Tuesday, 26 May 2020


If you are a small business, you cannot afford to turn customers away.
Therefore, you want to make sure that you facilitate as many payment types as possible. In recent times, there has been a growth in cryptocurrency, and if you are a small business, you recognise that accepting as diverse types of payments as possible will benefit your customers and perhaps help you to draw more traffic to your store or site.

However, accepting cryptocurrency isn’t as straightforward as accepting cash or debit payments. It isn’t necessarily an arduous process to set up as a small business that accepts cryptocurrency payments, but there are steps that you need to take.

You must set up a Merchant Wallet Account

* If you are looking to accept cryptocurrency payments as a small business, make sure that you have a merchant wallet account. There are many providers you can choose from, so consider your options, with some of the leading names in the industry being:

* CoinGate

* BitPay

* Coinbase

* CoinPayments.Net

There are also companies like SatoshiPoint who provide you with an extensive range of cryptocurrency options, many of which are tailored to the needs of a small business. You have options to consider, so make sure you do your research, think about what you need and then select a provider who can help you obtain what you need.

Your merchant wallet provider will set you up with a public wallet address, which is a lengthy alphanumeric code, while you should also receive an automated QR code which can be used at your Point of Sale system. This is what enables customers to carry out cryptocurrency payments in your store. You will also be provided with a private key, and this will enable you to gain access to your cryptocurrency wallet.

Do you need online or Point of Sale support for cryptocurrency payments?

If you have a physical POS system in place, you should use the QR code to enable your clients to scan this code and they will then transfer a payment to your wallet. If you use an online, your merchant account provider should help you get set up with a shopping cart, the necessary payment plugins, any checkout pages you may need, APIs and all other aspects required when setting up to accept cryptocurrency payments online.

You will find that there are options for you to integrate your cryptocurrency wallet with accountancy and even stock-taking systems. This can make the management of your business even easier, helping you to run a more efficient company.

Small businesses need to improve their chances of business success

As a small business, you should look to take advantage of every benefit you can. By accepting cryptocurrency, you will not provide customers with more ways they can make payments with you, you will also position yourself as a modern thinking and progressive company.

For a small firm, being a forward-thinking company can create a connection with your audience, and this will help you to enjoy more sales in the future.

source: businessworld.io
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