Friday, October 7, 2022

How To Accept Crypto Currency

Advantages Of Bitcoin Payment Services

How To Accept Crypto Currency Payments with WooCommerce

Compared to a standard credit card payment, bitcoin payments purport to be relatively cheaper due to lower transaction costs. A payment service, like BitPay, charges a flat 1% settlement fee to the merchant, compared to 2% to 3% charged by the fiat currency credit card processing service.

Bitcoin payment services allow a borderless payment network, which enables seamless transfer of bitcoins in any amount from anywhere across the globe, through any mobile or computer, to the merchants account in a large number of countries in a currency of merchants choice.

Bitcoin payment services claim to maintain transparency in the highly dynamic exchange rates between bitcoin and the fiat currency.

Using such services, a merchant not only gets various mediums to accept global payments, but they also get a reliable and authentic identity in the virtual world of cryptocurrencies, which is much safer, transparent, and dependable for getting payments.

Imagine being asked to make a direct payment to an individual bitcoin wallet, versus seeing the payment being processed through the network of an established payment service provider a customer would find the latter more trustworthy to proceed with. That is the value-add a business gets from such services.

Give Directly To Those In Need

Working with marginalized communities can often require cash to trade hands multiple times before getting to the desired beneficiaries.

Lets say a donor made a $100,000 donation to support a school program in rural Uganda. That money would have to be transferred to Uganda, converted into Ugandan Shillings, withdrawn from a bank, and transported to the rural area.

All of the fees associated with this long process would diminish the value of the original contribution and take money out of the school program. However, with cryptocurrency, this process can be avoided.

Anne Connelly, an advocate for the social potential of blockchain, contends that crypto, like Bitcoin, can overcome the inefficiencies of humanitarian work. More, Anne argued that Bitcoin could be a valuable currency for those living in the global south that have seen their currencies inflate to the point where they are no longer functional.

Bitcoin can overcome governmental mismanagement of currency and provide those in marginalized communities worldwide with economic power.

For donors, giving Bitcoin also allows them to see exactly how their money is spent, as every transaction is public and protected by blockchain technology.

Where Can I Learn More About Crypto

Anne told us that the best place to learn more about blockchain and crypto is the same place we go to watch silly cat videos, look up recipes, and buy last-minute birthday presents: the internet!

Based on this advice, I have compiled some excellent internet resources to answer nonprofit professionals questions.

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How Does Bitcoin Payment Service Work

All popular bitcoin payment services offer multiple mediums for merchants to accept bitcoin payments. They include solutions for various platforms, like integration with e-commerce platforms like Shopify, PrestaShop, and Magento for payment through in-store point-of-sale systems, like Soft Touch and DC POS and for direct payments from within the popular billing and accounting solutions, like Host Bill and Invoice Ninja.

One can also find solutions for accepting donations in bitcoins through such services, which include integration with donor services like NationBuilder and Targeted Victory. App developers can find ready-made functions and code libraries in Android SDK and iOS SDK, and in programming languages like Java, Perl, and PHP, which enable them to accept bitcoin payments through their apps and portals.

Essentially, anyone who signs up for bitcoin merchant services can start receiving bitcoin payments from the customers via any and all kinds of transaction mediums from across the globe. A bright kid in Ethiopia can develop a great Android app and receive bitcoin payments from global users using the bitcoin payment integrated with the Android software development kit or a prominent restaurant in Venice, Italy, can use the bitcoin payment-enabled Soft Touch POS to receive bitcoin payments from its patrons.

Create A Payment Button

Accept Cryptocurrency Payments in Your Business

To create a payment button click on the Accept payments button within the dashboard.

To make it easy to accept payments without developing a custom integration, weve made it possible to choose between two basic payment types:

Once youve gone through the flow youll be given a link to a hosted page where you can immediately start accepting cryptocurrency payments. On the Embed tab youll find a code snippet that can be used to embed a payment button on your website.

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Cryptocurrency And Your Small Business: What You Must Know

As Cryptocurrency and Your Small Business: What You Must Knowa general rule of thumb, lets have a look what the Chief Investment Officer and Post Modern Marketing has to say.

Still, if you are planning to choose cryptocurrency as a small business, it wont hurt to accept all types of cryptocurrencies. This is because most merchant wallets are not limited to accepting all forms of coins, but also automatically alter any sales transaction to the businesss base currency.

The Fastest Way To Accept Cryptocurrency On Your Online Store

Rather than spending time searching for the best wallet, or trying to develop something yourself, you can use an eCommerce integration to start accepting cryptocurrency on your online store right away.

Shift4 Payments is a leading payment processor that lets you accept credit cards and several alternate payment methods, and also powers the eCommerce software Shift4Shop. If you use Shift4 Payments, you can access Shift4Shop’s unlimited End-to-End eCommerce plan for free. It includes all the features from Shift4Shop’s paid plans, plus several bonuses. This plan is fully paid for by the Shift4 Payments credit card processing fees you would normally be paying for every sale anyway, so it’s a solid deal.

