It is hard to deny the impressive run of the crypto market over the past decade. People have invested billions of dollars in cryptocurrencies, and there is no sign that such a trend will stop in the near future. Bitcoin is, of course, the biggest cryptocurrency of all. Despite the fact that since the launch of Bitcoin, blockchain technology has substantially advanced further, the first cryptocurrency still remains a sought-after asset. Businesses that wish to capitalize on the rise of the crypto market can accept Bitcoin as payment to keep up with the modern times and attract new customers.
Key Points:
- Bitcoin is an anonymous payment method which has no chargebacks.
- NOWPayments lets businesses deploy their own Bitcoin payment gateway.
- Utilize NOWPayments’ solutions to accept Bitcoin.
Why get Bitcoin payments?
Anonymity
Bitcoin runs on a blockchain, a decentralized ledger technology that, despite keeping track of every transaction, does not require users to disclose their identity. As a result, Bitcoin is completely anonymous and can be transferred privately. Many people, when shopping online, prefer to preserve their confidentiality, especially at the checkout. Bitcoin, as well as other cryptocurrencies, constitutes virtually the only anonymous method of payment currently available to consumers. Featuring Bitcoin payments is a great way to provide your clients with the privacy they desire.
No chargebacks
As mentioned above, Blockchain records information about every single transaction it processes. Moreover, once the network verifies a transaction, it cannot be reversed. Such a feature is particularly beneficial for merchants. Businesses often become victims of chargeback fraud. Yet, since blockchain transactions cannot be undone, a Bitcoin chargeback is purely impossible. Thus, accepting Bitcoin as payment can become a viable way to avoid suffering from fraud.
Community
Community is the most important asset of Bitcoin. There are millions of people around the world who hold Bitcoin in their wallets. All of them automatically become potential customers for companies that decide to offer a Bitcoin payment option. Members of the Bitcoin community are exceptionally passionate about their coin and every new use case related to it. So, if you deploy Bitcoin payments, you may expect to make it to the news section of at least one of the websites dedicated to crypto.
What you need before accepting Bitcoin online
In order to accept Bitcoin, you do not have to buy any special equipment. The only thing you need is a Bitcoin crypto address. To get your address, you first need to download a crypto wallet such as Exodus, Electrum, or any other popular one and then choose to create a Bitcoin wallet. Next, you will be supplied with a secret phrase which you will have to save and keep private. Once your Bitcoin wallet is ready, you will see its public address. The public address functions as your bank account number. Basically, by knowing your public address, your clients will be able to send you payments.
How to choose the best crypto payment gateway
Nevertheless, managing each payment can be a difficult task, especially for larger companies. That is why it is reasonable to utilize special crypto payment gateways which can automate all of the incoming payments.
Today, there are many crypto payment gateways that businesses can utilize. At the same time, it is crucial to choose only those which meet three main criteria. First of all, the gateway should be non-custodial, meaning that it should not keep the funds of its clients and hold them for any substantial period of time. Secondly, the payment gateway must not charge large fees for its services. Finally, the gateway must not ask for your crypto wallet information, such as a private key or seed phrase. NOWPayments is the crypto payment gateway that strictly observes these requirements, guaranteeing instant payouts, low fees, and full anonymity to clients.
Get your account
In order to begin accepting Bitcoin payments using NOWPayments’ solutions, you first need to set up your account. Go to this page and enter your email, password, and the name of the company. Then, you will have to type in your Bitcoin public address, to which you would like to receive payments. Next, you will need to generate your API key.
Once you have the API key set up, you can choose any of the available Bitcoin payment gateway solutions. For instance, you can issue a crypto invoice by going to the “Invoices” section on the menu bar. To facilitate the creation of new invoices, you can create a special Point-of-Sale terminal link by going to the “Store Settings.”
If you own an online store deployed on PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware, you can accept Bitcoin using payment gateway plugins.
You can also accept Bitcoin donations through widgets, buttons, or links, which you can find in the “Store Settings” section.
What to be aware of
When choosing between crypto payment gateways, always make sure to check whether they fit your business needs. Moreover, check out NOWPayments’ pricing to see the current fees you will have to pay for using the service. Additionally, see all of the cryptocurrencies which you can accept as payment using NOWPayments.
Final words
Setting up a Bitcoin payment gateway is a walk in the park, but it is vital to choose the right provider. NOWPayments is a service that values its partners and, therefore, offers the lowest fees among competitors and makes fast payouts. Use NOWPayments’ tools to accept Bitcoin.