How can shops accept payment in cryptocurrency? Ready solutions for business

Almost any online store can accept cryptocurrency as a means of payment for the goods and services provided. There are several options for receiving payment in the crypt.

In this article we will tell you how to start accepting payments in Bitcoins, what you have to teach an accountant and why you should not wait for payment in cryptocurrency in offline stores.

How to accept cryptocurrency payments – three options

One of the issues related to the wider introduction of bitcoins is the absence of companies that accept cryptocurrency as payment. This is a chicken and egg problem: if more businesses could accept digital coins, this would encourage consumers to buy bitcoins and other currencies and spend them.

On cryptographic

So, there are several ways to accept payment in online stores. The first is to have several cryptocurrency wallets and specify their details (QR codes) on your website. To many, this option will seem the simplest, but there is a certain nuance. If payment for a certain product passes, then the owner of the online store simply does not understand where this transfer came from. Indeed, one of the main advantages of cryptocurrency lies in their anonymity.

As a result, the seller will receive only a set of numbers by which it will be impossible to identify the buyer. Therefore, this option is applicable if the store sells rare and unique product and not so many buyers.

The issue with the purchase is solved privately on the basis of personal agreements. And what if potential buyers lined up? Then the case threatens to take the form of a financial mess.

Via payment module

The second option is to create a special payment module with which you can automate the entire process of accepting payments in cryptocurrency. But without special knowledge and relevant experience this cannot be done.

It will require the involvement of third-party IT-specialists, and this can result in a pretty penny. But the process will be put on stream, and each payment can be traced and linked to the purchase of a particular product.

Connect the aggregator

For most entrepreneurs, the third option with the connection to a cryptocurrency exchange or payment aggregator is the most logical. Thus, the question of receiving payments will be outsourced.

The company will charge a fee for its services, but for small online stores and start-up entrepreneurs this will be the best solution.

How to manage cryptocurrency?

The next question is what to do with the received payments in cryptocurrency. There are two options: you can put them in a virtual pot or exchange them for fiat currency.

• The first option is more suitable for those who consider cryptocurrency as an object for investment. This topic is very popular lately.
• The second option is clear without explanation: cryptocurrency can be exchanged for traditional money and immediately used at its own discretion.

How does this go with traditional bookkeeping?

Any cryptocurrency is, first of all, a means of payment, and therefore must be accounted for. If the online store offers goods or services for cryptocurrency, then the documentation should reflect the following steps: receipt of goods by the buyer, VAT accrual, receipt of cryptocurrency from the buyer, the implementation of mutual settlements.

The subsequent sale of cryptocurrency, which was received as a payment for the services provided, can be compared with the sale of securities. In accounting documents, it is necessary to reflect the write-off of cryptocurrency and the receipt of fiat money, after which the mutual settlement should be fixed. Any competent accountant can easily cope with all this.

Volatility as a deterrent

There are practically no technical difficulties in accepting cryptocurrencies. The entire e-commerce industry is rapidly evolving, adapting to new trends. Of course, there is an undefined status of cryptocurrency as payment instruments, but the main problem is somewhat different. This is a course!

It is no secret that cryptocurrencies have high volatility. On average, its rate is 15%. It has long been not surprising that bitcoin in one day can change its course by a thousand American dollars. And these are huge financial risks. Today you can buy a product much more expensive than it will be tomorrow. You have to be sure of further fluctuations in the cryptocurrency rate, so you do not regret buying. Unfortunately, there is no such confidence among the overwhelming number of people who make purchases and pay for services via the Internet.

How to be offline shopping

With offline trading, things are a little different. There are vending machines that accept cryptocurrency. There are also shops that already accept bitcoins. There are payment cards linked to cryptocurrency accounts.

But all this still looks like initiatives of individual enthusiasts. It is hard to believe that in the near future, cryptocurrencies will acquire offline at least part of the popularity that they have already received on the Internet.

Ready solutions for shops with cryptocurrency support

A growing number of specific business options are being developed, which are designed to simplify the acceptance of payments through cryptocurrencies (Point-of-sale (POS) – point of sale). The following services offer a variety of solutions for outlets: both on the Internet and for physical stores.

Coinbase

Coinbase merchants is a payment tool that creates an application for traditional stores. Although it currently only supports US bank accounts, it offers extensive e-commerce support. This is not only HTML code for simple insertion of payment buttons on the site, but also plugins for WordPress, WooCommerce, Megento and ZenCart.

Bitpay

BitPay is an international payment tool for businesses and charities. It is integrated into the POS SoftTouch system for retail stores. Nevertheless, BitPay has an API that can be implemented in any other POS system with some refinement in the code.

BitPay has various tariffs that merchants can subscribe to, including features such as using a service on a user domain (for online stores), exporting transactions to QuickBooks, etc.

Coinify

Coinify , a Danish company that acquired BIPS and Coinzone, offers POS solutions for traditional and online stores. Merchants can receive money in Bitcoin or Fiat – or immediately in these two. Coinify POS mobile application works with both Android and iOS devices.

For online merchants, Coinify offers various integration tools, such as payment buttons, shopping cart plug-ins or invoices.

Coinkite

CoinKite is a new startup that offers a terminal for bitcoins, which looks exactly the same as the usual terminals for payment cards. This device reads a debit card created for bitcoins, which is also offered by CoinKite.

The terminals can serve for Litecoin and some other currencies, and also offer the possibility to print QR codes for customers to scan the receipt with applications for smartphones.

Blockchain merchant

Blockchain also released a trading app for Android devices. Blockchain Merchant promises instant transactions, 0% commission for payments and several interface languages for use around the world.

Revel

Revel Systems offers a range of POS solutions for fast food restaurants, kiosks, grocery stores and retail outlets. POS packages start at $ 3,000 plus a monthly fee for a stitched iPad, a cash register and a scanner. It was recently announced that Revel will also include bitcoins as a payment method in its software.

BitXATM

German startup BitXatm announced Sumo Pro – a cryptocurrency ATM with POS function, which will appeal to merchants who want to easily accept payments from customers in digital currencies.

At a cost of € 2,900, the stand-alone device offers a large 17-inch touchscreen and is able to accept any fiat currency. In addition, it can accept or transfer any digital currency, according to the company's website.

Paystand

California online payment tool PayStand provides web sites and mobile applications with another way to accept payments from electronic checks, credit cards and bitcoins. Paystand received a $ 1 million investment in its ICO.

Founded in 2009, PayStand aims to become a multi-payment gateway that eliminates transaction fees, in part due to support for digital currency.

Coin of sale

POS to pay for Bitcoins in stores, Coin of Sale is trying to simplify the acceptance of crypto payments for their goods and services.

Created by Singapore émigré Thomas Forgak, Coin of Sale works with both Android and iOS devices. When users register, they automatically get an account with an Electrum wallet.

The seller must simply enter the amount of money to be debited, and the application automatically generates a QR code. The client then scans this QR code to complete the payment.

XBTerminal

XBTerminal provides a device that allows customers to pay via any mobile bitcoin wallet via NFC or QR code. Payment from stand-alone mobile devices is supported via Bluetooth. Payments are made on the company's platform and, if desired, Bitcoin can be instantly converted to another cryptocurrency at the time of sale.

The company also provides web applications and an online interface for its payment solution for those who want to invest in third-party equipment.

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