Not too long ago, it was a daunting task to find a company that accepts cryptocurrencies as a method of payment. Nowadays, with the evolution of crypto and blockchain technology we can use crypto in pretty much every aspect of our lives, from paying utility to putting down money for a property.
Why accept crypto as payment?
Accepting cryptocurrencies as a method of payment for your business has a lot of advantages over only accepting cash and credit cards. To name a few:
- Reach clients without borders– Globally speaking, not having to exchange money and pay for the rates and fees make a huge difference for the global customers from virtually every corner of the world.
- Low fee transactions– Some exchanges like Bitprive does not even charge buyers fees for buying and storing crypto, it is way cheaper than using traditional electronic payment methods.
- Security– Cryptocurrencies by nature is the most secured and anonymous payment invention ever.
How to accept Crypto for your Business?
The first thing you need to do is to create a crypto wallet. Not all crypto exchanges are created equal and if you haven’t read it, you have to read our blog post about choosing the right crypto exchange in 2020.
After you have created your wallet, you are pretty much ready to go. Your wallet is a strong of random letters and numbers which make up your wallet address. You can also generate your own unique QR code, so when your customers scan the QR code they can go directly to the page to pay for your service with cryptocurrencies.
One huge advantage of using crypto if you have a physical shop is that there is virtually no risk of being robbed for cash as you do not keep any cash on premise. All your assets are securely stored in a remote place, all you have to do to keep your digital assets secure is to not disclose your log in details.
The Next Level
Payment processors nowadays provide a wide range of customisable software for businesses to use crypto and perform merchant management services in order to streamline the crypto payment processes. These payment processors basically do all the work for you and let you focus on building your business without charging a high fee like credit card companies.
Stay tuned for Bitprive’s own payment processor!
At the time of writing, you can still argue a case for not accepting crypto since it is not well-known in your industry perhaps or your clients don’t use it. However, it wouldn’t be the case soon as evident by the soaring prices of Bitcoin and Ethereum in 2020.
Don’t be the one who get left behind and act now.
About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.