{"id":563472,"date":"2023-12-14T23:59:11","date_gmt":"2023-12-14T23:59:11","guid":{"rendered":"https:\/\/www.wncen.com\/?p=563472"},"modified":"2024-06-11T14:44:50","modified_gmt":"2024-06-11T14:44:50","slug":"crypto-payments-who-accepts-bitcoins","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/crypto-payments-who-accepts-bitcoins\/","title":{"rendered":"How To Accept Crypto Payments And Who Accepts Bitcoins?"},"content":{"rendered":"

Accepting crypto payments<\/strong> may sound daunting, but with the right tools and knowledge, it’s a game-changer for businesses. This article simplifies the process, from understanding the basics of crypto payments to seamlessly integrating them into your business operations. We’ll explore how to accept crypto payments, the most effective cryptocurrencies for transactions<\/strong>, highlight businesses leading the charge which accept Bitcoins as payments<\/strong>, and unveil the advantages of adopting this futuristic payment method<\/strong>.<\/p>\n

Crypto Payments For Businesses Explained<\/h2>\n

For businesses, adopting crypto payments is not just a nod to modernity; it’s a strategic move towards cost-efficiency and broader market access. One of the most significant advantages of crypto payments is the substantial savings on fees typically imposed by centralized point-of-sale (POS) service providers and credit card companies like Visa and Mastercard.<\/p>\n

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Bitcoin and crypto payments vs. VISA<\/figcaption><\/figure>\n

Cryptocurrencies operate on decentralized networks, which means transactions do not require intermediaries. This absence of middlemen significantly reduces transaction costs, a benefit that can be particularly impactful for businesses with high sales volumes or those dealing with international transactions, where traditional fees can accumulate quickly.<\/p>\n

Moreover, crypto payments provide an alternative to the delay often associated with bank processing times. Transactions can be completed at a much faster rate, enhancing the cash flow for businesses. This speed, coupled with the reduced cost, presents a compelling case for businesses to integrate crypto payment options.<\/p>\n

Another crucial aspect is the security and fraud prevention inherent in blockchain technology, the foundation of cryptocurrencies. The encrypted and immutable nature of blockchain transactions adds a layer of security that is challenging to achieve with traditional payment methods.<\/p>\n

By accepting crypto payments, businesses not only align themselves with a tech-savvy consumer base but also leverage a global payment system devoid of geographical boundaries and currency conversion issues. This global reach can be particularly beneficial for online businesses looking to expand their market.<\/p>\n

Providers Of Crypto Payment Systems<\/h3>\n

Crypto payment gateways are essential for businesses looking to accept cryptocurrency transactions. These platforms provide the necessary infrastructure, such as point-of-sale (POS) systems and shopping cart integrations, for seamless crypto transactions. They also offer additional conveniences like protecting merchants from the volatility inherent in cryptocurrencies and facilitating currency conversions and invoicing\u200b.<\/p>\n

Each of these gateways has its unique strengths, catering to different business needs and preferences. Choosing the right provider depends on factors like the range of cryptocurrencies you wish to accept, the ease of integration with your existing systems, the level of exposure to crypto volatility you’re comfortable with, and the specific features you need to streamline your crypto transactions.<\/p>\n

Coinbase Commerce<\/h4>\n

Known for its easy integration with major US cryptocurrency exchanges, Coinbase Commerce offers a flexible solution for businesses. It provides custom checkouts, a connection to the Coinbase crypto exchange, crypto wallets, invoicing, refunding, reporting tools, and an API for developers. Importantly, it offers volatility shielding under its managed plan. Coinbase Commerce supports a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others, with a transaction fee of 1%\u200b\u200b.<\/p>\n

BitPay<\/h4>\n

One of the early entrants in the crypto payments sector, BitPay<\/a> is known for its robust infrastructure and integration capabilities. It provides volatility protection, invoicing, mass payouts, and the option for a prepaid Mastercard. BitPay supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It charges a transaction fee of 1% + $0.25, which may be higher for certain high-risk industries\u200b\u200b.<\/p>\n

