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How Your Business Can Use Crypto For Payments [Full Guide]

Traditional banks and other financial institutions, have certain inefficiencies when it comes to small value payments to emerging markets or specific corridors, while charging enormous fees themselves together with intermediary banks and SWIFT. For instance, business might hire freelancers from Venezuela and the only meaningful way to remit small sums of money can be crypto. This scenario is particularly challenging for those who are underbanked or unbanked in the destination country.

 

Given such challenges, the need for easy-to-use digital currency that can be used directly for payments and settlements becomes apparent. Despite some misconceptions about its use in speculative activities, cryptocurrencies have gained significant trust and are increasingly being used for payments worldwide.

 

 

Why Your Business Should Start Using Crypto?

 

There are numerous reasons why innovative payment solutions, such as crypto, can be more advantageous than traditional ones. Let's look into the key benefits of crypto as means of payment.

 

Time And Money Savings

 

Introducing cryptocurrencies into your payment processes can substantially reduce transaction costs and accelerate settlement times. Traditional payment systems often involve a chain of intermediaries, each adding to the cost and time required to complete a transaction. Cryptocurrencies, on the other hand, operate on decentralized networks, eliminating the need for multiple trusted parties and thereby cutting down on both costs and processing times.

 

Less Risk

 

Cryptocurrency transactions provide a level of security that significantly reduces the risk of fraud. Traditional payment methods, particularly credit cards, are susceptible to chargebacks and fraud. In contrast, crypto payments are immutable, meaning once a transaction is confirmed, it cannot be reversed.

 

Adds New Markets

 

Adopting cryptocurrencies as a payment method can help businesses attract new customers and expand their market reach. Cryptocurrencies are universal and globally accessible, enabling people from different parts of the world to engage in transactions. Research indicates that 68% of consumers are interested in using cryptocurrencies to pay for goods online. By catering to this demand, businesses can enhance their customer acquisition and retention strategies.

 

Quick Go To Market

 

Cryptocurrency payments are an effective way to expand your business globally. Traditional payment methods, such as wire transfers, can take at least 24 hours to complete and often involve high fees. Credit cards, while convenient, carry risks of fraud and require businesses to navigate complex licensing and paperwork. Payment gateways tailored for the B2B sector offer improvements, but integrating them with crypto can further enhance efficiency, reducing costs and transaction times.

 

 

Implementing Crypto Payments: A Step-by-Step Guide

 

Adopting cryptocurrency payments involves several steps, from choosing the right digital wallets and payment processors to ensuring compliance with regulatory requirements.

 

1. Choose Cryptocurrency Payment Provider

 

To begin accepting cryptocurrency payments, you'll need to partner with a reliable cryptocurrency payment provider. The provider will facilitate the acceptance of various digital currencies, handle conversion to fiat if needed, and offer additional services such as on-ramp and off-ramp. Some well-known cryptocurrency payment processors include Coinbase and Kraken. If you can’t open an account with those or they do not fit your business profile, fill out our contact form and we will send you a list of crypto friendly digital banks or crypto payment providers by email.

 

2. Set Up a Digital Wallet

 

A digital wallet is essential for storing, sending, and receiving cryptocurrencies. There are various types of wallets, including hardware wallets, software wallets, and mobile wallets. Hardware wallets are considered the most secure as they store your crypto offline, while software and mobile wallets offer more convenience for frequent transactions. However, majority of crypto payment providers will allow you to set-up your wallet within their payment platform.

 

3. Integrate Crypto Payments Into Your Website

 

Most cryptocurrency payment providers offer easy-to-use plugins and APIs that can be integrated into your website or e-commerce platform. These integrations allow customers to select cryptocurrency as a payment method at checkout. Ensure that the integration process is smooth and that the user experience is seamless to encourage adoption.

 

4. Monitor Your Payments

 

Cryptocurrency regulations vary by country, and it's important to stay informed about the legal requirements around crypto payments. Ensure that your business is also dealing with legitimate customers and you don’t accept any dirty crypto money.

 

 

How About The Costs?

 

By implementing cryptocurrencies as part of financial set-up and reducing reliance on traditional banks, businesses can lower transaction fees, get rid of chargebacks, and have controllable currency conversion operations. The savings can be significant, especially for businesses dealing with large volumes of international transactions.

 

 

Conclusion

 

Cryptocurrencies offer an alternative payment method with faster settlement times and reduced costs. By following the steps outlined in this guide, you can seamlessly incorporate crypto payments and reap the benefits of blockchain.

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