We are excited to see the growing interest in cryptocurrency, particularly Bitcoin. Once considered a joke, Bitcoin has grown to become a serious investment and is now being accepted by brands both local and global. If you’re looking to accept Bitcoin payments as a business or other cryptocurrency payments, our guide is here to help. In this article, we’ll provide you with the information and resources you need to make an informed decision.

Over the last few years, the world of digital currencies has gained a lot of attention and recognition. As more enthusiasts are promoting mass adoption of cryptocurrencies, it is being seen as the future of finance. It is no wonder that businesses all over the world are accepting bitcoin payments and other cryptocurrencies.

Although cryptocurrency is seen as a legal form of payment in most countries, it is still rare to see large transactions with it. This is mainly because people are more likely to use Bitcoin as a long-term investment, rather than for everyday purchases. However, this is slowly changing, and more businesses offering goods and services that can be bought with Bitcoin or other cryptocurrencies. For example, from groceries to airplane tickets, there are now many ways to use cryptocurrencies to purchase items. So, how to accept Bitcoin payments as a business?

Mass adoption of Bitcoin can be attributed to businesses like Whitepay, who are working hard to make it easier to pay with cryptocurrencies. The project started offering POS crypto terminals, which make it much easier to accept Bitcoin payments as a business.

Accepting Bitcoin payments PROS and CONS

Cryptocurrency is a highly volatile and risky investment, but it’s also an opportunity to take advantage of global commerce and potentially win big. As with any investment decision, it pays to proceed with caution. Here are some of the pros and cons of accepting bitcoin payments you should consider.

Pros


  • More diverse payment options

With cryptocurrency, you can expand your payment options and attract new customers, particularly a younger generation. Cryptocurrency is a growing trend among consumers, and having the ability to accept Bitcoin payments as a business could be beneficial.


  • Opportunity to win

Cryptocurrency is highly volatile and can have big swings in their value, sometimes growth in a matter of hours. If you’re able to hold the crypto you receive, there’s a chance it could increase in value, and you would be able to make a profit.


  • Global commerce

Cryptocurrency makes it easy to accept payment from customers all over the world, which can open up new opportunities for your business. But be sure to check your local laws for legal guidance.

Cons


  • Security risks

As with any digital wallet, there is a risk of being hacked, and the cryptocurrency you receive could be difficult to recover. There’s also a risk of fraud, as cryptocurrency can be used to facilitate illegal activities.

But some projects like Whitepay guarantee a high-level of protection for your funds and personal data. Every transaction is secured with a one-time QR code and multi-layered security measures to keep your information and money safe. So, you can rest assured that you’re in good hands when you use Whitepay for accepting bitcoin payments.


  • Tax and accounting issues

In addition to price volatility, there are other implementation challenges that you may face. Tax preparation, customer returns, and other accounting challenges. To implement the acceptance of payment in bitcoin, it is important to find a reliable company that will help you in these matters.

No matter what you decide, it’s important to do your research and understand the risks and rewards of accepting bitcoin payments. Be sure to weigh the pros and cons and understand the legal implications before diving in.

What is Bitcoin Payment processor? 

Crypto payment gateways or Bitcoin payment processors are becoming increasingly popular as the use of digital currencies and blockchain technology grows. A Bitcoin payment processor acts as an intermediary between customers and merchants, and facilitates the acceptance of payments in digital currencies.

The main function of a crypto payment gateway or processor is to handle the registration of customer data, the conversion of currencies and the verification of payments. It then executes the transaction and sends the data to the blockchain to be registered and confirmed. Finally, it can convert the received coins into fiat money, if required, and transfer the payment to the merchant.

bitcoin payment processor

Using a crypto payment gateway or processor can help merchants quickly and easily accept Bitcoin payments as a business  and offer more payment options to their customers. This opens up a whole new field of potential customers and can help to increase profits.

The advantages of using a crypto payment gateway or processor are that it can be integrated quickly and easily into any existing website or payment system. Additionally, it provides a secure and reliable way to process payments that help to reduce the risk of fraud and chargebacks.

