If you are a forward-thinking business, then you are likely considering accepting crypto payments. It makes sense to do this, given you are opening up your business to a wider audience, you can make and receive payments quicker, and you are lessening your transaction fees. Of course, whilst you might know accepting crypto for payment is a good idea, that doesn’t mean you know how to begin doing it. If this is the case, then be sure to keep reading, as the below article will dive into more detail about how you can begin successfully accepting payments using cryptocurrency.
Understand Regulations That Apply to You
Although one of the appeals of crypto is that it is decentralised and, therefore, there is no governing body looming over it, that doesn’t mean that there aren’t different rules and regulations that apply. The rules that apply to crypto vary depending on where in the world you are. The two things that you need to consider are the following:
- The State Laws That Apply to Investors in Crypto
To accept crypto payments, you’re going to need to start your own crypto account. Even though you might not be interested in investing in crypto, having an account makes you an investor. Different rules apply to investors depending on the state you’re in, so have a look at the relevant regulations.
- Review Your Platforms Policy
There are several platforms you can use to store your crypto and these are going to have different policies. Some are better than others. For instance, if you were to use OKX.com, then you would be guaranteed proof of reserves, meaning you will always have complete control over your funds. Not only that, but some platforms are illegal in different countries, so you also need to check whether the one you’re thinking about using is legitimate.
Set Up a Crypto Wallet or Gateway
You are then going to need to decide whether or not you would prefer to receive your crypto payments as a form of cryptocurrency or as traditional money. Choose a platform and then go through the steps to set up your account. There are specific steps which vary depending on the provider, but the chances are that you are going to need to download some software (which is a cryptocurrency app). There are two main types of crypto apps for you to choose from:
- Crypto Wallet
If you are interested in being paid in crypto and then would like to keep the crypto that you receive, you should use a crypto wallet. This allows you to store your crypto meaning it can be converted into cash at a later date or traded.
- Crypto Payment Gateway
The other option is to use a crypto payment gateway. This is a lot more straightforward for people just getting started with crypto, as it makes it so that all payments are converted into traditional currency. It means you don’t have to stay on top of different crypto values when working.