Crypto is relatively new and people are still experimenting with digital currency, which is why many businesses are starting to accept cryptocurrency as a payment method.
Taking crypto payments is easy, but you need to be aware that it doesn’t come with the same security measures as traditional payment methods, which means you need to be vigilant and practice due diligence. This article will tell you how to accept crypto payments and how to mitigate the risks involved.
How to Accept Crypto Payments
When dealing with cryptocurrency, the first thing you need to do is set up a digital wallet to store your assets in. You need to make sure the wallet you opt for is secure or guard your verification keys with your life; if you lose your private key then you lose access to your entire wallet.
During the setup process, you need to find out which currencies are accepted. Typically, you want to open a multi-currency to open up your availability.
Integrate Crypto with Your Website
Once your wallet is operational, you need to integrate it with your website to start taking online payments. If you are using a system like Wix, WooCommerce, or Magenta you can integrate crypto payments with a simple plugin. If the plugin you’re looking for isn’t there, you can use a crypto payment gateway, which will offer several options for accepting crypto.
If you’d rather not leave your crypto handling to a third-party business, you can just put your QR code keys on your website to let people pay you directly. When choosing this option, you need to be tech-savvy and ready to manage your keys.
Mitigate Crypto Risks
When you accept cryptocurrency, you need to remember that there aren’t the same security levels as with typical payment methods. One way to mitigate this issue is to require account verification on your website. You can achieve account verification easily through Envestnet |Yodlee, whose team of experts will help you to integrate their systems with your product. As well as verification, you can provide ACH deposit payment systems that comply fully with NACHA compliance.
Cryptocurrency is volatile, which means the longer your cash is sat there, the more chance you stand of losing value. To avoid unnecessary losses, you should have your assets transferred over to cash straight away; processors including Flexa and BitPay will automatically convert your currency.
You can disassociate your business from crypto altogether, which means you don’t need to worry about looking after your keys. The PayPal gateway has the ability to add crypto payments to your website without the need for a wallet. Buyers will pay for products through PayPal, which will transfer them into USD before it hits your bank; this may be the best way to go without complicating tax reporting.
Cryptocurrency is still relatively new, and it’s slowly being adopted by more merchants. Integrating crypto with your website is straightforward and can often be achieved using a plugin. Offering crypto payment methods helps to open up your business to a global audience.