But the most interesting thing about Shift4 Payments and Shift4Shop for a business that wants to accept cryptocurrency is Shift4’s cooperation with BitPay. Online store owners who use Shift4Shop and Shift4 Payments can access a very quick BitPay integration for their eCommerce store.

We briefly mentioned BitPay earlier, but let’s go into a little more detail about it:

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Most Important Cryptocurrency As A Means Of Payment According To Coinmarketcap

Coinmarketcap distinguishes between coins and tokens for cryptocurrencies. The market capitalisation by coin therefore offers an initial guide.

The cryptocurrencies in the top 20 play a real relevance here. Accepting as a cryptocurrency, you can exclude the coins on the places behind it.

All cryptocurrencies listed below are something for speculators or enthusiasts, but have no relevance for payment processing.

However, the market capitalization only tells you what the total value of the coins in circulation is. No statement is made about the spread and acceptance as a payment method.

How To Accept Crypto Payments Best Crypto Payment Processors For Your Business

How To Accept Crypto Currency As A Payment Method in Wix

Then, there is the investment arm, which companies are starting to optimize as well. MicroStrategy made waves over the past year for investing billions of dollars into Bitcoin, and several other firms have done the same.

Other firms have made the same move as MicroStrategy, with Bitcoin Treasuries showing that billions have been allocated towards Bitcoin investments from some of the most popular public firms.

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How To Use Cryptocurrency In Ecommerce

eCommerce and cryptocurrency complement each other quite nicely since they share the same home, and both appeal to the digitally-savvy user. As an eCommerce retailer you should view cryptocurrency the same way you view your business. Its an additional option for those looking for a fast and more convenient way to pay for goods and services. This shows the high demand for digitally-based payments among an online consumer base.

With cryptocurrency there is no need to go to a bank, withdraw money or even enter a credit card number before submitting a payment at checkout. The same demand that has propelled the online retail world is driving digital payments and, if done so the right way, this could serve as a great compliment to your existing services.

Attract New Customers And Show That Your Company Is Adopting New Technologies

Many cryptocurrencies have passionate communities that will surely appreciate a business thats accepting their coin. This can be a way to attract new customers and give them a reason to shop with you that they actually care about. Cryptocurrency fans are also very active on social media, and tend to spread the word about the latest developments connected to their favorite coins. By accepting cryptocurrency payments, you can generate some free publicity and also show that your business is open to cutting-edge technologies.

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Accepting Bitcoin Cash For In

  • Whether youre a restaurant, cafe, or retail store, you can give your customers the option to pay with BCH using your existing devices .
  • Rather than taking payment through cash or a credit card, youll use a point-of-sale app to take payment in BCH.
  • The app will be downloaded to your device and, when customers are ready to pay, youll simply enter the amount owed on the app.
  • The point-of-sale app will then automatically calculate how much BCH is owed and a QR code will be generated on the screen of your device.
  • Finally, youll show this QR code to the customer who will scan it using their own wallet app.

Who Owns And Donates Bitcoin

How and Where To Spend Cryptocurrency

Cryptocurrency investors tend to be young and tech-savvy. A study found that 94% of crypto buyers are between the ages of 18 and 40, the majority of whom are millennials. As a generation raised on the internet and mobile phones, millennials and their Gen Z peers are quick to adopt new digital and virtual technologies, and tend to view crypto as a more reliable investment than traditional stocks.

The strong returns on bitcoin, ether, and others have brought new wealth to many young investors. They see donating a portion of their crypto gains as a way to support causes they care about while also reducing their tax burdens.

Year on year, we have seen crypto donations continue to increase. Currently, about $300M is donated in the form of cryptocurrency each year. In the first half of 2021, The Giving Blocks donors and charities have more than doubled the entire previous years worth of cryptocurrency donations!

Were doing our part to help make crypto the most charitable industry in the world, in part by launching the Crypto Giving Pledge, which encourages annual charitable giving by high net worth individuals who invest in crypto. We also support social giving initiatives like #BitcoinTuesday, the #GivingTuesday community campaign for crypto.

The momentum is now virtually unstoppable and its the perfect time for your nonprofit to seize the opportunity to find new donors ready to give crypto to your cause.

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How To Store And Spend Bitcoin

Online exchanges including Coinbase and Binance are popular places to buy and sell Bitcoin. But when it comes to spending it, you’ll need a little more than an online portfolio.

Fortunately, just like with fiat money, you have some options available to you.

With your dollars, pounds and yen, you can store your money in a bank. From there, you can spend it digitally, say through a bank transfer or even PayPal. You can use a debit card, too. And, of course, you can always withdraw your money and physically stuff it in a wallet and spend it that way.

Storing cryptocurrency involves a “wallet” as well but because it’s digital money, your wallet must be digital as well. You can use software-based wallets such as Metamask or Coinbase Wallet on your desktop, or to access your crypto from anywhere using your smartphone. Physical wallets exist, too: USB devices that store your cryptocurrency electronically.

