Cryptocurrency is popular for its high price volatility but still many companies across the world have included it as a payment option in their operations and transactions. If you are interested in integrating cryptocurrency into your business operations and reaping the benefits of its decentralized nature then here is how to do it.
What is Necessary?
You will need the following components to move cryptocurrencies in and out of your business.
· Cryptocurrency Payment Gateway
Cryptocurrency payments need a payment gateway and a custodian wallet. It is a technology, which allows businesses to accept transactions in different kinds of cryptocurrencies.
Cryptocurrency payment gateway like Suissebase allows businesses automatically buy or sell USDT in USD fee exchange conveniently and quickly. The platform enhances the payment process because there are hardly any intermediaries involved. Payments are encrypted on blockchain and so offer more security.
· Cryptocurrency Address
As cryptocurrency is virtual money, you need a crypto wallet to receive, send, and store coins and tokens. You can connect the wallet with your banks that accept cryptos. The crypto wallet is your address just like your email address.
Share this address with businesses or clients to receive payments. You can even convert the number and letter combination into QR codes. One thing to remember is that blockchain technology does not allow you to reverse or cancel the transaction after it is sent. Therefore asking for a refund is not possible.
· Private Key
It is a code essential to gain access to your crypto wallet. These are unique and you need to protect them smartly. If you forget or lose the private key then gaining access to your crypto wallet is impossible. Ensure to use a USB flash drive for storing your private key safely and securely.
Suissebase implements best compliance practices and their offline asset storage follows security protocols like the pharma companies.
Tips to Include Cryptocurrency in Business Operations and Transactions
Pay Employee Wages
Pay employee wages in cryptocurrency and determine the date when to convert it into fiat currency. The rate is freezable, so you can use the real market value of cryptocurrency exchange. Set a separate date for paying employee salary.
Every employee differs in their financial needs, so you can ask them how much they need in fiat and pay the remaining in crypto. It is a good way of introducing employees to the new crypto landscape.
Add as an Online Payment Option
- Introduce it as another cashless payment option using a button displaying – ‘Pay with crypto’.
- Customers can even send payments to your crypto wallet or address. Include the QR code or public address on the checkout page of your website.
- You can use a crypto wallet service provider. They are chargeable but help to lessen the complications associated with cryptocurrency payment acceptance.
Allow In-store Crypto Payment
If you run a retail store or a café then choose a payment gateway like Suissebase. Using a POS app you can deduct crypto tokens or coins from customers’ accounts via their Smartphones. POS app is designed to calculate the cryptocurrency owed. A QR code is generated, which the customer scans using their crypto wallet app.
Businesses are accepting cryptocurrency as an option for fiat money because of low transaction fees. You can customers use cryptocurrency payment mode and even your employees will benefit from the switch to digital currency.
