In this day and age, with the rise of cryptocurrencies, small businesses need to accept payments in crypto. More and more people are using crypto every day, so it’s essential to be ahead of the curve and accept these types of payments—regardless if you’re a believer in crypto or not.
This article will show you how to accept crypto payments as a small business. It’s easier than you might think, and it can be a great way to attract new customers and open a new profit avenue!
Why Accept Crypto Payments?
First of all, why accept Crypto payments in the first place? Well, apart from the continuous rise of cryptocurrencies, there are a few reasons you might want to accept crypto payments:
It’s a New and Innovative Way To Accept Payments
If you want to show your customers that you’re up-to-date with the latest trends and technologies, then it’s about time you start accepting Crypto payments. In addition, it’ll show that you’re open-minded and willing to try new things—two qualities that are essential in any successful business.
It Can Help You Attract New Customers
Accepting Crypto payments might open your doors to a whole new customer base—those who might not have considered using your business before because you didn’t accept their preferred payment method.
It Can Help You Save on Fees
When you accept traditional payment methods, like credit cards or PayPal, you’re usually charged a small fee for each transaction. However, when you accept Crypto payments, these transaction fees are usually much lower.
How to Accept Crypto Payments
Now that we’ve gone over some of the reasons you should accept Crypto payments, let’s look at how you can start accepting them in your small business.
Set up a Cryptocurrency Wallet
First, set up a cryptocurrency wallet. This is where you’ll store all the crypto payments you receive. It functions similarly to a bank account—you can send and receive money digitally. Different types of wallets are available, so be sure to research and find one that will work best for your needs.
We recommend using a multi-cryptocurrency wallet that holds several different types of cryptocurrencies. This type of crypto wallet saves you from the inconvenience of opening too many crypto wallets for different cryptocurrencies.
Integrate Crypto Payments on Your Website
Once you’ve got your crypto wallet up and running, it’s time to integrate crypto payments into your website—if you have one, of course. Otherwise, skip this step.
If you’re running an eCommerce store on platforms such as Shopify, Woocommerce, and Magenta, numerous plugins let you install and set up crypto payment processing on your website. Some of these plugins are free, but most of the time, you’ll have to pay a small transaction fee.
We recommend using CoinGate. It’s one of the most popular crypto payment processors and integrates with most major eCommerce platforms. Other great options include BitPay and CoinBase.
Display Your Crypto Address Prominently
Once you’ve got everything set up and ready, you must let your customers know that you accept Crypto payments. The best way to do this is by displaying your crypto address prominently on your website or store.
You can do this by adding it to your website’s header or footer or creating a separate landing page dedicated to explaining your crypto payment policy.
Be Patient and Do Your Research
If you’re considering accepting crypto payments for your small business, you definitely should! It’s a great way to show your customers that you’re innovative and up-to-date with the latest trends. It might also attract new customers and help you save on transaction fees.
Just be sure to research and be patient as you get everything set up. Once you’ve got everything up and running, we’re sure you’ll be happy you made the switch to accept Crypto payments.
Potential Drawbacks of Accepting Crypto Payments
Of course, as with anything new, there are always a few potential drawbacks. For example, the value of cryptocurrencies can be volatile—it often fluctuates quite a bit. So, if you accept Bitcoin for a product or service that costs $100 today, the value of that Bitcoin could go up or down by the time the customer pays you.
This volatility can be a bit of a risk for small businesses, but it’s important to remember that the same is true of fiat currencies (like the US dollar). The value of the US dollar has also fluctuated quite a bit over the years.
Another potential drawback is that some customers might not know how to use cryptocurrencies. So, it’s important to be patient and explain the process clearly if this happens.
Overall, we think the potential benefits of accepting crypto payments for your small business outweigh the potential drawbacks.
Why It’s Better to Accept Credit Card Payments Over Crypto Payments
Even though accepting crypto payments for your small business is a great idea, we understand that it’s not for everyone. For example, some people might prefer to accept credit card payments over crypto payments, and that’s perfectly fine. Accepting credit card payments is still better than crypto payments:
More Widely Accepted
There’s no denying the fact that credit cards are still the preferred option among consumers—even when it comes to paying for crypto-related products and services. In fact, a recent survey showed that only about 15% of people would rather pay with crypto than with a credit card.
This is likely because credit cards are more widely accepted than cryptocurrencies. So, if you accept credit card payments, you won’t have to worry about turning away customers who don’t have crypto.
More Stable Option
Another reason why they accept credit card payments over crypto payments is that they’re more stable. As mentioned before, the value of cryptocurrencies can be quite volatile. So, if you accept crypto payments, there’s always a chance that the value of those payments could go down by the time you receive them.
On the other hand, credit card payments are much more stable. This is because the value of credit card payments is based on fiat currency, which doesn’t fluctuate as much as cryptocurrencies.
Lower Risk of Fraud
Lastly, accept credit card payments over crypto payments because they carry a lower risk of fraud. When it comes to crypto payments, there’s always a risk that the customer could cancel the payment after receiving the product or service. This is because crypto payments are irreversible.
On the other hand, credit card payments can be reversed if there’s fraud involved. So, if you accept credit card payments, you can rest assured knowing that you won’t be held responsible for any fraudulent activity.
Why Choose ReliaBills for Credit Card Payments?
So, while Crypto payments are a nice addition for your small business, it’s still not as popular as credit card payments—which is why your business can survive even without them for now. But on the other hand, your business will need to accept credit card payments to stay competitive.
And when it comes to credit card payments or payment processing in general, you can’t go wrong with ReliaBills. Our invoicing and payment processing is the best option for small businesses looking to improve their payment processing capabilities.
With ReliaBills, you can set up a recurring billing system where you can easily accept credit card payments and ACH payments. We also offer a wide range of features that will help you streamline your payment processing, such as automatic payments, online invoicing, and much more.
If you’re interested in learning more about our invoicing and payment processing solutions, feel free to visit our website today at www.reliabills.com. We’ve got all the answers to your questions regarding payment processing strategies and how to accept credit card payments. So, what are you waiting for? Check out ReliaBills today!
Crypto payments are still not as popular as credit card payments, but they’re slowly gaining traction. If you’re considering accepting crypto payments for your small business, make sure you fully understand the concept and consider the risks involved. That way, you’ll have all the knowledge and information you need to decide whether it’s a great addition.