Is Your Business Ready to Accept Cryptocurrency?

Lisa Goetz

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Accepting cryptocurrency opens doors to new business from around the world.Bermix Studio/Unsplash

As a small business owner, you know all too well that accepting diverse payment forms opens up new possibilities, and cryptocurrency is no exception. Digital currencies such as Bitcoin, Ethereum and Dogecoin allow customers to pay for goods and services from online wallets without having to pull out a card or cash. As interest in crytocurrency increases, you might consider how accepting these new currencies can grow your business.

The Benefits of Accepting Cryptocurrency

When you start accepting crypto payments, you open doors to new customers who are looking for ways to spend their new found wealth. Here are a few more benefits of accepting cryptocurrency.

  • Borderless currencies allow global transactions
  • Fast processing of transactions, often within seconds
  • Generally lower processing fees compared to credit cards

How to Accept Crytocurrency

The easiest way to accept cryptocurrency is through a payment processing service such as BitPay or CoinPayments, to name a few. BitPay is a major payment option for Bitcoin, offering easy payout with direct bank deposits. CoinPayments covers a broader scope with more than 1,860 cryptocurrencies supported as well as vendors worldwide. Remember, thoroughly research the features and fees of each service before making a decision.

Advertise Your New Payment Option

It's good practice to let your customers and clients know that you accept crypto. This could include a "We Accept Cryptocurreny" sign promimently placed in your brick-and-mortar business and on your website. You can also remind your customers that if they invest in cryptocurrency through a stock trading platform, they might use their cash management card — issued by the trading platform — to make purchases when they sell off a position.

Accepting cryptocurrency takes some initial setup, but the payoff for small businesses is well worth the effort.

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Lisa Goetz writes cryptocurrency news, analysis and opinion. A freelance journalist with 11 years of experience, Goetz's articles have been featured in USA Today, San Francisco Chronicle, Seattle Post-Intelligencer, and the Houston Chronicle.

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