Cryptocurrencies are exploding in popularity, and businesses are scrambling to install systems to accept crypto payments from customers.
Bitcoin is the giant of the industry. Its total market cap exceeded $1 trillion in February. Other major players are Ethereum, Polkadot and Litecoin.
“It should be no surprise that many of the world’s largest companies have begun accepting cryptocurrencies as payment for goods and services,” according to this article for CO. “Companies as varied as AT&T, the Dallas Mavericks, Microsoft, Overstock, Tesla and Twitch all accept Bitcoin and other digital currencies in 2021. Small businesses can also take advantage of the crypto craze, and they can easily accept digital payments with the help of online payment processors. These processors typically offer a 1 percent or less transaction fee, which is less than the fees you’ll pay on most credit cards.”
If your firm accepts or is considering accepting crypto-payments, be sure to follow all applicable ethics rules, especially those regarding fees, billing, and handling client funds.
Below are six companies that can help you get going with Bitcoin and other cryptocurrency options.
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6 Vendors that Facilitate Cryptocurrency Payments
Following are six top crypto merchant-processing vendors, taken from the article “How to Accept Bitcoin Payments” on the CO website. All quotes are from the author Sean Ludwig.
BitPay. “The company offers various tools to make accepting crypto payments simple, including hosted checkout, payment buttons, invoicing and Quickbooks and Shopify integrations. Payments can be made by customers online, by email and in person. BitPay protects businesses from crypto price fluctuations. The company only charges a 1% transaction fee on almost all transactions and allows clients to settle up in local currency cryptocurrency.”
CoinBase Commerce. “Silicon Valley-based CoinBase might best be known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies. Still, it also has a commerce product that makes it easier for businesses to accept digital payments.”
CoinPayments. This is one of the oldest crypto services, in business worldwide since 2013. “CoinPayments acts as a payment processor for both in-person transactions and online platforms, and it supports numerous cryptocurrencies. The company’s plugins work with nearly every major e-commerce service, including Magento, Shopify, OpenCart and WooCommerce. And with a processing fee of just 0.5%, it also offers a lot of bang for digital buck.”
GoCoin. This processor has also been around since 2013. It helps merchants who accept Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash and Litecoin payments.
PayPal. This global behemoth recently announced that consumers would be able to pay merchants in the PayPal network with cryptocurrencies. “More than 29 million merchants online use PayPal, so this new move will make it much simpler to accept crypto payments. Customers with PayPal wallets will be able to convert Bitcoin, Bitcoin Cash, Ether and Litecoin into fiat currencies like dollars and euros when checking out with an established PayPal merchant. This means that as a merchant you won’t actually accept crypto directly but it does at least open the door for more people buying your products and services using Bitcoin or other digital currencies.”
TripleA. “One of the newest global cryptocurrency processors is TripleA, which offers a developer-focused approach to accepting cryptocurrency payments, with a lot of flexibility, including accepting payments for e-commerce, point-of-sale, invoicing and remittance. On the e-commerce front, TripleA integrates with Shopify, WooCommerce and OpenCart, and it offers a simple merchant dashboard that allows you to track orders and payments, reconcile accounts and perform refunds all in one place.”
Source: US Chamber of Commerce CO
