Over the last few years, cryptocurrencies have become popular among investors, regular people, and even businesses. And although many people still don’t know much about Bitcoin and other digital assets, this technology is getting more and more intertwined with our everyday life. For example, many shops, companies, cafes, and other businesses are starting to accept crypto as a payment method.
This happens because business owners understand that there are a lot of potential clients who use digital assets. At the moment, there are over 420 million crypto users worldwide, and this number is expected to grow. That’s why you need to be faster than your competitors and adopt this technology as soon as possible.
What are crypto payment gateways?
To put it simply, they are the intermediaries that help businesses accept payments for goods and services in digital currencies. For example, if you have a store and want to start accepting not only cash and bank cards, but also cryptocurrencies, you will need the help of experts. They will provide you with all the needed information, a special terminal that accepts crypto, create a payment page for your website, and make sure you have 24/7 technical support. This means that the service you work with is providing you with a cryptocurrency gateway.
How to start accepting cryptocurrencies?
There are a few things one needs to think about before implementing crypto into their business. The most important step is to find the perfect crypto payment gateway. The provider of such services has to be safe, quick, and easy to work with.
An example of such a provider is Whitepay, a SaaS company that delivers crypto solutions to businesses and charitable organizations. They offer crypto POS terminals and payment pages worldwide. Businesses can choose from over 140 cryptocurrencies and receive the payments in the fiat currency they prefer. Whitepay offers its customers a wide range of services and advantages: dashboard, comprehensive transaction history, simple and quick deposit and withdrawal of funds, customizable fees, and receipt settings.
The service is also great for accepting donations. With it, you get a simple form, where people can choose from 140+ cryptocurrencies and donate their assets from any wallet they have.
The best part is that Whitepay has a demo version, which gives the clients a chance to try their services and decide if they want to use it for their business.
How does Whitepay work?
Whitepay – accept crypto payments made easy. You can contact the company and leave your application for a crypto POS terminal or payment page. The representatives of Whitepay will later contact you and explain all the nuances.
When you have a crypto POS terminal by Whitepay in a physical location of your business, it works the following way:
- A client asks to pay with crypto, and the salesperson chooses the “Crypto” option on the terminal screen.
- If there is more than one cryptocurrency on the terminal, the client can choose the one they prefer and make sure that they use the correct network.
- The salesperson then enters the sum in the fiat currency the business uses. The price in crypto will be calculated automatically.
- After that, the client will have to scan the QR code generated by the terminal.
- They will be redirected to the browser with payment information: wallet address, currency, and the amount needed to be paid.
- The client then copies all the needed info and enters it into their cryptocurrency wallet.
- The status of the transaction on the screen of the terminal will change to “Completed”.
- If a client sent less than the required amount, they can use the same address to send the rest of the funds.
Are there many businesses that accept crypto?
The answer is both yes and no. Since the crypto industry is still in its early stages, not many businesses understand the benefits of it and don’t accept it alongside with cash or bank cards. Only the biggest or the most forward-thinking companies are already using a crypto payment gateway. The examples of such businesses are well-known: Tesla, Microsoft, KFC, AT&T, Subway, Burger King, Norwegian Air, Shopify, Gyft, Namecheap, and many others. However, there is still a lot of place for smaller companies to join the crypto world. The number of people using digital assets is growing every day, so you might be missing out on a lot of new clients.
How to choose the right crypto payment gateway?
Of course, with the growing popularity of digital currencies, more and more services that offer crypto payment gateways appear on the market. However, you need to do your research before trusting them. There are a few factors you might want to consider.
- Security. It’s probably one of the most important aspects. Ask the company you are planning to work with for their license, find out about their safety mechanisms, etc.
- Reputation. Is this a new company or the one with lots of clients and reviews? Take your time to find it out. Trustworthy companies usually even have a section on their website dedicated to their partners.
- Services. If a company offers too many good things for free, there might be a trick. They need to disclose everything they can offer with as much detail as possible beforehand. There shouldn’t be any hidden fees or payments.
- Support. Any company must offer a support service that can help both you and your clients in case there is a problem.
As you can see, there are obvious advantages of accepting cryptocurrency as a payment method for businesses. If you are looking to broaden your client base and stand out from other companies, you should consider this option. Of course, one of the most important things to do is to find the best crypto payment gateway. You only need to do a thorough research and choose the the right option. We used Whitepay as an example of a good SaaS company, but it’s your decision. Be among the first businesses to adopt crypto and get more clients than your competitors!