How to accept BTC on your website and 4 reasons why you should

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According to the latest CoinsPaid report, the number of businesses accepting cryptocurrency through this particular gateway has increased from 300 to over 800 in 2021. What drives all these merchants to accept Bitcoin payments on their Web sites ? There are 4 main reasons.

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80% less processing costs: The average processing fee for a BTC payment starts at 0.8%, compared to the 2-5% that merchants have to spend on bank acquiring fees when accepting card payments. Also, if you accept bitcoin payments, you can forget about chargebacks and rolling reserves.

Near universal acceptance rate: Crypto transactions are completed almost 100% of the time. Additionally, several major providers process payments in BTC, ETH, and BCH almost instantly.

Security: A cryptocurrency payment is easy to track, so if the gateway finds anything suspicious about a transaction (for example, if it involves so-called “dirty” coins), it immediately notifies the merchant.

Competitive advantage : Over 400,000 people around the world use BTC daily, and many of them are actively looking for businesses that accept Bitcoin. Adding this payment option can give a merchant access to this ever-growing audience.

If you are curious about which companies accept cryptocurrency, here are some prominent examples:

  • AMC, the largest movie theater chain in the United States;
  • Twitch, a game streaming platform;
  • Microsoft (store only);
  • Newegg, an electronics retailer;
  • Overstock, a major furniture and home goods store, etc.

Integrate a cryptographic processing gateway in 8 steps

Most companies that accept bitcoin do not do so directly, but rather with the help of a specialized processor. Just like in the world of fiat payments, there is Stripe, ChronoPay, Braintree, etc., the crypto payment market has its main PSPs, including BitPay, CoinsPaid, CoinBase Commerce, etc.

When choosing a gateway through which to accept Bitcoin payments, merchants are advised to look for the following:

  1. Transparent fees (no hidden commissions or exchange rate spreads);
  2. At least 10 different types of cryptocurrency accepted, as well as several fiat currencies;
  3. Instant crypto-to-fiat conversions and direct fiat settlements;
  4. A security audit report.

The onboarding itself can take as little as one business day and will follow a process that we’ll outline below.

Step 1: API configuration

An API allows the merchant’s merchant site to exchange data with the gateway server. The secret API access code that allows you to withdraw funds from the account, so it should be stored in a very secure place.

Step 2: choose the coins to accept

Although you should definitely accept bitcoin payments, there are plenty of other coins and tokens worth adding to your site. These include ETH, BCH, LTC, USDT, DOGE, TRX, etc.

You also need to add some fiat currencies. Many merchants who accept crypto prefer to automatically convert it to fiat (USD, EUR, etc.) to avoid volatility risks. If the price of BTC drops, you can always convert fiat back to Bitcoin for additional gains.

Step 3: direct debits

Some gateways allow you to instruct the system to automatically withdraw accrued earnings once the balance reaches a certain value, instead of manually withdrawing coins to an external wallet each time.

Step 4: Configure fiat options

Being able to accept crypto and withdraw fiat is very convenient and will save your accounting and reporting team a lot of hassle. With some gateways, you can also deposit fiat money to the merchant’s balance using a SEPA or SWIFT transfer.

Step 5: Learn to manage transactions

Crypto processing dashboards allow you to access detailed information about every transaction, whether it is made by a user paying in cryptocurrency for goods and services, or an automatic withdrawal, reload made by a member of your team, etc.

Step 6: test

It is highly recommended to practice with a demo dashboard) before you start accepting bitcoin payments in direct mode. You will need to test deposits (using a special testnet cryptocurrency which can be obtained from sites like BitcoinFaucet https://bitcoinfaucet.uo1.net/, https://tbtc.bitaps.com/), conversions of currencies, API requests, callbacks, and withdrawals.

Step 7: Add a BTC payment form or button

Now that everything is set up on the back-end, you will need to design an attractive payment button or icon on the site to notify users that payment with Bitcoin is available. The crypto payment provider should be able to help you.

Step 8: Let the World Know You Accept Bitcoin Payments

Setting up crypto payments through a processor is only half the job. The other half is driving crypto traffic to your site, i.e. getting the message across that crypto holders can pay with crypto and encouraging existing users to switch to digital currency.

The best ways to do this include:

  • Social media campaigns with relevant hashtags and engaging visuals;
  • Add your website to directories listing crypto-friendly merchants;
  • Discounts, freebies or giveaways for those who pay with crypto;
  • Press releases, newsletters and blog posts;
  • Collaborations with influencers;
  • Publish a tutorial on your site for crypto first payers.

As cryptocurrency adoption grows and BTC gains more and more media attention, the question isn’t whether or not to accept bitcoin payments – but rather what is the most efficient way to do it. By working with a reliable processing provider and using the right marketing tools, you’ll soon see first a trickle, then a real influx of new customers, increased revenue, and much lower payment costs.

Note: Investing in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.

About William G. Patrick

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