New Normal Economy: How to Adopt Cryptocurrency to Your Online Business
The general public’s interest in Bitcoin is at an all-time high. Large corporations are putting money and people into Bitcoin. Futurists believe that it will be the future of finance.
Bitcoin is being accepted as a form of payment by an increasing number of companies across the world. Integrating Bitcoin payment into your organization implies that you are willing to be on the cutting edge of technology, employing touchless solutions to minimize fraud. It appeals to forward-thinking customers who seek greater freedom and security in their online purchases.
The bitcoin market is expanding, and it will indeed become the standard shortly. The moment has come to incorporate cryptocurrencies into your internet company.
Why Should You Accept Bitcoin?
Bitcoin transactions are permanent.
With bitcoin purchases, credit card chargebacks and refunds are a thing of the past. Receiving payments in Bitcoin may also dramatically increase international transfers while decreasing expenses, which is ideal for E-commerce businesses.
Obtain cash right away.
Charging consumers with bitcoin allows firms to have rapid access to funds, which increases cash flow.
Bitcoin transactions are less expensive.
Accepting credit card purchases is expensive since banks and payment providers charge 3-5 percent. Bitcoin and other cryptocurrencies keep fees to less than 1%. The cost is generally less than one penny in Bitcoin money.
Conventional Methods of Configuring Cryptocurrency Payment
Some e-commerce businesses still choose traditional techniques for integrating bitcoin. ErosCoin, Coinsbank, GoCoin, BitPay, Coinbase, and other e-commerce cryptocurrency payment companies do not accept traditional payment methods. In this case, how do you put up bitcoin payment options?
Integrate bitcoin payments with your POS system (Points-of-Sale)
Add payment choices to your Points-of-Sale after you’ve created a bitcoin wallet (POS). Wallets may be used for almost any POS type, including tablets and smartphones, payment machines, online shopping carts, and paper and digital invoicing.
Payment processors typically charge a percentage (sometimes as little as 1% ) or a small monthly fee to conduct these transactions, including receiving cash, converting crypto to base currency, and transferring funds to the bank. These prices are significantly lower than credit card fees.
Here are a few of the most common methods for businesses to accept cryptocurrency:
- Person-to-person (P2P): A client scans your QR code using their phone or tablet and solicits donations from their wallet to yours using your wallet’s mobile app. This method of accepting cryptocurrency will allow even micro-stores to accept cryptocurrency payments.
- POS systems: If you want a more reliable method, various techniques can speed the approval of cryptocurrency payments from your POS. Some firms, such as Coinkite and Revel, provide payment terminals that look like credit and debit card terminals. Others, such as Bitpay, sell apps integrated with current POS systems like SoftTouch POS. More sophisticated solutions will also accept crypto-based debit cards to function as crypto-ATMs.
- Online payment platforms: If you own an e-commerce shop, you may simply accept several payment channels through your website. Shopify and WordPress make use of easy plugins to integrate cryptocurrency payments into online shopping carts. Most wallet accounts accept digital money through online payment systems such as PayPal or Stripe.
Make Your Own Cryptocurrency Wallet
It would be advantageous if you have a bitcoin wallet to receive cryptocurrencies on your website. Choose which coins to accept for your E-commerce business or accept all. Crypto wallets can be kept on laptops, online, on a smartphone, or on physical hardware. Bitcoin Wallets are one example.
Cryptocurrency wallets are classified into two types:
- Hot Wallets: This is an internet-hosted wallet. It is more popular, but it is also less secure. It is also vulnerable to cyber hackers.
- Cold Wallets: This is a wallet that is not connected to t, internet. It may be on a physical hard disk. It may be less convenient, but it is the most secure and safe bitcoin wallet. Popular cold wallets include the Trezor and the Ledger Nano S.
Every wallet does have its own set of advantages and disadvantages. However, a conventional hardware wallet is typically the safest option for working with large amounts of cryptocurrency.
When choosing a wallet, be sure that it allows your business to identify the cryptocurrency. Never purchase a used bitcoin wallet on eBay or elsewhere.
Following the installation of your bitcoin wallet, you will receive:
- Public address and QR code: Customers could use these credentials to transfer cryptocurrency straight into your wallet.
