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Should your company accept Bitcoin and other Cryptocurrency payments?

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Can your company accept encryption?

While your organization may already be in play if you add PayPal, Square or Apple Pay to your options payment, add the possibility of accepting the cryptocurrency is a bit different.To decide to accept the cryptocurrencies is more like the decision to accept foreign currencies than to simply choose to add a new form of payment processor.There are significant advantages in Accept encryption, but it is not without Careful entrepreneurs should evaluate these pros and cons when they make the decision for their company.

Should your company accept cryptocurrency?

According to Michael Foster, co- creator of localethereum & nbsp; a decentralized market of Ethereum that enables peer-to-peer exchanges: "cryptography allows almost instantaneous transactions to I know cost and boundaries, allowing customers all over the world, even those who do not have access to radical banks, but with access to the Internet – to buy the services or products of your company. "Dibu Paul, of Alchetron the free social encyclopaedia for the world, notes that this is a big change." Especially for the large amounts of payment, which historically took longer to erase, the encrypted transactions are almost instantaneous. "Furthermore, cryptocurrencies are not tied to the exchange rate of a given country: rather they are universally recognized, which makes them more interesting for many companies, in particular for international e-commerce companies [19659005] Paul also notes another advantage of cryptography: it makes it easy for many people to contribute to a single purchase because everything goes to an intelligent public ledger, which can be trusted, making crypto a good medium for crowdsourcing. Use of cryptocurrency as a payment is also a good choice for high-risk companies, since traditional payment gateways may not support them.

Separate transactional benefits, Josh Reif of Reif Ventures, LLC, adds that "accepting cryptocurrency can help you attract a younger population of people who prefer the simplicity and the anonymity of cryptographic transactions." Carmen Mastropierro, owner of three digital magazines and an e-commerce site accepting the cryptocurrency, agrees: "I believe that accepting cryptocurrency as a payment is wise for many companies." The offer of different payment options has always been linked to higher conversion rates, some customers feel safer to pay cryptographically than PayPal or credit cards. "

Alexander Winston, CEO of PPC Limited, adds:" I think it's important to always be open to new technology If a customer wants to pay you in cryptography, why should you refuse them? Initially, we would only accept payments in dollars via processors like Stripe and PayPal, but with the enormous increase in the number of cryptos available in the last few years, we had several customers who asked to pay in the crypt. "

What are the risks in accepting cryptocurrency?

Foster says there are three main risks of accepting cryptography: & nbsp; (1) you do not know how to keep your crypt secure; you or your company are risk averse. (2) Cryptos are highly volatile: just look at the Bitcoin price table this year; (3) regulatory and tax regimes are confusing and depend on where your business is located. "

CPA and COO Matthew May, founder of Acuity adds:" Other risks include transaction fees, liquidity problems and counterparty risks associated with the use of cryptographic exchanges, which act as processors for companies that do not directly accept cryptography. Exchanges allow you to convert cryptography into "fiat", for example money backed by the government, but leaving money in exchanges leaves cryptographic coins vulnerable to theft. "The mantra of the crypto-counterparty risk is, & # 39; Not your keys, not your coins ," continues May. & nbsp; "This is the recognition of the educated person that when you send crypto to any of the exchanges, you add the additional risk that someone else has full custody and ownership of their resources." To solve this problem, those who have significant money in crypto usually transfer it to a "rigid portfolio" offline, like a Ledger Nano.

How & nbsp; Does your company accept cryptocurrency?

If pros outweigh the disadvantages of your business and you want to add encryption to your bids payment, how do you get started? Antonio Madeira of CryptoCompare explains how encrypted transactions occur. To accept cryptography as a form of offer for products or services, your company needs a mobile digital "wallet" or a Point of Sale (PoS) machine. While the two processes are essentially the same, having specific equipment and software and accompanying support allows a smoother experience for customers and your business. A QR code for the transaction amount is generated on the company side, which is then scanned by the customer to pay and complete the transaction. Several PoS machines have various advantages, but most charge a fee for this service.

Madeira continues: "To accept cryptography through your business website registered with a service like Bitpay or Coinbase which has plug-ins that they are installed automatically in the system.These gateways integrate with the main e-commerce platforms.The customers will be able to verify using crypto, which will then be deposited in your digital wallet or deposited as local currency. "

" Accept the cryptography can be a big advantage for a company. "For our new business, adding them was as simple as adding and configuring a WordPress plug-in," explains Jacob Murphy of GPS Tracking Made Easy .

Whether you choose to accept cryptography for your company, it is clearly prudent to know the facts Ask other entrepreneurs about their experiences, assess your level of risk aversion and proceed with care.

