How Your Business Can Accept Crypto Payments – Gettings Started & The Benefits

With over 400 million cryptocurrency holders worldwide, it’s no surprise that many business owners have begun to accept crypto payments as a way to reach and attract new customers. In fact, one recent estimate put the number of merchants accepting Bitcoin payments alone at nearly 30,000, a list that includes major global brands such as BMW, Starbucks, Microsoft, and Subway.

There are a number of benefits that come with integrating crypto payments into your business, not the least of which is the fact that it can literally open up your business to a borderless world of new opportunities. 

In this blog, we’ll examine several benefits that come with accepting crypto payments, and offer a step-by-step guide for businesses explaining how to transact with cryptocurrencies. 

A Step-by-Step Guide for How to Accept Crypto Payments on a Website

Step 1: Choose a Payment Processor

• Select a crypto payment processor that supports your desired cryptocurrencies and offers competitive fees, quick settlement times, compliance controls, and features like reporting and integration options. BitPay, Coinbase Commerce, and Aurpay are popular choices. After selecting a provider, complete the onboarding and verification process to set up your business account.

Step 2: Set Up a Digital Wallet

• Register for an account with your chosen payment processor and set up a secure digital wallet to receive and store cryptocurrency payments. Ensure your wallet supports the cryptocurrencies you intend to accept.

Step 3: Integrate Payment Gateway

• Integrate the payment processor into your website using plugins, APIs, or other tools provided by the gateway service. Integration is very fast, depending on your setup and resources. For in-store payments, you may need a physical device that integrates with your POS system.

Step 4: Configure Payment Settings

• Customize your website’s payment settings, including selecting which cryptocurrencies to accept and setting up payment notifications. Optimize your payment page for conversion by featuring popular cryptocurrencies and ensuring a seamless payment experience.

Step 5: Enable Customer Payment Selection

• Once your crypto payment system is live, customers can choose to pay with cryptocurrency at checkout. They select their preferred cryptocurrency and accept the exchange rate provided by your processor, which then generates a payment link with the payment value and currency.

Step 6: Test the Payment System

• Before officially launching, conduct test transactions to ensure the payment system functions correctly and that payments are received in your wallet smoothly.

Step 7: Process Payments

• Customers make payments by connecting their crypto wallet and sending funds to the merchant’s public address. The payment processor submits the transaction to the blockchain, where it’s verified and recorded. Some processors offer instant settlement guarantees.

Step 8: Confirm and Settle Payments

• Once a transaction is confirmed on the blockchain, both the customer and merchant are notified.

Receive Crypto: 7 Benefits of Being a Cryptocurrency Merchant

1. Lower Transaction Fees

Traditional payment methods like credit cards and bank transfers come with high transaction fees, which can significantly impact a business’s bottom line. Cryptocurrencies, on the other hand, because they bypass traditional financial intermediaries, typically have lower transaction fees. 

2. Global Market Reach

Because cryptocurrencies are borderless, businesses can easily tap into international markets without worrying about currency conversion or cross-border transaction fees, opening up a whole new world of customers and markets to explore.

3. Enhanced Security

The blockchain technology underlying cryptocurrencies offers a secure and transparent way to conduct transactions. Each transaction is recorded on a public ledger, reducing the risk of fraud and unauthorized transactions. 

4. Faster Settlement Times

Traditional payment methods can take days to clear, especially for international transactions. Cryptocurrencies offer faster settlement times, often within minutes or even seconds! This improved cash flow and operational efficiency can be a game-changer for businesses, especially those operating in fast-paced industries where quick transaction processing is crucial.

5. Attracting Tech-Savvy Customers

As cryptocurrencies gain popularity, especially among younger and tech-savvy consumers, accepting crypto payments can make a business more attractive to this particular demographic. 

6. Reduced Risk of Chargebacks

Unlike credit card payments, cryptocurrency transactions are irreversible. This reduces the risk of chargebacks, where customers dispute a transaction, and funds are withdrawn from the merchant’s account. 

7. Financial Inclusion

Cryptocurrencies can provide financial services to unbanked or underbanked populations who may not have access to traditional banking systems. When you receive crypto, your business is able to cater to a wider range of customers.

If your business is looking to accept cryptocurrency as payment, there is nothing more important than selecting a reliable payment processor, ideally one that provides fast, easy payments, unquestioned security, and zero hidden fees.

A payment platform such as Aurpay, for instance, offers an all-in-one crypto payment platform that seamlessly allows business owners to accept cryptocurrency from customers across the globe via their website or other online platforms. In addition to the ease of accepting real-time crypto payments and having complete control over your private keys, Aurpay has no hidden fees, charging just 0.8% per transaction.

To learn more about how the standout features of Aurpay’s crypto payment platform can benefit your business, reach out to their team of experienced experts today!