Businesses can use cryptocurrency payment processors to accept crypto payments on their websites. GoCrypto is one of the top crypto payment platforms, and it is available to merchants from over 60 countries. Choosing to accept crypto can also be an issue that depends on the chosen payment processor or cryptocurrency payment service.

Although cryptocurrency owners can trade it for goods and services, crypto is often treated as an investment opportunity. However, despite this, today, some of the most reliable and popular assets used as payment remain Bitcoin, Ethereum, Doge, and stablecoin USDT. A wallet will keep your money as cryptocurrency, while a payment gateway will allow you to easily exchange crypto for U.S. dollars. Gateways are an easier option that offer more flexibility since you can keep your bitcoin or convert it. The downside is that a crypto payment gateway will charge transaction fees (usually around 1%) while a wallet does not charge any fees to process transactions . Simply put, GoCrypto helps to connect the technologies and all stakeholders involved in the payment process.

Blockchain

Alternatively, a merchant with its own cryptocurrency account linked to a payment processor, can set up the process so that there is no need to convert the crypto payment into fiat currency. The crypto payment can be added to the merchant’s cryptocurrency balance. Bitcoin and cryptocurrency payments are being accepted at various online shopping centers and institutions. However, there is still a general lack of clarity related to the payment methods available for Bitcoin.

• You need to refund payments manually through your payment gateway.
• “NOWPayments is the service that has all the perks to be the best crypto payment gateway of the year.”
• The history of cryptocurrencies, despite its short lifetime, is undergoing significant changes step by step, allowing new types of assets to be used to make payments using blockchain technology.
• It is also worth adding that every year more and more companies integrate such payment solutions to accept Bitcoin and altcoins as a means of payment.
• Now that you know what cryptocurrency processing is and how it works, as well as the main advantages of accepting crypto payments, it’s time to learn how to choose a reliable crypto processing service.
• We support software development with Python, JavaScript and more.

Accept crypto payments with our state-of-the-art solution. Collect payments, send billing invoices, convert payouts to fiat currency or keep the cryptocurrency. The price of bitcoin is always changing and, historically, can be volatile.

Whole Foods Market Inc. (NASDAQ:WFM)

Once everything is set up and ready, you can promote your Bitcoin payments on your website and social media channels next. You can find a list of supported payment currencies here. Convert crypto to fiat – Seamlessly convert any crypto you collect to the fiat currency of your choice. BitPay converts the customer’s payment into your local currency. BitPay provides payments buttons, a hosted checkout, and embeddable invoices for your website. BitPay also works with countless plugins and integrations.

However, its increasing popularity could also mean you are discouraging potential customers. They discuss how crypto payments are changing the way businesses operate and how you can take advantage of it to streamline your own company’s processes. Cryptocurrency is fundamentally different from credit cards. However, they share similarities that are important to businesses. Specifically, they both provide a way for customers to pay electronically, which is convenient for in-person transactions and a necessity for online sales. The company has invested in a Norwegian cryptocurrency exchange, paving the way for accepting cryptocurrency as payments for its services.

The GoCrypto payment solution

Therefore this list can be somewhat outdated, so take it with a grain of salt. Alternative Airlines – A flight-search website that offers ways to book flights using a range of cryptocurrencies. Quiznos, the Denver-based restaurant brand specializing in subs, has announced plans to accept crypto at its Denver airport branch. One of the largest virtual private network service that allows you to surf online securely and privately.

Crypto payments are faster than traditional fiat payments. Settle in cryptocurrency or local currency with no volatility risk. The only reason for a business to hold on to cryptocurrency would be as a speculative investment, Wolanow noted, but this essentially amounts to gambling with your revenue stream. Digital currency’s highest risk is price volatility, which makes its value extremely unpredictable. For example, Bitcoin was first valued in pennies in 2009; it rose to more than $64,000 per coin in February 2021 before dropping down to less than $28,500 per coin in May 2023.

Integrate Bitcoin Payments With Your Accounting Software

The technology is here, and so are the tools to accept any type of cryptocurrency you want as payment. Small businesses don’t need to figure it out, since there are already ready-to-implement payment processing solutions. Before we look into how to accept crypto how to accept litecoin payments payments, let’s see how a crypto transaction is processed. Crypto-enthusiasts around the world are looking forward to cryptocurrency replacing fiat money in everyday life, but that future is still far away, and fiat money is still needed to buy many products.

As the true objective of cryptocurrency processing, payments can be made with cryptocurrency in online stores and venues. To allow customers to make Bitcoin payments, a company must integrate a traditional payment gateway into its website to accept such payments. This is the most out-of-the-box solution that would help you accept crypto payments on Shopify, WooCommerce or any other platform that you’re using for facilitating online sales.

Go global and gain access to $2 trillion crypto market

You should also consider the level of crypto/bitcoin payment security that wallets provide. Speak to an accountant so you understand the tax implications of accepting bitcoin or other cryptocurrencies, as regulations vary by state and country. Regulations may change how you plan to record bitcoin payments https://xcritical.com/ in your overall accounting systems. The exchange rate is locked for customers once they initiate the payment until they checkout. Coinbase also has integrations with popular e-commerce platforms including Shopify and WooCommerce to make the experience more seamless for merchants and clients.

Bitcoin payments, like any other technology, have advantages and disadvantages. As more customers invest in crypto, digital wallets will increasingly become a preferred payment option for your customers. If you decide to add cryptocurrency to your customer payment options, you must learn about the technology, set up a digital wallet and advertise crypto acceptance to customers. Cryptocurrency isn’t treated as a true currency in the United States but as an investment asset. Therefore, every time your business spends crypto, you must… That said, there are several benefits and challenges that are more straightforward when it comes to accepting crypto payments in your small retail business.