And actually, it’s even possible to use paper wallet services for your crypto, which is the closest you’ll get to spending your BTC as if it were actual cash. With this method, you’ll have a piece of paper with two QR codes: one can be used to receive cryptocurrency, and the other can be used to spend it.

The transaction typically involves going to wallet’s “send” option, entering the wallet address of the recipient, selecting which currency and how much you’d like to send, then approving the transaction.

Why You Should Accept Cryptocurrency Payments: Anonymous Security

What is the best cryptocurrency to accept payments? Lets try to find out further. What every cash critic is talking about is security. Cash is one of a few payment methods that cannot be controlled.

Bitcoins, or generally most cryptocurrencies, work on the same principle. Although theyre digital, they always leave a trail. However, an underlying principle of blockchain is so complex that its generally considered to be much safer than any other digital payment method such as an ordinary card payment. Do you still wonder why you should accept cryptocurrency payments? Why this way is that popular?

Well, such anonymity affects ordinary people. Does a bank need to know everything? Online workarounds are the best ones in case you dont have enough time to wait for cash on delivery at your front door.

Today, Bitcoin is a more secure, increasingly widely accepted means of payment where only a payer and recipient know about a transaction made.

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Where To Buy Altcoins

If you plan on buying altcoins, you may need to buy one coin and then transfer it to an exchange where you can exchange it for your preferred token. As of 2018, the most popular place to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin is Coinbase. Coinbase accepts many different payment methods, including CAD, allowing you to buy coins with your bank account, debit card, or credit card. Once you purchase one of those coins, you can send it to an altcoin exchange if you want to switch it out for an altcoin. Binance is the most popular altcoin exchange.

Before you invest in cryptocurrency, do your homework. The cryptocurrency arena can be risky, but you can reduce that risk by educating yourself. You may want to join online communities and talk to people who own cryptocurrency so you can get a well-rounded view of the market. Do your due diligence, and remember that cryptocurrency is a long-term investment. It may be a bumpy ride along the way, but blockchain technology has enormous potential.

Only invest what you can afford to lose, and make sure you store your coins safely in a trusted online or offline wallet. As a small business owner, you know that tracking profits, payments, and accounts receivable is an essential task. QuickBooks Online can help you get paid faster. Start accepting payments today with QuickBooks.

What Is Blockchain Technology

How to Accept Crypto Currency Payments on Your Website | BITCOIN and More

Simply put, blockchain technology is a type of computer database.

Users can store all sorts of data in a blockchain, such as personal identity information, legal documents, and, importantly for fundraisers, financial transactions.

What makes it so unique is that it stores information in groups or blocks that are. . . well. . . chained together. As users enter new data, it fills a new block that, when filled, is attached to the previous block, creating a chronological sequence of information.

There are countless blockchain applications. But, for this article, Im going to focus on how blockchain ensures the integrity of cryptos.

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Go It Alone Or With A Payments Tool

Peer-to-peer transactions are an integral part of cryptocurrencies. In other words, you dont need a third-party processor. This is the cheapest route to go Bitcoin, for example, is free to receive and can be free to send.

However, building a payment workflow is a time-consuming job that demands technological expertise. Third-party payment tools address this need by giving businesses a way to quickly start accepting crypto payments. Youll likely need to submit information about your business in an application, and more information might be needed if you plan to convert crypto to cash through the service provider.

These services are not payment processor replacements, as they do not process card payments. If you want to accept card payments and cryptocurrency, youll need both.

What Can Crypto Do For Your Company

To spark your companys thinking about crypto, here are some of the rationales behind why some companies are currently using crypto:

  • Crypto may serve as an effective alternative or balancing asset to cash, which may depreciate over time due to inflation. Crypto is an investable asset, and some, such as bitcoin, have performed exceedingly well over the past five years. There are, of course, clear volatility risks that need to be thoughtfully considered.
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    How Can I Accept Cryptocurrency Donations

    Broadly, there are three ways for a nonprofit to accept crypto payments:

  • Use a cryptoprocessor: The most simplistic option for most nonprofit professionals is to find a platform that will help them immediately convert crypto to their local currency. Two popular platforms for currency processing are BitPay and Coinbase. These platforms function internationally and support cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum.
  • Be aware that these platforms are centralized entities that charge transaction fees, reducing the value of any donation. Also, if you fully cash in a crypto donation, youll be unable to pass it along to your beneficiaries, limiting the usefulness of the donation.

  • Open a personal wallet: The more efficient yet daunting way to accept a crypto donation is to open a personal wallet. Having a wallet allows you to manage your donations directly and buy and sell with ease.
  • This method will limit transaction and conversion fees while giving you more control over your crypto finances. To learn more, check out Anne Connellys article on how to buy Bitcoin.

  • Use a donation platform: The final way to accept crypto donations is to use a crypto donation platform. GiveTrack, Binance Charity, and The Giving Block are nonprofits dedicated to providing other nonprofits with a safe and secure crypto donation mechanism.
  • These organizations will help you drive crypto donations worldwide while minimizing transaction costs and maximizing transparency.

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