Topic: How to start accept cryptocurrency on your site (Read 217 times)

There are some options available, actually quite a few more today than a few years before. https://gocryptowise.com/how-to-setup-crypto-donations-on-your-website/
With the likes of Coinbase Commerce it's super easy. But there are other ways of doing this without perhaps using Coinbase or similar big corp.

I think one issue is that many businesses dont have good image or they find the process more complicated. It is not complicated at all if they decide to implement but many of them don't even go that far to learn about the process and how it can help their business. Those who have implemented it have profited from it and understand its importance but that doesn't include every business and more education is needed.

I believe the major bottleneck is the legal definition. Even in my country, bitcoin doesn't have a legal definition and the government is yet to release anything. Unless we receive clarification from the government about its legal status, it is not possible for the legal merchants to accept bitcoin even if they have technical capability for the same. The price fluctuation is definitely another pain point for the merchants, but there are services like Bitpay or Polispay available which can allow any merchant to accept bitcoin get settlement in fiat. So this point can be avoided to certain extent. But unless legal businesses get a go ahead from the government, the things will remain the same!

1- I believe it's a lazy excuse, Any medium or large company has its own devs, if the "too hard to implement" comes from their devs then maybe it's time to change the whole team :p Seriously everything is enough documented on the web, not even need to be a dev or IT specialist.

2- True that, I don't deny it.

3- A lot of the shops/eCommerce currently accepting cryptos get the funds converted automatically in fiat so the volatility isn't a problem anymore. (Yes it uses a 3rd party but still better than nothing)
They could use a stablecoin as a bridge too to avoid this. I'm not sure how but for example once the business receive a number of coins they could create a system to auto-convert in USDT or whatever stablecoin (a kind of trading bot)

The reality is why should they bother to implement solutions to accept cryptocurrencies while nobody is using it (75% of the transactions are related to trading in one way or another). They think about the ROI to be made, and if it's to increase the sales by <1% it doesn't worth to modify your website, accounting methods, legal reports, etc


You will soon or later need a bank account when it will be time to convert it to fiat. Because as for now you can't buy food, pay the bills etc with cryptocurrencies.

1. You say "No chargeback", but then you say they can get their money back if the aren't satisfied with what they received? I mean, the seller can always deny the payment. There is no chargeback for the buyer, which means a scammer can easily scam people.
2. True they have low transaction fee, but in this case you will have to use altcoins. Sometimes, bitcoin does have insane fee (unless you don't mind waiting for confirmation).
3. I think you still need a license, though I am not sure.

The best part about accepting cryptocurrencies on your website is that you do not need to open a new bank account. It very easy to integrate, you only need to create a wallet and everything falls in place.

For customers, the benefit of using cryptocurrency as payment is that he/she does not need to enter account details on the website which means his privacy is not compromised.

I have a friend who recently started streaming, he doesn't handle crypto very well, guided him into the whole process of creating a wallet and so on, also told him a few platforms to exchange his money from crypto to FIAT, waiting for his first few donations to make sure he got the whole class I gave him hahaha, I think it's good he's incursing into the crypto world even if just in this area of his life, it'll eventually expand to other parts and in the blink of an eye we'll have another crypto advocate in him.

Differences in regulations across countries are also obstacles. Scalability, security and volatility pose serious threats to the economies of some countries that reject Bitcoin as payment. But I just discussed about fiat voucher payments in lokal board through off cain. I think the Fiat voucher the volatility is greatly reduced, but the payer and receiver must have the same platform.

There are 3 reasons why not a big number of shops accept bitcoin.

1.-They think is hard to implement.
2.-Our governments don't allow us to do it in a legal way.
3.-A big crash in the price mean a big loss for our business.

Some days ago i was with a lawyer and he explains to me how bitcoin isn't money for my Gov. They call it a Digital Asset, and since it's not money i can't give a commercial invoice if i get payments in bitcoin. That's how things work in Mexico, but maybe in other countries is possible to do it by the legal way,

Cryptocurrencies as a payment method are becoming more and more popular, and it is not surprising that more and more websites and companies are beginning to accept them.

So, you have got a request from your clients to add crypto as a payment method on your site. Here is a short guide on how you can do it.  Please, bear in mind, there is a big difference between crypto payments implementation and simple identification of your crypto wallet number on your site. And I am going to tell you about the first one.

Pros of cryptocurrency accepting

• No chargebacks. Actually, the clients can get back their money in case of dissatisfaction with your service. However, it will not influence your chargeback ratio.
• Low transaction fees. If compare it with credit cards.
• No license required. If your business requires a license to start accepting credit cards, with cryptocurrency you can forget about this rule.

You have two ways to start accepting crypto:
Way № 1. To settle accepting crypto payments by yourself. The control of your  funds will be only in your hands, at the same time, here are some things that you should consider:
- Choose the right service (hardly you are ready to develop your own payment platform by yourself there are plenty of white label solutions for your needs)
- Create wallets of all sort of cryptocurrency that you would like to accept
- Think about pay-out strategy
- Be able to check the validity of all the calculations in the flow of payments by yourself
- Keep in mind your country's regulations. For example, Portugal and France, are crypto-friendly countries, while the U.S.A and the United Kingdom have their own list of rules and restrictions. It depends also on your business industry.

There is also Way № 2 in crypto payments acceptance
Reach out to the Payment Service Provider. These are special fin-tech companies who can help you not only to start accepting any type of payments online but also to be responsible for your reputation with the Payment System and operate your funds. Most of the payment providers not very crypto-friendly, but some of them are.
When is it better to reach out to the PSP? When the sales volumes are high, and your clients wish to pay with crypto.
Here are some benefits from collaboration with Payment Provider:

1. Simple fiat withdrawals. No need to look for a place where you can change your cryptocurrency. Save your time.
2. One account where you can control all your crypto assets (in case if you would like to accept not only bitcoin).
3. Easy and simple back office tailored to the needs of your business -?
4. The experienced team that knows well what integration fits your site.
5. Avoiding situations, when the crypto payment gateway closes your account without warning because of suspicious transactions.
6. Special monitoring features that help allow you to navigate through to control payments and track conversion rates.

Now you know a little bit more about online crypto payment acceptance. You can choose by yourself what method is better for your business needs. Sure thing, this thread doesn’t cover all the nuances. All the questions and discussions are welcome.