How to accept cryptocurrency as payment

The crypto world moves at a frenetic pace of innovation with emerging new trends, additional new outstanding features and new releases. Ambitious enterprises are keen to get ahead of the curve with its great potential. Most of the merchants around the world are opening up to the digital currencies as constantly increasing the benefits of accepting the digital currencies are numerous. They include fast transaction, increased security, privacy, low transaction fees and more blockchains based platforms available in the market that utilize cryptocurrencies. These are becoming increasingly popular and impress more user around the world. There are several reliable payment gateway platforms for users to send and receive bitcoin and other coins.

To start accepting bitcoins you have to follow steps given below:

Choose your Bitcoin PSP (Payments processing provider):

There are few sites that offer bitcoin the management services such as bitpay, coinify and bitcoin pay. Every one of these gateways charge various transaction fee and has various features, so do your own research to track down the one that suits you best.

1. In case of bitpay, open the Bitpay application, explore to the wallet tab.

2. From wallet, click send.

3. Enter or scan the address you want to send funds to.

4. When on the send tab, there will be a screen where you can enter the amount you want to send. Click on send max if you want to send the entire balance of wallet.

Also Read: Cryptocurrency And Crypto Trading Signals: An Overview

Remove restriction by adding your bank account details:

Despite the fact that bitcoin transactions are made anonymous, new accounts are restricted to $1000 worth of transaction each month. To remove this limit merchants are asked to give their personal data for verification purposes. This may incorporate a copy of ID card or passport, your name and addresses of company directors and address of incorporation.

Choose your currency:

Once you open an account, you will be asked which currency you want your bitcoins to convert to when they are paid out to your bank account. Transaction charges are a bit different for various PSP and so exchange rates. 

So now you are ready to send and receive bitcoin cryptocurrency payment on your website.

There are several companies that will help you accept bitcoins and other crypto as payments for merchants. These crypto payment platforms accept all major cryptos.

COIN BASE COMMERCE:

Coin base as one of the biggest bitcoin exchange platforms in the world, but apart from trading an exchange Bitcoin. On coin base you can also use it for accepting bitcoin for your business. Coinbase Commerce make $135 million worth in 2019. It offers, for 32 countries, it is totally more secure than other platforms.

BIT PAY:

Bitpay is one of the largest companies in the world that are enabling the businesses to accept crypto payment. They support payments in Bitcoins, Bitcoin cash, Ethereum, Wrapped Bitcoins, Dogecoins, 5 USD-pegged stable coins. Payments can be made by customers online, by email and inperson. Another flawless feature offered by bitpay is that it avoid crypto price fluctuations. Another outstanding feature of bitpay is that they offer bitcoin debit cards for easy crypto-fiat transactions. 

COINPAYMENTS:

Coinpayments is one of the most trustworthy gateways out there because it has been around in 2013. With coinpayment you can accept more than 1480 cryptocurrencies including bitcoins, dogecoins, ethereum, wrapped bitcoins and others. It allows merchants to accept over 1200+ coins with a processing fee of 0.5%, It also offers a lot of bang for digital bucks. Its amazing feature is that it support GAP600 quick confirmation to make Bitcoin payment faster.

GOCOIN:

Gocoin is one of the best ethereum payment gateways. It was established in 2013 it is one of the longest running blockchain like coinpayment that enable merchant partners to accept digital currency like Bitcoin, Bitcoin cash, Litecoins, Dash, Ethereum and EOS as payments. It provides merchants ultimate security and flexibility of payment methods without the danger of charge-back, market volatility and payment frauds. Gocoin offer a 1% transaction processing fee and works with most e-commerce services such as Magento, OScommerce, Prestashop, Shopify, Ubercart, Woocommerce and Zencart. 

Also Read: Cryptocurrencies to be accepted by various businesses as a source of payment

PAYPAL:

PayPal recently announce that now merchants would enable to accept cryptocurrencies for payment, but for now it is only available for the United States. PayPal doesn’t charge any transaction fee. They accept cryptocurrencies such as Bitcoin, Litecoins, Ethereum, Venmo and Bitcoin Cash. The most awesome thing about cryptocurrency is you can start by investing as little as $1, and you don’t have to open a special account for this, sounds pretty interesting.

You can shop for fashion, homeware and lifestyle or pay for your holidays or for web hosting or other IT services by Ethereum. So what is it?

It  is the world second largest cryptocurrency in that market with capitalization of $140bn. It’s anything but amazing that such countless stores and service provider preferred Ethereum as a payment option, along with other cryptocurrencies.