How to accept crypto payments? | Bitcointalksearch.org

Mate2237

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it? Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

They will not send the payment to wrong address unless you send a wrong address. There are two ways you can give out the address to them. You can post it in your profile for everyone to see so whenever someone wants to pay with bitcoin you only direct them to the address and they will pay to the address. Or you can give to them whenever someone is interested to py with cryptocurrency. Those are some the ways you can do.

But my question is though accepting Bitcoin as one of the payment method is a good idea but as it is the transaction fee is very high so who is going to pay for the transaction fee? You or the customer? You have to know all things before accepting Bitcoin. Customers will not be interested to pay the high transaction fee to buy something. So I will advise you to wait until the fee comes down very well before accepting Bitcoin in your business.

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it? Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

It's obvious that any online business that requires cryptocurrency payment always have a variety of options and it's left to us to decide and make use of one particular one, secondly we have to know that if you establish your business and you want your business payment to come to cryptocurrency, I think that you will make a provision of cryptocurrency wallet either bitcoin address or Ethereum address or usdt address, so you are the one to select one option of your choice to make payment.

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Quote from: btc78 on December 30, 2023, 09:44:24 PM

Quote from: oktana on December 29, 2023, 04:56:03 PM

All crypto transactions can be sent to the wrong address so it is the duty of the sender to be watchful and cautious when making the payments. For a user to even use cryptocurrency to pay you, it means they already know how it works.

Cryptocurrency is not the only digital money right now there are also applications out there that you can put your fiat money to and then use to pay at the cashier so it is kind of not far from that and if the customer sends it to the wrong person then it is on them and they should pay accordingly

Cryptocurrencies are not the only digital currencies, however, there are the only ones that never shows you the recipient name before the transaction goes through (at least for what I know). Cryptocurrency only cares about validity of wallet except that, your transaction would go through as it should’ve. It’s easier for someone to make a mistake in a case like that where you haven’t seen the name before transferring money. Recently it happened to me and if not that the bank showed me the recipient name, I wouldn’t have transferred a lot of money to the wrong person. If it was cryptocurrency, it’ll go through but you’ll lose the money. And like I said, it’s the duty of the sender to be cautious when sending. However, the store owner can implement methods that can make it safer, like using a QR code which people can scan instead of copying & pasting, etc.

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Quote from: oktana on December 29, 2023, 04:56:03 PM

All crypto transactions can be sent to the wrong address so it is the duty of the sender to be watchful and cautious when making the payments. For a user to even use cryptocurrency to pay you, it means they already know how it works.

Cryptocurrency is not the only digital money right now there are also applications out there that you can put your fiat money to and then use to pay at the cashier so it is kind of not far from that and if the customer sends it to the wrong person then it is on them and they should pay accordingly

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By the way, have you decided what cryptocurrency you want to accept for your business yet? This matters too.

Agreed it is very important to know the target of your community is it the one who holds bitcoin? But then think about the congestion in its mempool will the transaction be as smooth and quick as you want it to be in a business?

Lots of factors to consider

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it?

Yes you can send it, but what you will do is that you will send a second wallet address no your own personal wallets address but a business wallet address just for business
And after the transaction uou should try as much as possible to move the fund from business wallet address to your own personal wallet and make sure he is not sending bitcon except he choses to send . Make sure you received in bnb or USDT In otner for your customer to spend less.

Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

Payment can not be sent to a wrong address. and also Its not difficult to understand the history of transaction because each transaction has its Tx ID. this ID can can be use to check the transaction history.

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it? Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

Do you have cryptocurrency experience? If you have experience about crypto currency and you have enough knowledge about crypto market then you can start transaction crypto currency in your store. But to keep your wallet safe, you can put your address scan QR code in stores where people will scan your address and code to pay. If you swipe the QR code to scan the address at the store, you have no chance of making a mistake when people scan and pay. But remember that no one can change that scanned QR code. If someone replaces your QR code with another QR code, the payment will go to that other address. So give this matter utmost importance and check your QR code and address daily.

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

Should I share my wallet address and ask clients to send payments to it?

Yeah, I doubt it's more complicated than that.

Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

Isn't it troublesome?

its just like giving out your fiat account number, I doubt their is anything complicated about it.

Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

i guess what you are trying to say is that while the person that is sending the money is copying your wallet address, he might make a mistake with a letter or number and so send it to the wrong person.

I doubt this is the case because it's always that you just copy the address and paste it and I doubt it could result in such situation.

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Yes, you have to provide your wallet address because that is the destination for payments from your clients. complicated ? I think not, this is the same as you providing your wallet address when participating in airdrop and bounty. and there will be no mistakes if you do it carefully.

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it? Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

If you have provided the right wallet address then why will it be sent to the wrong wallet address? If you fear that the sender can make a mistake when copying the wallet address then you can send him the picture of the QR code of your wallet address instead of the text and number format. This will make things easy for your boss if he don't know much about crypto. And about the transaction history i think blockchain is the best place to keep track of your transaction. It is immutable that means the history can not be changed and it will be stored in there forever.