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Does your company accept cryptography?

While your organization may already be in conflict with not adding PayPal, Square or Apple Pay to payment options, adding the ability to accept cryptocurrency It's a bit different: deciding to accept cryptocurrencies is more like the decision to accept foreign currencies than to choose to add a new form of payment processor.There are significant advantages in accepting cryptography, but it's not without some disadvantages: more experienced business owners should consider these pros and cons when they make the decision for their company.

Should your company accept cryptocurrency?

According to Michael Foster, co-creator of localethereum – a market decentralized heterogeneous allowing peer-to-peer exchanges – "cryptography allows for almost instantaneous, inexpensive, borderless transactions. Customers all over the world – even those without access to traditional banks, but with access to the Internet – to purchase services or products of your company. "Dibu Paul, of Alchetron, the free social encyclopedia for the world, notes that this is a big change." Especially for the large amounts of payment, which historically took longer to clear, the encrypted transactions are almost instantaneous "Moreover, cryptocurrencies are not tied to the exchange rate of a given country: rather they are universally recognized, which makes them more interesting for many companies, especially for international e-commerce companies

Paul also notes another advantage of cryptography: it makes it easy for many people to contribute to a single purchase because it all goes to an intelligent public ledger, which can be trusted, which makes crypto a good medium for crowdsourcing.Close cryptocurrency as payment it is also a good choice for high-risk companies, as traditional payment gateways may not support them.

Transaction benefits Apart from that, Josh Reif of Reif Ventures, LLC, adds that "accepting cryptocurrency can help you attract a young demographic to people who prefer the simplicity and the anonymity of cryptographic transactions. "Carmen Mastropierro, owner of three digital magazines and an e-commerce site accepting the cryptocurrency, agrees:" I believe that accepting cryptocurrency as a payment is wise for many companies. The offer of different payment options has always been linked to higher conversion rates. In addition, some customers feel more secure in paying with encryption than PayPal or credit cards. "

Alexander Winston, CEO of PPC Limited, adds:" I think it's important to always be open to new technology. If a customer wants to pay you in cryptography, why should you refuse them? Initially, we accepted payments in dollars only through processors like Stripe and PayPal. But with the enormous increase in the number of cryptos available in the last few years, we have received a cryptographic payment request from many customers. "

What are the risks associated with the acceptance of cryptocurrency?

Foster says there are three main risks of accepting cryptography: (1) you do not know how to keep your crypt secure; your company is risk averse. (2) Cryptos are highly volatile: just look at the Bitcoin price table this year; (3) regulatory and tax regimes are confusing and depend on where the your business. "

CPA and COO Matthew May, founder of Acuity, adds:" Other risks include transaction fees, liquidity risks and counterparty risks associated with the use of cryptographic exchanges, which act as processors for companies that do not directly accept cryptography: exchanges allow you to convert cryptography into "fiat", for example money backed by the government, but leaving money in exchanges leaves cryptographic coins vulnerable to theft. " and the crypto-counterparty risk is, & # 39; Not your keys, not your coins "continues May. "This is the recognition by the educated person that when sending crypto to any of the exchanges, we add the additional risk that someone else has full custody and ownership of the assets." To solve this problem, those who have significant money in encryption usually transfer it to a "rigid portfolio" offline, like a Ledger Nano.

How could your company accept cryptocurrency?

If pros outweigh the disadvantages of your business and want to add crypto to your payment offers, how do you get started? Antonio Madeira from CryptoCompare explains how encrypted transactions occur. To accept cryptography as a form of offer for products or services, your company needs a mobile digital "wallet" or a Point of Sale (PoS) machine. While the two processes are essentially the same, having specific equipment and software and accompanying support allows a smoother experience for customers and your business. A QR code for the transaction amount is generated on the company side, which is then scanned by the customer to pay and complete the transaction. Several PoS machines have various advantages, but most charge a fee for this service.

Madeira continues: "To accept encryption through your company website, register with a service such as Bitpay or Coinbase, which has plug-ins that you simply need to install automatically on your system.These gateways integrate with the main e-commerce customers will be able to verify using crypto, which will then be deposited in your digital wallet or deposited as local currency. "

" Accepting cryptography can be a big plus for a company. Our new activity, adding them was as simple as adding and configuring a WordPress plug-in, "explains Jacob Murphy of GPS Tracking Made Easy.

Whether you choose to accept cryptography or not for your business, it is clearly prudent to know the facts. Ask other entrepreneurs about their experiences, assess your risk aversion level and proceed with care.

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