You may not yet understand how Cryptocurrency works but it is here to stay and possibly replace Fiat Currency in the future.
Many large corporations are now accepting Cryptocurrency as a form of payment. Here are companies you might know: Microsoft, AT&T, Overstock, Starbucks, Whole Foods, Etsy, … Yes, we thought you might recognize them.
Providing various payment methods to your clients can help grow revenue. For instance, if you have an online store and do not to accept American Express, you might turn away clients who only pay with Amex. The same is true for Crypto. Now the question is “How do you start accepting Cryptocurrency on your site?”
If you use PayPal on your site, you are in luck since PayPal now integrates with the company Coinbase as of 2021. Coinbase is a US based-secured platform that allows its users to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and others.
If you have a non-PayPal merchant account, you will need to add another option at checkout such as BitPay, Coinbase, GoCoin, or CoinPayments. If that is your case, contact us directly.
Let’s get back to PayPal. If your site accepts PayPal as a form of payment at checkout and these users have connected their PayPal to Coinbase, they will be able to use their Crypto to pay you.
Your customers using Crypto can convert their Cryptocurrency holdings to iat currency (aka US dollars or other government-issued currency) at checkout. They can choose from converting Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Checkout with Crypto appears in their PayPal Wallet if this buyer has sufficient cryptocurrencies to pay for his/her purchase on your website.
To sum it up, you are not receiving Cryptocurrency yourself, you are giving the ability to your buyers to convert their Crypto into dollars so they can buy on your site at the moment of checkout.
More questions? Call us at 707-794-9999 Pacific Standard Time.