Indeed, crypto payments are about to turn into a practical option when it comes to small businesses in general. It is not just about modernism, it is going to extend your client base, especially the international ones.
Crypto offers flexibility, fewer fees, and faster transaction times, so it could be a very good solution in today’s economy, especially if you want your business to be competitive.
Accepting Crypto Sounds Logical
Credit card processors generally charge 3% to 4%, while crypto transaction fees with platforms like Coinbase or BitPay have hovered at around 1%. Over time, this can save small businesses hundreds if not thousands of dollars.
But it is not all about saving money. With current inflation, you can lose more than you save and that’s why we are talking about crypto in the first place.
The market is still going wild after the elections and that could be just the beginning since Bitcoin ($BTC) has been breaking records for weeks, prompting discussions among industry experts if it’s going to surpass $100k by the end of the month.
With the December bull run just around the corner, many investors are looking for the best meme coins to buy, especially since some of these tokens are still in presale, ready to explode once they hit the market.
If you want to see bigger gains in this cycle, this is it, you’ll never get a more affordable entry point while being part of something new and innovative.
Starting Your Crypto Journey
Before implementing crypto payments, you need to understand the regulations in your area. Tax reporting for crypto income varies by country, and it would be smart to consult an accountant to avoid legal trouble.
Once you’ve covered the legal aspects, the next step is to choose the right platform to process your crypto transactions. Widely used platforms include popular options such as Coinbase Commerce, BitPay, and PayPal, each offering features tailored to different needs.
With features like automatic conversion, they let you quickly change crypto into local currency, minimizing any possible risk of price swings.
But first, to start accepting crypto, you’ll need a digital wallet. Payment processors often come with built-in wallets, but if you want full control over your funds, you should make a separate wallet and manage your keys directly with less reliance on third-party platforms.
Choose the option that works best for your business, simple as that.
Integrate Crypto into Your Sales Channels
Depending on your business model, you’ll need to integrate crypto payment options into your point-of-sale (POS) systems or online checkout processes.
Many payment processors provide plugins or APIs that facilitate this integration, ensuring a smooth experience for both you and your customers.
Online Stores and E-Commerce Platforms
For online stores, adding crypto goes very simple with platforms such as Shopify, WooCommerce, and Magento, which provide integrations to accept Bitcoin, Ethereum, and other popular crypto directly at checkout.
When it comes to plugins, Shopify supports two apps, BitPay and Coinbase Commerce which have proven to be reliable solutions.
On the other hand, with WooCommerce plugins NOWPayments and Cryptoniq, you can get automatic conversion and transaction tracking, giving your business more control over its finances.
Magento users love their CoinGate and Blockonomics, which support multiple assets and important features such as invoicing, payment confirmation, and wallet compatibility, making transactions safe and sound for everyone involved.
BTCPay Server has got big community around as well since it’s highly customizable and works across various platforms. But, besides standard e-commerce, it’s very popular for crowdfunding, with features that allow you to launch crypto donation campaigns directly on your website.
And of course, self-hosting, to keep your sensitive payment data safe, now that’s the standard.
Customer Communication and Marketing
Once your business is set up to accept crypto payments, you have to let all your customers know. Highlight the new option on your website and social media so you can attract tech-savvy customers, and boost your business even more.
You can also use this as a marketing opportunity since some businesses even offer discounts for paying with crypto to encourage its adoption.
Leveraging Tax Benefits and Transparency with Crypto Payments
One of the big advantages if you are accepting crypto is the potential for streamlined tax reporting and improved transaction transparency. Many crypto payment processors provide detailed transaction records, including timestamps, amounts, and wallet addresses, making bookkeeping much easier.
This level of transparency not only simplifies tax filings but also reduces the risk of discrepancies during audits.
Moreover, in some regions, crypto can provide tax advantages. For instance, businesses can classify crypto holdings differently from cash, possibly reducing taxable income or benefiting from capital gains regulations.
After all, it always comes to customers. They want crypto. The market doesn’t lie and it’s up to you to make the first step and create a real connection with the community.
