Smithfield’s Small Business Guide to Accepting Cryptocurrency Payments

Published 7:02 pm Thursday, April 25, 2024

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These days, you’ve probably heard people talking about this thing called “cryptocurrency.” The newest frontier of digital payments. But what even is it? And should your business start accepting it as payment and join platforms like Ethereum Code?

Signing up for crypto payments comes with many benefits for your small business in Smithfield. Here are all the yes’ and no’s regarding this debate. So buckle up and keep on reading as we dive deeper into it.

What is Cryptocurrency?

So what exactly is crypto anyway? Cryptocurrency is a type of digital money that exists only in digital format – you can’t hold physical coins or bills in your hand. The most popular cryptocurrency is called Bitcoin, but there are also other altcoins like Ethereum, Litecoin, and Dogecoin.

Instead of banks keeping track of everyone’s money, cryptocurrency uses special computer coding called blockchain technology. This blockchain technology records every single payment and trade made using that cryptocurrency, be it Bitcoin, Ethereum, or any other altcoin. 

Furthermore, a very important aspect is that no single company or government controls the blockchain – it is shared across many different computers worldwide, and that’s what makes it such a good system for financial transactions.

Why Accept Crypto Payments?

There are a many important reasons why some businesses have started letting customers pay with cryptocurrency. Some of them ares:

  1. Attract Cool, Modern Customers – Allowing crypto payments can help draw in younger, more tech-savvy buyers who are aware of the crypto benefits.
  2. Avoid High Credit Card Fees – Accepting crypto often has much lower processing fees compared to credit cards, with no mediation fees that banks usually charge.
  3. Get Paid Instantly – Rather than waiting days for money to process, crypto payments can show up right away in your crypto wallets.
  4. Let International Buyers Pay Easily – Cryptocurrency can be used by customers from any country without crazy currency exchange costs.

How to Start Accepting Crypto

So if you’re interested in helping your customers pay with cryptocurrency at your small business, here are the basic steps:

  1. Choose Which Crypto To Accept – Maybe invest in just Bitcoin to start. Or you can also invest in Ethereum and Litecoin. See which ones your customers want to pay in and go on from there.
  2. Use A Crypto Payment Processor – Companies like BitPay and CoinPayments allow you to easily accept and process crypto payments on the go.
  3. Set It Up For Your Website Or Store – Most processors give you tools to add a “Pay with Crypto” option for online and in-person sales. How cool is that?
  4. Let Customers Know You Take Crypto – Update your payment section, put up signs, and spread the word that you now accept cryptocurrency!
  5. Get Set Up With A Crypto Wallet – This is where you’ll receive each crypto payment. Many processors can also convert it to normal cash for you.

Things to Consider

Like any new technology, accepting cryptocurrency does have some downsides to think about:

  • Value swings up and down – Crypto prices can change a lot, meaning you could make or lose money just by holding it.
  • Still fairly complex – You’ll need to learn a bit about how blockchain, wallets, and buying/selling crypto all works.
  • Not everyone uses it yet – Although growing, cryptocurrency is still unfamiliar to many customers compared to cash and cards.

But if your business wants to be on the cutting-edge of payments and attract modern buyers, giving crypto a try can be a smart move! Just make sure you do your research first.

In Conclusion

Cryptocurrency may seem confusing now. But it’s getting more and more popular by the day. Why not let your customers pay how they want while avoiding those high credit card fees? The future of money could be crypto!

Start your crypto journey today by joining trustable platforms like Ethereum Code and start trading. Hopefully your business makes great profits as you let those coins sit in your wallet overtime!