Companies and various brands around the world are starting to incorporate cryptocurrency, particularly Bitcoin, in operational and transactional purposes. While its value is still in a volatile state, more and more people are waking up to its advantages. If you have a business and you want to start accepting cryptocurrency, below are ways you can integrate it to your operations and reap its benefits.
What You Need
You must have the following to receive and move any type of cryptocurrency:
- Cryptocurrency Wallet
Cryptocurrency is digital cash, thus, you need a virtual wallet for it. You can also accept multiple types of cryptocurrencies, such as Bitcoin, Ethereum, and more. In this case, use a wallet that allows you to store different digital currencies. You can also connect your cryptocurrency wallet to banks that accept Bitcoin and other cryptocurrencies.
- Cryptocurrency Address
Your cryptocurrency wallet has a unique built-in address, as all cryptocurrency wallets do. It’s a combination of numbers and letters. Digital currency wallets come with a feature that allows users to convert them into QR codes. You can share this address or QR code with other people or businesses so that you can receive payments. The technology will not allow the user to cancel or reverse the transaction once it’s already been sent. It’s also impossible to ask for refunds.
- Private Key
The private key is coded as the digital access to your cryptocurrency wallet. Private keys are also unique to your cryptocurrency wallet, and once you lose it, you can’t access your wallet anymore. But, some wallets allow the users to use an optional password. In this case, it’s recommended to save your private key in a storage device, such as a USB flash drive.
Ways to Incorporate Cryptocurrency Into Your Business
1. Pay Employee Salaries With Cryptocurrency
As a business owner, you can choose to pay your employee salaries in cryptocurrency and decide on the date when the conversion to fiat cash will take place. The rate is freezable, depending on the payroll of the employee. You can use the actual market value of the digital currency for conversion. A separate date can be set when the payment to the employee will commence.
Business owners can help employees decide as to how much of their salaries they’d like to receive in fiat cash and how much would be in cryptocurrency. Since each employee has a different set of financial needs, it’s better that the employees also have a say in how much they want to receive. There’s a likelihood that employees will accept up to 20% of cryptocurrency as part of their salaries.
As a business owner, you can also discuss the type of cryptocurrency your employees want to receive. Cryptocurrency comes with risks, and the employees’ risks should be taken into account. There are various ways and tools that they can use to convert digital currency to fiat one, and it’s a good way of introducing them to this kind of currency.
2. Integrate Cryptocurrency Into Your Website
There are options available when integrating digital currency into your business website. If you’re in the retail business and receive payments online, you can add cryptocurrency as a payment option, introducing your customers to another form of cashless payments. Considering such options will help you find the right one for your business needs.
- Add A ‘Pay With Crypto’ Button
A ‘Pay With Crypto’ button on your website instantly informs your customers that you accept digital currency as a form of payment. There are various platforms that have a button creation feature and allow business owners to connect to cryptocurrency platforms.
- Pay Manually
Customers can send their payments to your public address or QR code. You can include these components at the checkout page so that you can receive digital currency directly to your virtual wallet. There are various cryptocurrency wallets that come with reliable instructions on how to add this option to your website.
- Use A Service Provider
There are different cryptocurrency wallets wherein you can accept digital money. They may come with fees, but these will help iron out the complications and the stress that comes with accepting cryptocurrency.
3. Allow In-Store Cryptocurrency Payments
You can have your customers pay for goods and services using cryptocurrency if you’re the owner of a café, restaurant, or a retail store. There are some major payment processors that already allow cryptocurrency because of the increasing public demand.
All your customers need is a mobile device, such as a smartphone or tablet. There’s no credit card or cash needed because you’ll be using a point-of-sale app to deduct cryptocurrency coins from their accounts.
The app is easy to use because you only need to input the amount owed by the customer. The point-of-sale app has a feature that allows it to compute how much cryptocurrency is owed. It will, then, generate a QR code that the customer needs to scan using the cryptocurrency wallet app they’re using.
Cryptocurrency is money, and more and more investors are reaping the rewards of using it. Businesses are starting to accept it as an alternative to fiat cash as it comes with fewer fees during transactions. If you have a business, there are now more ways than before to encourage your customers to pay with cryptocurrency, and your employees will also be able to benefit from the gradual transition from regular cash to digital currency.