Read our guide and find out how to accept crypto in a few easy steps with the world’s fastest-growing gateway.
Over 18,000 businesses already accept Bitcoin payments, enjoying savings up to 80% in transaction costs, higher profit margins, and access to an audience of 300+ million crypto holders. Read our guide and find out how to accept crypto in a few easy steps with the world’s fastest-growing gateway.
According to the latest report by CoinsPaid, the number of companies that accept cryptocurrency through this particular gateway has ballooned from 300 to over 800 in 2021. What is driving all these merchants to accept Bitcoin payments on their websites? There are 4 main reasons.
If you are curious which companies accept cryptocurrency, here are a few prominent examples:
Most businesses that accept Bitcoin don’t do so directly, but rather with the help of a specialized processor. Just like in the world of fiat payments there are Stripe, ChronoPay, Braintree, etc., the crypto payment market has its leading PSPs, including BitPay, CoinsPaid, CoinBase Commerce, etc.
When choosing a gateway through which to accept Bitcoin payments, merchants are advised to look for the following:
The integration itself can take as little as one business day and will follow a process that we will outline below.
An API allows the merchant’s website to exchange data with the gateway’s server. The secret API access code allows you to withdraw funds from the account, so it has to be stored in a very secure location.
While you should definitely accept Bitcoin payments, there are many other coins and tokens worth adding to your site. These include ETH, BCH, LTC, USDT, DOGE, TRX, etc.
You should also add a few fiat currencies. Many merchants that accept crypto prefer to convert it into fiat automatically (USD, EUR, etc.) to avoid volatility risks. If the price of BTC goes down, you can always convert fiat back into Bitcoin for additional gains.
Some gateways allow you to instruct the system to do withdraw the accumulated revenue automatically once the balance reaches a certain value, instead of withdrawing coins manually to an external wallet every time.
Being able to accept crypto and withdraw fiat is very handy and will save your accounting and reporting team a lot of hassle. With some gateways, you can also deposit fiat money in the merchant balance using a SEPA or SWIFT transfer.
Crypto processing dashboards let you access detailed information on every transaction, be it made by a user paying in cryptocurrency for goods and services, or an automatic withdrawal, a top-up made by someone on your team, etc.
It’s strongly recommended to practice with a demo dashboard first before you begin to accept Bitcoin payments in live mode. You’ll need to test deposits, currency conversions, API requests, callbacks, and withdrawals.
Now that everything is set up on the back end, you’ll need to design an attractive payment button or icon on the site to let users know that paying with Bitcoin is available. The crypto payment provider should be able to assist with this.
Setting up crypto payments through a processor is just half of the job. The other half is to attract crypto traffic to your site – that is, spread the word that crypto holders can pay with crypto and encourage existing users to switch to digital currency.
The best ways to do this include:
As cryptocurrency adoption increases and BTC garners more and more attention from the media, the question isn’t to accept or not to accept Bitcoin payments – but rather what is the most efficient way to do it. Working with a reliable processing provider and using the correct marketing tools, you will soon see first a trickle, and then a veritable stream of new customers, increased revenue, and much lower payment costs.
Tanveer Zafar is a independent crypto journalist. He is passionate in covering topics about Blockchain, Cryptocurrency and Markets. He has five years of writing experience in these areas of interest. You can find his pieces featured on FXStreet, Benzinga, Investing and many more finance magazines. Tanveer has done his BS in Software Engineering at GC University. Previously, he has worked as a banker.