HOW TO ACCEPT CRYPTOCURRENCY:
HOW TO ACCEPT
CRYPTOCURRENCY:
STEP-BY-STEP GUIDE
So you’ve decided to accept cryptocurrency at your store. Great! Accepting crypto is not as hard as you may think.
The first thing you need to decide is if you would like to keep the crypto you receive, or sell it automatically for US dollars to your bank account. If you decide to keep the crypto, you can choose to sell it any time, but then you are exposed to volatility if the price changes.
Keep the crypto
Keeping the crypto is a great way to invest in the cryptocurrency ecosystem. For the last decade, there has been no better investment than crypto.[1]
This guide will cover an easy way to receive crypto using simple wallet apps.
Select and install a reputable wallet app using a smartphone, tablet or any device you can download apps on. Exodus and Coinomi are two popular multi-currency wallets for mobile and desktop, but there are many to choose from. These apps will let you accept most cryptos.
Be sure to write down your wallet’s backup phrase to a safe place, so funds can be recovered if your device is lost.
When a customer requests to pay in crypto, select a crypto in the wallet app and provide them with the QR code to receive crypto payments:
You may also print the QR codes to physical paper if you prefer.
You may also print the QR codes to physical paper if you prefer.
The customer scans the QR code and sends payment.
After the customer sends payment, confirm the payment is received in
the wallet app or by checking a blockchain explorer.
After the customer sends payment, confirm the payment
is received in the wallet app or by checking a
After the customer sends payment,
confirm the payment is received in
the wallet app or by checking a
Sell the crypto for US dollars to your bank account
Sell the crypto for US dollars
to your bank account
If you do not want to keep the crypto, you can sell it for US dollars directly to your bank account for a 1% fee (still better than credit cards with ~3% fee!).
Use the BitPay or Coinbase app to receive crypto payments.
With BitPay, any received crypto can be automatically sold for USD.
Any crypto you receive can be sold for US dollars to your bank account which becomes available to withdraw after 2 business days.
It's that easy!
