In addition to credit cards, cash, and mobile payments, cryptocurrency payments are growing in popularity as more businesses are embracing the use of cryptocurrency on their websites as a mode of payment. Integrating cryptocurrency into your website is strategic due to the futuristic tendencies of crypto. Further, incorporating crypto into your business is instrumental in terms of capturing new target clients in addition to fostering better control of cash flow in your business. More businesses are going digital and the businesses that are taking advantage of cryptocurrency are in a better position to attract a new niche of clients, are likely to go global, as well as fostering efficiency and transparency in their operations.
Integrating crypto is not a complicated process in that cryptocurrency is characterized by inbuilt wallet and payment systems. As such, in order to incorporate the use of cryptocurrency in your website, the strategic approach is creating a checkout page on your website that allows crypto as a mode of payment.
Here is a how-to guide for incorporating cryptocurrency in your business.
Step 1 – Selecting a Merchant Digital Wallet
1 Consider the fees and commissions charged
2 Determine ease of integration in your site
3 Examine the security of the wallet
4 Determine whether the wallet supports big coins such as Bitcoin and Ethereum
5 Check that the merchant offers necessary plugins for incorporating crypto in your site
6 Consider merchant digital wallets that use tokenization
7 Evaluate the wallet’s customer support offering
8 Determine whether your platform supports the integration of crypto payment processors
9 Check that the payment processor supports payments for both merchants and consumers
Step 2 – Adding Cryptocurrencies
10 Add your preferred crypto coins to be accepted
11 Check that the wallet can accept different coins
12 Ensure that your merchant digital wallet comes with unique string codes and a QR code
13 Check whether transactions are converted to cash
14 Evaluate whether there are restrictions on the digital currencies to accept on your site
Step 3 – Integrating Crypto in your POS
15 Ensure that you receive an address and private key upon completion of your merchant wallet setup
16 Check that you have received a scannable QR code
17 Address your address, QR code and private keys to your POS system
18 Check that your merchant wallet is integrated into your invoices and online shopping cart
19 Use your QR to integrate the merchant wallet both digitally and physically into your POS systems
Notes:
- Merchant wallets such as CoinPayments offer a step-by-step guide on incorporating crypto in your site
- Other popular crypto payment processors include BitPay and Coinbase
- Platforms such as Shopify and WooCommerce support the integration of crypto payment processors such as BitPay and Coinbase
Related Information Products –
Inner Profit Circle VIP Membership – Information Marketing Training
Ecommerce Empire Academy – Build a Profitable Online Business