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With over 2300 businesses in the U.S accepting payments through Bitcoin and more companies worldwide accepting bitcoin and other digital assets, cryptocurrency is slowly being accepted in the financial world. If you are among the early adopters of emerging digital trends, you might be wondering how you can accept cryptocurrency as payment for goods and services in your business.
However, is the use of cryptocurrency right for small and medium-sized businesses? While it may have worked excellently for one business, especially best uk online casinos, it doesn’t mean that it is suitable for your business. Even though there is no module guiding what businesses accept cryptocurrency, you should consider several factors before doing business with cryptocurrency.
Cryptocurrency is basically a digital currency that uses Blockchain technology for exchange for business goods and services. Most companies have their currencies called tokens that can be traded for goods and services provided by the business. Simply put, digital currency is like arcade tokens or casino chips that can be bought using real currencies.
Using a cryptocurrency eliminates middlemen in a business transaction. For instance, instead of storing your money and depending on a bank to safeguard it, you simply keep your encryption key. This gives users peace of mind as it is more secure, eliminating data breaches.
If you are not sure which companies accept cryptocurrency, small, medium, and large businesses can use this digital currency. However, make sure that you understand how it works before listing your business in cryptocurrency.
If you are looking for some inspiration before integrating this payment model into your business, below are some top companies that accept cryptocurrencies:
Running your business using cryptocurrency has several benefits. They include:
Using cryptocurrency for business payments come with the following drawbacks:
The business of cryptocurrency is somehow challenging and complicated. Follow these steps to use cryptocurrency in your business:
Just like operating a bank account, you need a cryptocurrency wallet, which will act as your bank account. A wallet is simply an address where your customers will send their payments. Making payments to wallets is like sending an email. Customers can enter your address or scan a QR code using their smartphones, enter the amount, and send.
If your business receives several payments or finds this payment process quite complicated, you can consider using a payment processor. Payment processors, such as Coinbase or BitPay for Bitcoin, charge monthly fees for these services, but they are cheaper than credit card companies.
Your customers won’t know that they can pay using any cryptocurrency unless you inform them. Therefore, tell about the availability of this payment method either physically or through your social media platforms. For instance, you can add the “Bitcoin Accepted Here” button on your online store where PayPal, Visa, MasterCard, and other payment gateway buttons are.
Like any other financial transaction in your business, you should consult with your accountant to ensure that you monitor your taxes and bookkeeping records. Fortunately, with the increased adoption of these digital currencies, several accounting firms specializing in cryptocurrencies have emerged.
Even with unmatched convenience and several benefits, the main factor to consider before using cryptocurrency in your business is if your customers want to make payments using this method. If your business has customers ready to make payments using digital currencies, you should consider setting up a wallet account with a cryptocurrency of your choice. You should also keep in mind that Bitcoin is the common and widely used cryptocurrency.
Based on this, do you think cryptocurrency is right for your business? Share your thoughts below.
About the author
Darrell Rios is a former journalist and owner of several local shops. Now in his spare time he writes about business and entrepreneurship, as he has extensive experience in organizing startups and business analytics.