- Private key: Your personalized crypto wallet passcode is your private key. This private key has to be stored in a safe place at all times. When a private key is lost, the crypto wallet is no longer recoverable.
Finally, additional coding will be required to enforce the method of payment on your e-Commerce shop securely. It is what the coding must achieve:
Creating a payment user interface:
- After each transaction, generate new wallet addresses automatically.
- A reliable consumer-data storage system
- Wallet money is automatically sent to a cryptocurrency exchange.
- Automatic conversion of fiat-to-crypto money
- If you cannot do all of this independently primary, you should outsource it to trustworthy developers.
Payments should be entered into your accounting system.
Although payment processors give tools and reports for accepting and tracking cryptocurrency payments, it is essential to incorporate crypto transfers into current accounting systems.
Some software providers, like QuickBooks, provide applications that allow you to integrate crypto payments rapidly. The complete various commercial wallet accounts contain instructions for manually importing these transactions. MYOB Kounta Business Cloud POS Software also primarily provides excellent POS solutions for internet businesses. In a time of global crises, these cloud-based technologies enable enterprises to use automation.
Integrate Cryptocurrency into the Website of Your Company
There are several methods to adopting cryptocurrency. Traditional techniques for adding cryptocurrency into your internet company are as follows:
- Manual Payment: Your clients will be able to deposit the necessary coin straight into your cryptocurrency wallet by scanning the QR code or entering the public address.
Famous wallets, like Coinbase Wallet, provide detailed guidelines for implementing cryptocurrency into critical sections of your E-commerce company.
- Have A ‘Pay with Crypto’ Button: Including a crypto-pay button on your website can assist remind customers that cryptocurrency is a valid payment option.
- Accept Payment Via A Service Provider: Well-known providers such as Coingate, CryptoWoo, and CoinJar alleviate the strain of taking cryptocurrency on your end. Be mindful of the costs connected with the integration.
How to Use Crypto Payment Services to Set Up Cryptocurrency Payments
This alternate route may be more expensive, but it is far easier than the standard route and well worth the expense. Here are some of the most reliable service providers:
When invoicing Bitcoin and other cryptocurrencies, international fees are considerably easier to collect. Gocoin is one of the complete cryptocurrency services. It accepts a wide range of cryptocurrencies, and integration is as simple as a website plugin with a zero-chargeback mechanism.
The open-source payment processor Btcpay is especially beneficial for experienced E-Commerce businesses. Bitpay’s decentralized counterpart is the processor. It facilitates a fast migration of the existing code base to the vendor’s self-hosting payment processor.
Btcpay is useful for merchants who want to keep track of their money and accept multiple cryptocurrencies. The seller retains complete possession of the whole node, and payments are sent directly to their bitcoin wallets, ensuring anonymity and security.
Coinbase Commerce is another popular way to accept Bitcoin payments. It is ideal for an online business since it allows vendors to take payment in bitcoin and convert it to fiat currency to avoid market volatility.
Unlike credit card costs, it is free. Because of the Coinbase brand’s strong reputation and consumer trust, integrating cryptocurrencies through Coinbase is a sensible step.
Bitpay is the most frequently used cryptocurrency payment processor, taking Bitcoin (BTC), Bitcoin Cash (BCH), and other cryptocurrencies. Its method is quick with no volatility risk for sellers because Bitpay handles settlement and immediately converts bitcoin to cash.
Bitpay, a Bitcoin payment service, received over $1 billion in transactions last year. Refunds using Bitpay are also more straightforward. Users simply need an email address to reimburse transactions to the accounts of their buyers.
Bitpay accepts direct deposits and other currencies such as the US dollar, Yen, Pound Sterling, and Chinese Yuan.
Conclusion: Cryptocurrency is a Great Way to Cover all of your bases
When implementing cryptocurrency into your online company, make sure to cover all of your bases. Be careful of the legal, tax, and financial elements you must secure, just as you would with any other invention of this type. However, the difficulties should not prevent your company from capitalizing on this once-in-a-lifetime chance.
Cryptocoins are likely to become the main method of online payment shortly. Adding a digital currency payment option to your Online Store may require significant investment and time, but it is well worth the effort. It enables businesses to increase their customer base, decrease or eliminate chargeback risks, and cut transaction costs.