Accepting cryptocurrency payments is a big decision. One that will likely impact your business in ways you can’t imagine right now. However, it’s essential to make sure any decision about accepting crypto or not goes through all the proper steps before jumping into anything irreversible with their buyer/customer foundation.
That’s because the cryptocurrency market is volatile, and without the right approach to crypto payments, a business can incur losses due to massive fluctuations in crypto prices.
Is integrating crypto payments worthwhile?
Crypto is a hot topic, but it’s not for everyone. If you want to know if crypto payments are right for your business, some important questions need answering first:
What will my customers use? Do I have a payment gateway to protect my customers and me from excessive volatility? And how do we prevent fraud without limiting valuable customer data?
While these issues can make you shy away from accepting crypto payments, doing so has many advantages.
Advantages of accepting cryptocurrency payments
One of the advantages of accepting cryptocurrencies is the perception that you are a forward-looking company. This is a big deal considering that most of those looking to pay in crypto are under 40 years. Essentially, you are making a bet on millennials and the generations behind them. Not only is this good for the company’s image, but it also guarantees that you keep growing your potential customer base going into the future.
It is for the same reason that big corporations like Microsoft and Disney are getting into crypto. Crypto is a new thing, and these companies know it. They’re all accepting Bitcoin because they can see that crypto will appeal most to their audiences- young people who want an alternative currency or techies looking for something more cutting edge than dollars.
When you start accepting cryptocurrency payments, you also give your customers the advantage of cheaper transactions. On average, the transaction cost for Bitcoin transactions is about 1%. That’s much lower than most credit card fees which can go as high as 3.5%. If you choose to accept altcoins, whose costs are as low as 0%, then the overall cost for your customers goes even lower. The result is that you can draw in clients from your competitors who are not accepting crypto.
Downsides to crypto payments
The biggest fear that most businesses have about cryptocurrency payments is volatility. With crypto, there are never guarantees that the price will remain the same, not just in days but even in hours to come. For context, in just a week, Bitcoin has dropped from $25k to $21k.
However, this is a problem that you can navigate around by selling crypto as quickly as you receive it. This can be cumbersome, though, especially for a company that handles thousands of transactions at any given time.
Luckily, innovations are coming up that can help you accept Bitcoin and other crypto payments while avoiding volatility.
Start accepting crypto payments on your website without volatility
The crypto world is expanding at an alarming rate, but don’t let that get you too overwhelmed. There are a few core elements everyone will need to start accepting Bitcoin and other cryptos.
The core elements
A crypto wallet
A wallet is a must for holding crypto. Think of it as your bank account. Just like you can deposit money into an app on your phone to begin spending immediately, you can do the same with crypto.
We all know that integrating cryptocurrency payments into your e-commerce store can be daunting, but luckily there are plugins for widely adopted platforms like Shopify and WordPress. For those without access to these tools or with other hosting providers who don’t offer native integration options, third-party services like Payaabb provide quick solutions, including Bitcoin payment buttons that work seamlessly within any website.
3 ways to accept cryptocurrencies while cutting out the volatility
Coinbase is a great way to get started with Bitcoin. The easy-to-use app makes it quick and painless. Not only do they have an excellent platform, but compatibility across most e-commerce sites means that you can start accepting crypto in no time.
Most importantly, Coinbase Pay offers instant conversions to help you avoid the volatility that comes with cryptocurrency payments.
BitPay offers several ways to accept crypto payments, including payment buttons. They also have plugins for WordPress sites or e-commerce stores that allow you the option to set up your invoice directly within their platform without any hassle whatsoever. What makes BitPay so great? They provide protection from volatility for a 1% fee per transaction (depending on what type). This means you can accept cryptocurrencies on your website without worrying about price fluctuations hurting your profits.
Payaabb has lots of beneficial options for businesses that want to start accepting cryptocurrency payments. The Payaabb payment processor is designed with an auto conversion feature. This allows your business to start accepting cryptocurrencies without worrying about price fluctuations.
Payaabb is also designed with crypto diversity in mind. Unlike many processors that accept Bitcoin and a few large cryptos, with Payaabb, you can accept crypto payments in Bitcoin, Ethereum, the gold-backed AABB Gold token, and more than 400 other cryptocurrencies.
This payment processor is also designed to be easily integrated into any business website. You cannot lose money.
Conclusion – Accept crypto without the risk of volatility
The future is coming, and it’s not only technology that will change. The way we do business has too, and with cryptocurrency becoming more mainstream every day, there’s no better time than now to take advantage of this shift in payment methods.
Accepting crypto payments on your website doesn’t require your exposure to volatility risk. With plugins like Payaabb available today, accepting cryptocurrencies becomes incredibly easy – ensuring stability during volatile markets while still giving potential buyers exactly what they want: value services rendered at fair prices.