There are a number of benefits that come with your business accepting cryptocurrency. You open yourself up to a new pool of customers, transactions become quicker and safer, and you’re preparing yourself better to work in a borderless world. Of course, it’s one thing knowing that you should be accepting cryptocurrency, but it’s another thing entirely knowing how to actually do it. This article will provide you with all the information you need to get your business to accept crypto.
Understand Crypto Regulations and Updates
The first thing to do is to speak to an accountant to better understand what the tax implications would be for using different types of cryptocurrencies. These implications vary from state to state, and from country to country, so it’s important to stay on top of them. Regulations have a tendency to change how you would plan your business and how you’ll accept crypto.
You also need to keep on top of the different updates that are happening in the world of cryptocurrency. For instance, Cosmos is gaining more traction, and this could impact the way that your business takes payments. Check out OKX.com’s guide to cosmos here, but essentially, it provides an independent network of blockchains meaning the transferring and migration of various tokens becomes a lot smoother.
Set Your Business Up with a Crypto Wallet or Payment Gateway
The next step is to set your business up with either a Crypto Payment Gateway or a Crypto Wallet. A wallet will be responsible for keeping all your cryptocurrency in one place, whereas a Payment Gateway makes it so that you don’t keep your crypto but instead it’s converted into cash. If you want flexibility in the way that you accept crypto, then using a Payment Gateway is a much better bet rather than keeping it. That said, if you enjoy the investment side of crypto, then holding on to some of it could be a good option.
Enable Crypto at Checkout
E-commerce is a vital part of your business and now, using popular e-commerce platforms, it’s easy to accept crypto payments at checkout. The majority of e-commerce platforms will allow you to start accepting cryptocurrency, although there are some that could be difficult. If this is the case, then you can integrate crypto payments into your checkout by using an HTML code from your wallet.
Market The Fact That You Now Accept Crypto Payments
Finally, as stated above, accepting crypto is an excellent way to improve your client acquisition, but it’s no good accepting it as payment if nobody knows that you do. As such, marketing that you accept crypto is just as important as accepting crypto itself. You should produce content and use social media to advertise to people that your business now accepts payment through cryptocurrency. On top of that, reorganize your website to make it perfectly clear that customers can pay with crypto at checkout. By spreading this message far and wide, you’ll likely increase customer engagement and reap the benefits of trading with crypto.