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Accept crypto payments with BitPay | Source: BitPay Blog<\/figcaption><\/figure>\n

CoinGate<\/h4>\n

Particularly suitable for companies outside the US, CoinGate supports an impressive array of over 70 cryptocurrencies. It integrates well with various eCommerce platforms and offers features like crypto conversions, invoicing, and a developer sandbox. CoinGate’s transaction fee is 1%, with additional charges for settlements in fiat currencies like the Euro\u200b\u200b.<\/p>\n

NOWPayments<\/h4>\n

This gateway stands out for its low transaction fees, starting at 0.5%, and supporting a wide range of over 70 cryptocurrencies. NOWPayments is ideal for businesses looking for straightforward solutions without custodial features. It offers services like cryptocurrency conversions, fiat settlement options, invoicing, mass payouts, and POS software. The platform’s pricing model is attractive, although additional costs for services like fiat settlement and volatility shielding can add up\u200b\u200b.<\/p>\n

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How to accept crypto payments | Source: NowPayments<\/figcaption><\/figure>\n

AlfaCoins<\/h4>\n

AlfaCoins distinguishes itself with flexible payment options and competitive fees. It supports a more limited range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The transaction fee is slightly lower than its competitors at 0.99%, and it offers unique features like the CoinSplit option, which allows for partial payments in different currencies. AlfaCoins is particularly advantageous for non-profit organizations, offering lower fees for donations and even zero-fee plans\u200b\u200b.<\/p>\n

Strike<\/h4>\n

Strike stands out as a unique player in the realm of crypto payments, primarily leveraging the Bitcoin Lightning Network. The Lightning Network is a layer 2 payment protocol layered on top of the Bitcoin blockchain, designed to facilitate faster and more cost-effective transactions. This is particularly beneficial for handling microtransactions, which are impractical with traditional Bitcoin payments due to higher fees and longer processing times.<\/p>\n

Setting Up Crypto Payment Systems<\/h2>\n

Integrating a crypto payment system into your business involves several key steps to ensure a smooth and secure transaction process. Here’s a guide to getting started:<\/p>\n

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  1. Choose A Crypto Payment Gateway:<\/strong> Select a provider that aligns with your business needs. Popular options include Coinbase Commerce, BitPay, CoinGate, NOWPayments, AlfaCoins, and Strike via the Bitcoin Lightning Network.<\/li>\n
  2. Create A Merchant Account:<\/strong> Once you’ve chosen a provider, you’ll need to create a merchant account on their platform. This typically involves providing business details, setting up security measures, and linking bank accounts for fiat settlements if needed.<\/li>\n
  3. Integration With Your Business Platform:<\/strong> Integrate the crypto payment gateway with your existing business infrastructure. This could be through plugins or APIs.<\/li>\n
  4. Set Up A Digital Wallet:<\/strong> To receive and store cryptocurrency payments, you’ll need a digital wallet. Some gateways offer their own wallets, while others may require you to set up an external wallet.<\/li>\n
  5. Configure Payment Options:<\/strong> Configure your payment gateway settings according to your preferences.<\/li>\n
  6. Implement Security Measures:<\/strong> Ensure that robust security measures are in place to protect against fraud and hacking.<\/li>\n
  7. Educate Your Team:<\/strong> Educate your staff about how crypto payments work, how to process them, and how to troubleshoot common issues.<\/li>\n
  8. Testing:<\/strong> Before going live, thoroughly test the crypto payment system to ensure that it works seamlessly.<\/li>\n
  9. Launch And Marketing:<\/strong> Once testing is complete, launch the crypto payment system. Use marketing strategies to inform your customers, highlighting the benefits.<\/li>\n<\/ol>\n

    Best Crypto For Payments<\/h2>\n

    Selecting the best cryptocurrency for business transactions is crucial for ensuring efficiency, security, and customer satisfaction. Here are some of the best cryptos for payments:<\/p>\n