Have you heard about the latest news in technological online payments, called cryptocurrency? It started off as fairly niche, and even now many people probably have no idea what is, but it’s expected to make a large boom in the near future. This is why businesses have been trying to figure out how to accept cryptocurrency in their business.
Yes, it is in fact a fairly small market (in the scope of things) but this market is ever growing and is mostly likely here to stay! People who have been known to use BitCoin are millennials who enjoy anything that has to do with technology – and you better believe they’re willing to go through lengths to find a way to use their new preferred method of making payments! Not only that, but these millennials are social media monsters that won’t hesitate to make it known to their friends about the benefit of cryptocurrency as well as pointing the very few establishments that make use of them!
So with all that said and done-
How do you accept cryptocurrency as a business?
1. Virtual Wallets: The existence of virtual wallets makes it very easy for you to use cryptocurrency in your business. Whether you run an online shop or a brick-and-mortar store, this should work for you! An example of a virtual wallet is Block Chain, at this moment it celebrates over 100 million in different transactions and holds about 17 million different wallets. Getting a wallet in Block Chain is free and easy; check it out for yourself to see if this is the one you’d like to use. Another easy to use and widely known site for keeping virtual wallets is CoinBase. Much like BlockChain, CoinBase is free and promises secure transactions at low fees.
2. Stripe: If you’re already using stripe as a way to hold your money online, then this is another convenient way of accepting cryptocurrency. Much like virtual wallets, all you will need is to send over a few lines of code, and voila! Payment is done, at little cost to you. To be exact, fees start at around 0.8% and caps at $5 with each transaction. Which is honestly, not that bad!
3. Point of Sale machine: If you’re hoping of attracting a lot more customers, and or looking for a way to make accepting cryptocurrency more convenient. Consider getting yourself a POS (Point of Sale) machine. With these you can make and print your very own invoices and receipts, which is something that is a bit of hassle if you’re just using a mobile or tablet application.
As cryptocurrency is still a fairly new thing, not many people will know of it, but many businesses that have started accepting BitCoin or cryptocurrency has seen a lot of new customers. Get a head start from your competitors and start accepting BitCoin today! Much like most new business ventures, you will have to be willing to take a leap and see if this is what will end up making your business a lot more successful than it is now.