Most people who own crypto would love to use it to make everyday purchases. Unfortunately for them, very few retail shops accept crypto. Accepting crypto as a business could get you access to this clientele and could also get you some great word-of-mouth publicity. It could even get your attention from the press.
You do have to be careful if you decide to accept them, however, since there are major differences between cryptocurrencies and regular currencies. Let’s take a look at a few tips for retailers who want to start accepting crypto payments.
Stick to the Top Cryptos Only
You may be tempted to accept a wide number of cryptocurrencies to facilitate people, but there are more possible risks than benefits to this strategy. Ether and Bitcoin are really the only two coins that have mainstream recognition, and the chances that someone will want to pay using Dash or Zcash are very slim. Exotic cryptos are also more difficult to exchange, which could lock some of your assets.
This is why you should consider only accepting these Bitcoin and Ether coins, and maybe a third one like Litecoin, XRP, or a stablecoin like Tether. We also suggest that you keep a close eye on the price of these coins in fiat dollars in real-time to know exactly how much you’re getting and the cash value of your reserves. Use a resource like OKX to look up Ethereum prices.
You Will Need a Wallet
Your cryptocurrency wallet will be where you store the history of your transaction and prove ownership of your assets, so you will need to find a reliable one and consider buying more than one if you want to increase security. Ideally, you should have a software-based wallet for everyday transactions, and a hardware-based one for storage. If you want to find a great wallet, check reviews, look at the history and security record for the wallet, and stick to well-known names only.
Consider Using a Payment Portal
While you can start accepting payments with nothing but a wallet address, you should consider working with a payment gateway service. These services could give you protection against volatility, reduce your overall fees, and directly convert the funds you receive into fiat dollars and deposit them directly into your bank account. If you’re looking for a perfect option for brick-and-mortar retailers, you can check out services like GoCoin or TripleA.
Make it Visible
You also want to make it very visible that you accept cryptocurrencies. This will let people know that they can use their coins in your store and could also give you some publicity. Make sure that you add a highly visible sign on your website and in your front window or door that says that you accept crypto, plus a small sign next to the counter just in case.
These are all things that will help you accept cryptocurrency payments efficiently with minimal risk. Make sure that you have a good knowledge of cryptocurrencies before getting started, however, as you may have trouble understanding some of their peculiarities.
