Guide to Receiving Cryptocurrency Payments: A Short Overview
Eager to dive into the world of crypto payments? Small businesses are jumping on the bandwagon, and retail investors are following suit. With the crypto boom in 2021, more merchants are expected to start accepting digital currencies soon.
Breaking down the blockchain: Crypto payments explained
The crypto landscape reimagined
The surge in retail and institutional investments in 2021 transformed the crypto scene. From a 36% adoption rate among small to mid-sized businesses to astronomical returns on popular coins, the crypto sector redefined itself [1]. Even purchasing crypto became easier than ever thanks to multiple platforms [2].
Altering the altcoin landscape
With new retail investors focusing on use cases and functionality rather than worrying about Bitcoin's price, the altcoin landscape started to decouple from Bitcoin [2].
A peer-to-peer payment system prime for growth
Although widespread crypto payment adoption is a work in progress for most businesses, progress is being made. While challenges such as price volatility, inefficient bridges between fiat and crypto transactions, lack of education, and regulatory guidelines still linger, the technology already exists and is accessible to merchants [3].
Enter the stage: GoCrypto, a crypto payment solution
GoCrypto, powered by Eligma, offers a global payment solution, aiming to streamline crypto transactions for holders, wallets, exchanges, and merchants [4]. Its innovative network simplifies transactions for both parties, with merchants providing the option for customers to pay in crypto and receive settlement in their preferred cryptocurrency [4].
Embrace the future: How to accept crypto payments
Tips for crypto beginners
- Select a Payment Gateway: Choose a reliable cryptocurrency payment gateway like BitPay, PayPal, or Coinbase Commerce.
- Secure Transactions: Ensure the payment gateway provides robust security measures, such as encryption. Non-custodial solutions like Zengo Business offer advanced key management, minimizing the risk of unauthorized access [5].
Payment Gateways and Services
- BitPay: Accept various payment methods and tools for invoicing and refunds.
- PayPal: Automatically converts crypto payments into cash, reducing exposure to market fluctuations [1].
- Coinbase Commerce: Easily integrates with e-commerce platforms and offers local currency settlement options.
Safe and Sound: Crypto Wallets
- Zengo Business: Provides a secure, non-custodial multicurrency wallet solution with multi-user access and granular transaction tracking [5].
Riding the crypto wave: Perks for small businesses
- Cost Savings: Lower transaction fees compared to traditional methods, especially for international payments.
- Improved Cash Flow: Faster settlement times compared to traditional cross-border transactions.
- Competitive Edge: Access to a unique customer base that values innovative payment methods.
Best Practices for the Crypto Journey
- Stay Informed: Keep up with regulatory developments and market trends.
- Diversify Payment Options: Offer multiple payment options to cater to various customer preferences.
- Manage Volatility: Convert crypto payments to local currencies immediately to minimize exposure to market fluctuations.
[1] PayPal to allow customers to pay with cryptocurrencies | Cointelegraph[2] How cryptocurrencies work: Your guide to the basics of blockchain technology | Nasdaq[3] How to accept Bitcoin (or any cryptocurrency) as payment | Bitcoin.com[4] GoCrypto: Decentralized Payment Solution | Eligma[5] Zengo Business: The crypto-friendly solution for businesses | Zengo
Always remember to remain informed and educate yourself on best practices when implementing cryptocurrency payments in your business for a secure and fruitful journey in the crypto space!
- The boom in cryptocurrencies in 2021 led to a 36% adoption rate among small to mid-sized businesses.
- The surge in investments transformed the crypto scene, even making purchasing crypto simpler.
- More merchants are expected to start accepting digital currencies as more businesses jump on the bandwagon.
- The altcoin landscape started decoupling from Bitcoin due to retail investors focusing on use cases and functionality.
- Although crypto payment adoption is a work in progress for businesses, progress is being made despite challenges like price volatility, regulatory guidelines, and lack of education.
- GoCrypto, powered by Eligma, offers a global payment solution for cryptocurrencies, simplifying transactions for holders, wallets, exchanges, and merchants.
- Merchants can provide customers with the option to pay in crypto and receive settlement in their preferred cryptocurrency using GoCrypto.
- To accept crypto payments, businesses should choose a reliable cryptocurrency payment gateway and ensure it provides robust security measures.
- BitPay, PayPal, Coinbase Commerce, and Zengo Business are examples of reliable payment gateways for crypto transactions.
- Zengo Business, a secure, non-custodial multicurrency wallet solution, offers multi-user access and granular transaction tracking.
- Small businesses can enjoy cost savings, improved cash flow, and a competitive edge by accepting cryptocurrencies as payments.
- To ensure a secure and fruitful journey in the crypto space, businesses should stay informed, diversify payment options, and manage volatility by converting crypto payments to local currencies immediately.
