As more and more people own cryptocurrencies as both investments and a way to complete financial transactions, many merchants are wondering how to integrate crypto payments into their business model. The easiest and safest way to achieve this is by using a cryptocurrency payment facilitator; a dedicated company that handles all of your transactions for you. Today, let’s explore how you can sign up and take advantage of this new business opportunity.
Research the Advantages of Using a Cryptocurrency Payment Facilitator
We all know that there has been a massive shift in the world of currency with the advent of Bitcoin and other crypto options. To stay ahead of this and benefit from the changes, you’ll need to start accepting payments via cryptocurrencies. This type of transaction can have many benefits for both the vendors and the customers. Before you get started, make sure you know why it is such a great option for your business and what advantages you can expect.
Easy and Pain-Free Payments
With the global pandemic still going on, many customers and employees are likely to prefer using contactless payments instead of dealing with cash. Using cryptocurrency transactions, the consumer either pays online or scans a QR code with their mobile device, thus eliminating the need for cash and even plastic credit cards. As a side benefit, this is great for the environment as it saves a lot of physical resources.
More Money in Your Pocket
When compared to the types of transaction fees you may pay when accepting credit cards, PayPal, or similar payments, you will be much better off using crypto. This is especially true if you have a lot of international customers or clients because your money is converted to your preferred currency immediately, so you are guaranteed the payment amount of your transaction.
The reason why lower fees are possible is that the payment process is much simpler and cheaper for the facilitator, so they don’t need to charge a large amount. You will only ever pay one transaction fee, comprised of a low percentage of your sales total. There are no hidden charges when working with a crypto facilitator.
Reach a Growing Customer Base
The number of people using crypto for their transactions is expanding rapidly and currently lies at around 50 million. If deciding between a vendor who offers crypto payments and one who doesn’t, most of these people are likely to buy from the former. That’s why it’s crucial that you start accepting Bitcoin and other cryptocurrency payments now and take advantage of this new innovation instead of getting left behind.
Decide on Your Payment Method
Your facilitator will offer several methods of accepting payments and you will have to decide whether you’d like to take advantage of one or more. The most common are online and in-person payments at a bricks-and-mortar location.
Getting Paid Online
If your business is mostly run online and you’d like to set up a crypto payment option on your website, you don’t need to have superior technical knowledge. In fact, you can simply copy and paste the facilitator’s code into your website and integrate the payment method in the form of a widget or a button code. This makes the technology accessible to any business with a website, tech-savvy or not.
Getting Paid In Person
For merchants who mostly operate in a certain location in-person, there’s a simple point of sale solution, too. You can print out a QR code that your customer can scan to make the payment. What’s more, your facilitator will have a mobile app that you can use to accept crypto payments at any time and in any place, even if you don’t have your paper QR code with you.
Get in Touch With Your Facilitator and Set Up Payment
Once you’ve understood the different ways you can accept crypto payments, it’s time to get in touch with your facilitator, which is best done directly on the website, either via email or through a contact form. You’ll be able to ask any questions you still have and speak about how you’d like to set up this new payment option. As mentioned, the technological setup should be very quick and simple, so you’ll be able to accept payments very soon.
Although all new businesses are thoroughly vetted, it is unlikely that the kind of business you own will make a difference. In fact, it is a point of pride that all types of businesses are treated the same, even ones traditionally deemed high-risk such as cannabis and CBD, forex trading, and dating-related merchants. Aside from traditional retail establishments, professional service providers can also benefit from the crypto payment approach.
Your Support Rep
When you sign up to accept cryptocurrency payments and start working with a payment facilitator, you are adding another partner to your business. Your facilitator wants to see you succeed. Expect to be assigned your own support rep who will guide you through the process and help you if you have questions along the way. Because the technology is scalable, you will be able to keep using cryptocurrency payments, no matter how large your company grows.
Make Use of Additional Offers
When your payment has been fully set up, your support rep may talk to you about joining a Partners Program. Aside from simply providing your customers with a great new way to pay, you can also earn money directly through the facilitator by referring other merchants to them.
For example, you could benefit from a commission every time someone pays in crypto at a vendor you recommended, and if they recommend even more people, you could earn even more. This system can help Bitcoin and other cryptocurrencies to become more accepted as a form of payment and allow many more merchants and customers to benefit from this new and improved system.
Whether your business is small or large, product or service-oriented, accepting cryptocurrency as payment allows you to access a new and growing market. Not only is this type of payment simple and quick, but you will also pay lower fees than during other kinds of transactions. To get started, contact ForumPay today so that we can help you stay ahead of the game.