Crypto has been in the news a lot in recent months. This is partially the case because the Bitcoin price has risen a lot and reached a new high several times. This did not only happen to BTC, the ADA price for example has been constantly rising too. However, there are more reasons for crypto being in the news lots. For example, some major stores have started accepting this type of currency. If you are the owner of an online store, you should definitely consider doing the same, for example with the XRP/EUR price if you are located in Europe. Fortunately, you do not have to know heaps about crypto to accept it as a payment in your online shop. In fact, this can be rather easy, especially if you use one of the three ways mentioned below.
Accept crypto payments manually
One of cryptocurrencies’ main selling points is that you do not have to rely on intermediaries or third-party services. Instead, you could just accept crypto payments in your online shop without having to use a platform or something like that. This is quite a simple process. In fact, you just have to generate a crypto address for each sale you make in your store on the internet. You will also have to provide instructions for how much money people should send you. After a buyer has done this, you will receive the crypto coins in your wallet. After the transaction has been completed and confirmed, you can process the order. If you decide to use this method, you will experience some downsides too. For example, you will have to do the invoicing and billing yourself, while you have to provide payment addresses manually too. This could be a lot of work.
However, you could also use a third-party service in order to give customers the possibility to pay with crypto in your online store. BitPay is an example of this, which enables you to receive Bitcoin payments, while you can also employ it to transform these payments into bank withdrawals. This does have a 1 percentage fee, unfortunately. BitPay does not function as an exchange by the way, it fully focuses on payment processing. Many big platforms have already used BitPay, such as Steam and Shopify. This is partially the case since this middleman supports a lot of integrations with major platforms, while you can also utilize it to accept one-time payments. BitPay can even be used to receive donations and set up subscriptions all the while you do not have to do any invoicing or record-keeping, this is all done by the service.
Coinbase is one of the biggest crypto exchanges, but it offers a merchant service too. You can sign up as a business or as an individual to Coinbase’s merchant service. After you have done this, you are able to start accepting Bitcoin and other crypto payments in your online shop. These payments will go straight into your Coinbase account. Afterwards, you can use the same service in order to convert the cryptocurrencies, although you can also withdraw them to your bank account. Just like BitPay, Coinbase uses a 1 percentage fee for this. Besides that, Coinbase is entirely free, which is also the case if you decide to keep the crypto that has been used to pay for your products by a customer. Therefore, Coinbase is especially a great third-party service for companies who want to keep their Bitcoins. Does your online store not want to keep the crypto? In that case, Coinbase is still a very good middleman to use.