Benefits of accepting Bitcoin payments as a business

As the world continues to move towards a digital-first economy, companies are recognizing the potential of cryptocurrency as a payment option. Companies like Tesla, Microsoft, Starbucks, and Rakuten have already begun to accept payments in Bitcoin, setting a precedent for those who wish to keep up with the times and embrace modern technologies.

There are benefits of accepting bitcoin payments on your websites and offline shops:

  • More flexible and fast payment method;
  • Entering international markets and audience;
  • Secure transactions;
  • No hidden fees;
  • Instant withdrawals;
  • Low commissions;
  • Transparent;
  • International recognition;
  • No conversion risk.

Integrating Bitcoin payments into your business can open the door for rapid growth and development. Your current customers will be pleased with a new, easy, fast, and safe payment method, and you may also attract a new demographic of crypto-savvy customers. However, it is important to research local laws to ensure that this payment method is allowed in your area.

How do you accept Bitcoin as payment in your business

First, you need to create a cryptocurrency wallet. This wallet allows you to hold, buy and sell Bitcoin, Tether or any other cryptocurrency. Your funds will be protected by a unique key and two-factor authentication (2FA). All transactions and other operations will also be safe and available. Creating a crypto wallet is easy and takes only a few minutes. For example, if you do it on the WhiteBIT exchange.

Secondly, you need to choose a solution that will help you to integrate Bitcoin payments on your website. In short, to launch cryptocurrency acquiring. If you’re looking for a secure and convenient way for it, Whitepay is the perfect choice. Founded as part of WhiteBIT’s cryptocurrency exchange ecosystem, Whitepay has created a platform and POS-terminal to help you buy and sell cryptocurrency anywhere in the world. Find out more about this technologies in Whitepay blog article.

how to accept crypto payments as a business

The platform makes it easy to create a large and complete network of your exchange offices with remote control and track transactions in real-time. You can use the Whitepay platform to pay and accept Bitcoin payments as a business, get detailed financial reports and analytics, and even withdraw your funds in the local currency.

You need to understand the importance of security. That’s why Whitepay guarantee a high-level of protection for your funds and personal data. Every transaction is secured with a one-time QR code and multi-layered security measures to keep your information and money safe. 

Other cryptocurrency payment options

Cryptocurrency has been gaining traction in the past few years, and Bitcoin is the best-known coin on the market. But it’s certainly not the only one. If you’re a small business looking to accept cryptocurrency, you’ll want to consider adding some of the other popular options to your list of payment options.

One such option is Ethereum. According to ethereum.org, Ethereum is the “community-run technology” behind the cryptocurrency Ether (ETH). It’s currently the second largest cryptocurrency by market capitalization, behind Bitcoin. For those looking to diversify their offerings, Ethereum is a great choice.

Another option is Litecoin (LTC). This cryptocurrency is very similar to Bitcoin, though it typically costs much less. One key benefit of Litecoin is its speed. Transactions using Litecoin are mined faster than Bitcoin and have a quicker transaction throughput.

For example, with the Whitepay platform and their POS terminals, merchants and customers can use more than 130 different cryptocurrencies. This means that you don’t just have to limit yourself to Bitcoin and Ethereum. You can accept a wide variety of cryptocurrencies, giving your customers plenty of options. And Whitepay plans to continue expanding the list of supported digital coins in the future.

Conclusion: accepting Bitcoin payments with WhitePay

Bitcoin has become a popular payment method for businesses recently, and the Whitepay platform is one of the leading providers of crypto acquiring services. For those stores that accept cryptocurrency, customers can purchase items such as iPhones, headphones and other devices using bitcoin. Whitepay introduces crypto payments to ukrainians tech stores which customers can buy iPhones, headphones and other devices using bitcoin. It’s no surprise that this payment option has become increasingly popular for customers.

But it’s not just stores that benefit from accepting bitcoin payments using the Whitepay platform. Charitable organizations and fundraising campaigns can also take advantage of its services to receive crypto donations and payments. 

As you can see, the advantages of accepting bitcoin payments are evident. If it’s legal to do so in your country, then you too can join the crypto revolution. Start accepting bitcoin with Whitepay today and take advantage of the many benefits it brings.