Where you can pay with crypto?
Many big companies around the world (including UK/United Kingdom, USA, Spain, Germany, etc.) have already decided to start accepting crypto payments for various reasons. Microsoft, AT&T, Whole Foods,
Overstock, PayPal, Etsy, Starbucks, and lots of other major businesses are among those who think that crypto is the technology of the future.
With Whitepay, many Ukrainian and European companies have joined this list of early adopters: household appliances stores (for example, Foxtrot, Stylus, or CACTUS), cafes and entertainment (Unit.city, Ricco.Pizza, Cloudfresh, etc.), stores (like OKwine, MD Fashion, and others), tourism (JoinUp, M1 Hotel, etc.), education (AdviseMe, EASY, etc.), charity (Ronald McDonald House Ukraine, KIDS OF UKRAINE, ReUa, and others). These are only a few of Whitepay’s clients, and this list is constantly getting bigger.
Advantages of accepting cryptocurrencies
Cryptocurrency is a relatively new phenomenon, which is why not everyone understands its importance and perks. So what makes all these businesses and charities add digital assets to their payment methods?
There are a few important reasons for it:
First of all, crypto payments open new possibilities for crypto holders. Those people who prefer paying with digital assets want to pay for goods and services directly without unnecessary exchange procedures.
There are approximately 420M crypto users worldwide, which means that by implementing crypto payments, you will potentially access a new customer base. Plus, since it’s still early days, you will be one of the first businesses to do it, so it will make your company even more attractive.
Secondly, as we understood from the previous point, crypto payments are a great competitive advantage for your business. With the right approach, it can get you a lot of attention from the customers.
Of course, the fees are lower than the ones you get when working with banks since there are fewer intermediaries between you and your customers.
Your clients can choose from over 140 cryptocurrencies offered by Whitepay. So they will definitely find something they prefer to use. You can accept Bitcoin or any other crypto. However, USDT is considered to be the least volatile one.
Plus, cryptocurrency payments are almost instant. This means that there is no need to wait for seven business days for your money to be on your balance. It doesn’t matter whether you want to receive
Bitcoin payment or any other crypto, it will still be quick and easy.
And finally, cryptocurrency users spend on average 1.5 times more than regular customers. These are the clients you wouldn’t want to miss!
Conclusion
As you can see, there are a lot of benefits of implementing cryptocurrency payments in your business. And although it might seem a little bit complicated, companies like Whitepay can help you to make this process as smooth as possible.
Cryptocurrency acquiring is a safe and progressive solution for all types of businesses and charities that aim to offer their clients the best experience possible. If you want to be among the forerunners in your business area and attract a lot of new customers, then join the world of cryptocurrency payments!
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