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A similar thing can also happen when you provide a bank address, it is complicated and errors can occur. but for me it's not complicated because you only need to copy and paste your wallet address and to avoid mistakes you can check some of the numbers behind your wallet address.

cryptonewbie

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I don't think you will encounter many problems with setting up a crypto payment integration for your business. There are already several businesses today with crypto payment alternative set up on their platform. You can go online and research 3rd party companies that can help you with crypto payments integration for your business. The most popular methods of payment would likely be BTC and ETH however, you should consult the payment integration company to confirm if they can allow other crypto payment options.

batang_bitcoin

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It is unlikely that someone will send the payment wrongly to another address. You have to keep your own copy of barcode of your bitcoin address and don't let anyone get near to it upon paying or you should always be there when someone is paying through it.
Why you need to be close at it? So that they're not going to make a mistake or you can see that it's your actual barcode that you've printed that they're going to scan and will not be from someone else.

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Quote from: oktana on December 29, 2023, 04:56:03 PM

Integrating payment to your online business depends on what platform your online business is hosted on. Like people who do drop-shipping and use Shopify, there are payment providers that support crypto payment (I don’t know what their fee rate is though). But if you want to handle it yourself, it’s as simple as putting the payment wallet address up there. All crypto transactions can be sent to the wrong address so it is the duty of the sender to be watchful and cautious when making the payments. For a user to even use cryptocurrency to pay you, it means they already know how it works. By the way, have you decided what cryptocurrency you want to accept for your business yet? This matters too.

These days, it is quite easy to set-up crypto payment method as you just need your own wallet and net connection.
Also, one should think of other alts other than btc as the fees are quite outrageous.
Should think of LTC, DOGE or XRP or other popular alts with low transaction fees and can found in most trading platforms.
Though the OP can start from one alt, and just add when he feels his customer is getting acquainted with other alts.

oktana

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Integrating payment to your online business depends on what platform your online business is hosted on. Like people who do drop-shipping and use Shopify, there are payment providers that support crypto payment (I don’t know what their fee rate is though). But if you want to handle it yourself, it’s as simple as putting the payment wallet address up there. All crypto transactions can be sent to the wrong address so it is the duty of the sender to be watchful and cautious when making the payments. For a user to even use cryptocurrency to pay you, it means they already know how it works. By the way, have you decided what cryptocurrency you want to accept for your business yet? This matters too.

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Quote from: ashleyknight on November 01, 2022, 12:22:02 AM

I am wondering what are the ways to accept crypto payments in an online business. Should I share my wallet address and ask clients to send payments to it? Isn't it troublesome? Payments could be sent to the wrong wallet address and also it would be difficult to manage the transaction history. What should I do?

If you have your own business, you can make it so that you accept crypto payment in your business as it will be posted, or that Bitcoin, Ethereum, or BnB is the choice of payment you accept in digital or cryptocurrency. Then just show how the right tutorial will be done by your customers in the business you have.

The address given will also be wrong if it is not checked properly, and it is not known or sure if the payment process is correct. As long as the customer or you know that the transaction payment is in Bitcoin or cryptocurrency, I don't see any problem in this situation, in my opinion.

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Quote from: dansus021 on December 28, 2023, 11:08:30 PM

The easy way is using third party app like bitpay coinbase commercial and others because there is an option to exchange user crypto to fiat.

The easy way charges more than many banks.
Those 3rd party apps don't get the point. Low fees, fast speed.

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Quote from: dansus021 on December 28, 2023, 11:08:30 PM

The easy way is using third party app like bitpay coinbase commercial and others because there is an option to exchange user crypto to fiat.

or you just simply put your QR code from your wallet and put it on cashier

Payment processors are indeed an option for online shopping but it isn't really necessary for a small-scale local shop, the payments can be processed via the local wallet itself and as you said QR code is the best way to avoid any errors.

Also what type of coin matters too, multiple cryptos the challenge is big or only few selected cryptos then it easy to manage.

dansus021

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The easy way is using third party app like bitpay coinbase commercial and others because there is an option to exchange user crypto to fiat.

or you just simply put your QR code from your wallet and put it on cashier

Essential10

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You can make it easier for your clients to pay with cryptocurrency and choose it as a better method of transaction for your business. However, it's best to be careful when trading cryptocurrencies, as they can be irreversible once confirmed. Verifying transaction hashes can provide some assurance, but other precautions must be taken, such as double-checking recipient addresses before sending payments and conducting transactions only with reputable parties. Keeping personal information, such as addresses, private is extremely important to prevent risks such as scams or fraud.

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Quote from: fullhdpixel on June 21, 2023, 08:40:24 AM

but there is also some disadvantages, like if the price of that coin falls, we will feel that we are being underpaid for the job that we have done or we are being paid less to the products that we are selling if it's about online business.

You are aware what that means?
That crypto is not what you are after but FIAT.
Anyway as a believer into the cryptocurrecy idea. I just don't touch the coins when below a buying point.

Topic: How to accept crypto payments? (Read 776 times)