Cryptocurrency is the new buzz, so now is the time to jump aboard. Cryptocurrency goes beyond limited entries in a database that can only be altered under certain conditions.
However, many business owners may be uncertain how best to accept cryptocurrency payments due to not understanding how it works or being uncertain of its security. There are solutions available which make incorporating crypto payments more seamless in workflows for businesses.
Set Up a Crypto Payroll
Cryptocurrency payroll gives companies an attractive way to attract and retain a new generation of employees, while still meeting payroll payment needs. However, when considering cryptocurrency payroll it’s essential to weigh its benefits against its challenges and costs as some countries still lack clear laws surrounding cryptocurrencies, and their value may fluctuate rapidly – plus blockchain-based systems don’t provide refund options should funds accidentally be sent out without authorization or be stolen from employees.
One approach to mitigating these risks is working with a third-party vendor that offers cryptocurrency payroll services. This will allow a business to avoid the time and costs involved with purchasing, managing and protecting cryptocurrency on behalf of employees – they will already have all necessary compliance and security protocols in place so payments are transferred securely.
Working with a cryptocurrency vendor can also ease some of the regulatory complexities involved with employing crypto payments for employees, particularly for businesses subject to state laws regarding non-fiat money transfers that differ greatly across states. Finally, third-party cryptocurrency payment providers offer companies additional resources and time savings by helping reach distributed workforces more quickly through banking channels.
One benefit of working with a cryptocurrency payment vendor is helping companies reduce transaction fees. Crypto transactions tend to be verified by large networks of decentralized computers rather than financial institutions with high overhead costs, and working with vendors that support stablecoins (cryptocurrencies pegged to fiat currencies) can help mitigate currency risk for companies.
Calculating and paying employees in crypto manually can be time-consuming and complex, so instead it is recommended that you utilize a bitcoin payroll software provider who makes this process seamless and straightforward. Most renowned providers integrate with existing payroll systems easily for seamless implementation and scaling purposes; additionally this software can also be used to settle invoices from contractors more easily without manually entering calculations manually and risking human error.
Set Up a Crypto Wallet
A cryptocurrency wallet, as seen here, is a software or hardware device designed to securely hold both public and private keys that prove ownership of cryptocurrency, stored on blockchains which record transactions decentrally. While each crypto wallet offers different functionality and security features, most share similar basic capabilities.
Establishing a crypto wallet is usually straightforward. Custodial wallets, for instance, provide easy set up while offering the convenience of not needing to manage private keys yourself; however, these services come with certain risk factors, including potential loss of funds if their service provider becomes compromised.
Noncustodial wallets give you more control of your crypto holdings. In order to use one, however, you need to keep track of both your private key and computer security best practices when using one – but these wallets may be more complex to set up compared to their custodial counterparts.
As part of your decision process for selecting a crypto wallet, it is also wise to evaluate its fees. Some wallets charge high transaction fees while others may have more reasonable costs. Choose an open and transparent provider who provides multiple customer support channels when selecting your crypto wallet provider.
Reputation of wallet is also important; look for one with a strong history of trustworthiness and security features that are continually updated.
Consider wallets that integrate with tools that will ease your workflows, such as DocHub which connects with BitGo Cryptocurrency Wallet to allow users to edit, annotate and eSign documents in one convenient place. DocHub also boasts advanced security features including two-factor user authentication and document password protection; role-based workflows; as well as quick status alerts.
Set Up a Crypto Gateway
As cryptocurrency becomes more mainstream, many businesses are seeking ways to accept payments in it. A crypto payment gateway provides one solution by converting cryptocurrency into fiat currency and depositing them directly into merchant’s accounts, as well as handling aspects related to tax-related matters and security of each transaction such as tax compliance issues and security matters. Furthermore, they feature rigorous protection and verification systems which identify dirty Bitcoins while simultaneously guaranteeing interoperability with cryptocurrency networks’ transaction validation processes.
There are numerous crypto payment gateways on the market, so it’s essential that you select one that meets your individual requirements. While some are free, others charge transaction fees or only support certain cryptocurrencies – to find your perfect gateway, reach out directly to its provider and discuss what solutions might work best.
If you need an easy solution with high security standards, blockchain payment platforms could be just what you need. They come equipped with features such as on-chain wallets, web portals and mobile applications; plus they support multiple currencies across devices such as desktops, tablets and smartwatches.
One popular method for integrating crypto payments into your workflow is through non-custodial gateway services. These allow businesses to directly receive funds transfers from customers’ digital wallets, eliminating third party involvement while speeding up payment processing times.
Blockonomics is a non-custodial crypto payment gateway offering some of the most popular cryptocurrencies such as Bitcoin and Ethereum as well as stablecoins such as Dai, Pax Dollar and Binance Coin. Furthermore, this provider also provides plugins for popular e-commerce software like OpenCart, WooCommerce and ZenCart e-commerce software – charging a flat 1% transaction fee per payment with up to 20 free payments offered every day.
Utilizing a blockchain payment platform can streamline processes and increase document workflows, but you’ll still require a powerful document management system such as DocHub to keep all the paperwork under control. DocHub provides all-in-one document editing, annotating and eSign functionality within an intuitive online interface for ease of use.
Set Up a Crypto Payment
Many small businesses are turning to cryptocurrency as a payment method, hoping it will reduce transaction fees, decrease chargebacks and offer them a competitive edge. Unfortunately, cryptocurrency does present its own risks such as high volatility and rapidly evolving technology which could present potential obstacles.
For increased security, consider partnering with a crypto payments processor. These companies make accepting crypto payments easy while smoothly exchanging them into your chosen currency – they also help meet compliance requirements by offering services like tax forms for customers paying with crypto – freeing you to focus on running your business while reducing exposure to risk related to these payments.
When selecting a crypto payments solution, it is essential to carefully consider your specific needs and business model. Consider whether your website must support various browsers; what devices like phones or tablets must your users access their account details such as balances or payout schedules on-the-go; consider solutions which support both desktops and mobiles to maximize customer experience.
Once you’ve settled on a solution, consider selecting a payment system that supports the cryptocurrency you plan to accept as payment. Bitcoin may be popular but other coins exist – many payments tools only support a handful of them! It is also important to remember that despite accepting crypto payments as payment from customers, they still may incur capital gains taxes as part of their transactions.
Finally, it’s up to you to determine how you will integrate crypto payments solutions into your website. Many e-commerce platforms, like Shopify, Magenta, and WooCommerce offer plugins that make integrating crypto support easy – then when customers visit, they will have the option to pay in their preferred currency by entering their wallet address or scanning QR code and sending payment directly. After which point, your crypto payment processor will handle everything for you!
