Many of the world’s largest organizations as well as small and medium companies, businesses and organizations are accepting in-store cryptocurrency payments. The explosive popularity of cryptocurrency in the business arena is prompting more businesses to incorporate the technology as a payment option for their goods and services. The market is awash with tools, companies, and platforms that make it easier for businesses to implement the acceptance of cryptocurrency as a payment option for purchases.
Essentially, integrating crypto payments in your business fosters quicker transactions and with the intense security associated with the blockchain technology used to develop cryptocurrency, you are assured of safer transactions. As such, cryptocurrency offers your customers an efficient and transparent way of carrying out payments to your business. At the same time, cryptocurrency payments to your business allow you to receive funds quicker thus allowing a smooth flow of operations.
Here are factors for consideration when allowing in-store cryptocurrency payments to your business.
Part 1 – Client Onboarding/ Web Host Flexibility
1 Explain the value preposition to your clients (why cryptocurrency is beneficial for them and the business)
2 Detail the process flow changes that are likely to occur due to the use of cryptocurrency
3 Evaluate the flexibility of your web host
4 Determine ease of integration of crypto payments to your site
5 Check that your web host provides plugins that ease the integration process
Part 2 – Cryptocurrency Wallet
6 Select a wallet for your cryptocurrency
7 Choose wallets with the capacity to store different cryptocurrencies
8 Check the ability of the wallet to integrate with banks and other finance platforms
9 Evaluate whether or not the wallet allows you to create data backup
10 Check that the wallet comes with a private key
11 Check that the wallet has payment button features
12 Check for features such as custom integration and invoices
Part 3 – Crypto Payment Processor
13 Select a payment processor that is supported in countries where you conduct your business
14 Evaluate the processor’s customer support
15 Evaluate the affordability of the processor’s transaction fees
16 Look up the processor’s security measures
17 Check that the processor’s payout frequency is ideal for your business
18 Check out the processor’s reviews online
Notes:
- Platforms such as Shopify, Magenta, and WooCommerce have plugins that make it easy to integrate cryptocurrency payments
- Some crypto payment processors carryout payments in one day while others take 3-5 days
- Some of the renowned payment processors in the market include BitPay, NOWPayments, Coinbase Commerce, and PayPal
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