As global trade evolves, new systems are being implemented to ease up transactions and create seamless customer satisfaction. You’ll need to adapt to the ever-changing reality if you own a store to stay ahead of the competition. A major upgrade in shopping and business solutions is in payments. Payments are the hallmark of finance, from online stores to traditional brick-and-mortar stores.
As a store owner, whether you are rendering service like a barbershop or selling clothes, you’ll need to incorporate new payment methods. Cryptocurrencies are digital assets that provide seamless utilities to your business if adopted.
The mass adoption of cryptocurrencies has made it an important tool in the 21st-century business space. For both parties, cryptocurrencies offer new financial possibilities than the traditional fiat. In addition, Cryptos are a lot faster and cheaper than most payment solutions, so it is a safe bet for you.
- Crypto payments offer easy and secure payments options for both parties.
- PoS integrated systems are gradually becoming more popular in physical shops as the mass adoption of cryptocurrencies continues.
- The congestion of blockchains like Ethereum and high cost, as a result, should influence your choice of cryptocurrency.
How to add crypto payments solutions to my store?
Crypto payments are here to stay with so many people already jumping on the train to stay ahead. However, while online stores incorporate wallets and other solutions, traditional brick-and-mortar stores can often stick to two main solutions: the crypto PoS system and direct physical transfer to their wallets. This article will walk you through the processes of how you can integrate it into your store and ease up the payment process.
The step is to display in your store that you accept crypto payments.
Accepting cryptocurrencies with a PoS system.
Just like fiat currencies, crypto PoS systems can be integrated into your store. The difference between the two is that crypto PoS systems function with a Mobile App and not through a card in most cases. To accept crypto payment through the PoS system, you’ll need to follow these steps.
Step 1: Choose a PoS app
There are many crypto point-of-sale solutions that you can incorporate into your business. Examples include; NOWPayments, Anypay, Coingate, etc. The process for each of them is almost the same; you’ll just have to pick your most preferred.
Step 2: Link your wallet to the app
This is a process that involves verification to ensure that the wallet is yours. Your crypto wallet is the address your customer’s crypto payments will go to.
Now that your account is set up, the next step is actual payments
Step 3: Input the amount payable by the customer
When the customer chooses the goods to buy or utilize the services, you can input the exact amount on the POS app. Once this is done, a QR code will be generated for your client to pay by scanning it through their wallet. Alternatively, the customer can input the amount manually straight to your wallet.
Step 4: Receive your crypto
The last step is where your coin gets into your wallet. Crypto transactions are fast but require block verifications, so you should get it in your wallet with a verification. Coins can go directly to your wallet or your bank account in fiat, depending on your setting.
Receiving crypto directly through a transfer
This is the most traditional method of receiving crypto payments where the customer sends the crypto equivalent to your crypto exchange account or your wallet. You can also print the QR code of your crypto address to make the process easier for the customer.
Which currency to choose?
After the launch and success of Bitcoin, a plethora of coins has been released. You need to factor in speed, transaction fees, utility, and others in choosing a preferred currency. Bitcoin is the most popular coin, so that you can go with it based on its mass adoption. Bitcoin is also the first crypto to be integrated into the POS System.
The largest altcoin, Ether, would have been a good option, but transaction fees are currently very high at the moment. It will make your customers spend more than fiat to pay for something.
Ideally, Ripple is the currency that’s popular and cheap for your customers. Transaction speed on Ripple is also breakneck. Stable coins are another option. Tether and BUSD are suitable options for your business.
How to cash out
After the cryptocurrency gets into your wallet, you can cash out directly with the exchange or POS solution, or you can use the P2P method to your preferred fiat wallet or account. In addition, most exchanges can convert your coins to fiat at the current exchange rates directly.
P2P is an option of sending another user your coin while receiving cash. The process is done on the exchange without the exchange themselves doing the transaction and payment.
You can accept crypto payments through your online store through NOWPayments. It is a solution that enables you to receive crypto payments and donations to your online store and charity.
The solutions of NOWPayments are very broad, depending on the type of business you want to run. You can incorporate the solutions API to your store to make payment seamless for your shoppers. In addition, NOWPayments offers a web-based POS terminal for better payment solutions for your business.
The future of crypto payments
As the world continues to change, payment solutions will continue to get better. Crypto payments are the future of e-commerce and traditional retailers. However, the mass adoption of bitcoin and other cryptocurrencies isn’t over. We’re still going to see a lot more adoption in the coming years. In the future, digital assets will reign supreme, and incorporating them into your business will give you an edge.