Different methods to start accepting cryptocurrency payments like Bitcoin for your business.
Bitcoin has emerged as the world’s most popular digital currency. In the wake of adoption across mainstream finance, over 15,000 businesses are now accepting Bitcoin worldwide.
The Easy Personalized Way
Any organization or individual can accept cryptocurrencies by having customers send them directly to their crypto wallet. You can then cash out the digital currencies from the wallet through a peer-to-peer exchange such as XanPool. The XanPool cryptocurrency payment gateway allows you to convert more than 20 digital currencies into your preferred fiat currency.
Note that you should have additional layers of security while transacting digital currencies to avoid theft. Security measures include:
Backing up your private key files.
Not disclosing your login details to anyone.
Always have a backup of your wallets.
Integrating Bitcoin Payments to the Point of Sale
Many payment solution providers can help you accept crypto payments in a simple, secure, and buyer-friendly way. XanPool supports crypto payments across eight countries. Hence means you can accept and track your cryptocurrency payments on the go. You can integrate our portal through different methods into your existing ecosystem.
Guide on How to Accept Bitcoin Payments
A step-by-step guide to start collecting Bitcoin payments for your business.
1. Set up a Bitcoin Wallet
One requires secure and private storage once they start accepting digital currencies. An excellent digital wallet is secure, encrypted, and convenient.
There are two types of digital wallets, cold storage and hot storage. Hot storage wallets are hosted online, while cold storage wallets facilitate the storage of digital currencies in an offline manner.
A variety of services exist which provide cryptocurrency wallets. Tips to consider when choosing a digital wallet include:
Technology stack - identify and assess the technology used in the development of the wallet. Did the associated company just pick up some open-source code on Github and develop the service? Is the wallet fully developed, and what lies beneath the front end. Finally, find out what measures are in place for maintaining and protecting your private key. Does the wallet support data encryption and authentication?
Backup features - Ensure the wallet you are about to use has integrated its wallet with practical backup features. The loss or corruption of a hard disk translates to the loss of your digital currencies, which could mean a loss to your business. Make sure the wallet service offers a backup feature in case you lose your wallet.
Customer service - A wallet should not just have a customer support service but an active, responsive, and 24/7 prompt customer service. You might encounter a problem with your wallet, and this might call for a quick response on the side of the wallet.
Multiple cryptocurrencies - Choose your preferred wallet service depending on the type of currencies it supports. Some wallets support just Bitcoin, while others support multiple currencies. Your choice depends on what currency you will accept.
2. Choose your Prefered Cryptocurrency
We have mentioned multiple cryptocurrencies support as one of the factors to consider when choosing a digital wallet. This is the point you decide what crypto to accept and whether it favors your average customer. Some customers might prefer one crypto coin to another, and primarily their decision will be motivated by cheap transaction fees. While most people love Bitcoin, a percentage might favor lightweight coins such as Dash, Bitcoin Cash, Litecoin that are cheap to send.
3. Choose the Right Payment Platform and Model
Whether you want to accept cryptocurrencies personally by having customers send them to your address; or plan to use a bitcoin point of sale. This is the point you choose a convenient payment platform.
XanPool offers different methods to integrate its solution and start accepting digital currencies. Moreover, with our payment gateway, you have the option to access digital assets other than Bitcoin and Ethereum. You can also choose to accept your favourable altcoins such as Ripple (XRP), Chainlink (LINK), Ethereum (ETH), Eos (EOS), Dash (DASH), and more.
Additionally, you can choose to sell any of the cryptocurrencies in your preferred fiat currency including Thai Baht (THB), INR (Rupee), Australian Dollars (AUD), Hong Kong Dollars (HKD), and more.
It also offers a non-custodial way i.e. the control of your digital assets fund always remains in your hands. With all such features, an enterprise does not have to go through any tedious procedure for accepting or adding cryptocurrency payments to their online business.
As you've seen, there are several benefits and ways to start accepting cryptocurrency payments. You need to evaluate each method's potential and see how easy and reliable it fits within your average daily routine of doing business. The benefits of accepting cryptocurrencies for small businesses range from being an instant mode of payment to ease of use, global acceptance, and cheap to no transaction fees.