First of all, think of your business strategy: you need to determine which cryptocurrencies you will accept for your services and goods, and what methods you will use to work with Crypto on your platforms.
Basically, there are three main ways to start accepting Crypto Currency as a merchant:
If you decide to use the first variant, you will receive Crypto to your Crypto Wallet, and you can process the transaction as soon as it is confirmed. This is the easiest way and it eliminates any intermediaries in your business. But it means a lot of work for you and it is suitable only for very small businesses, since you will have to take care of invoicing yourself (which can be stressful, tiring and too demanding) and provide payment addresses manually (something very unusual since in the epoch of tech it is all done by special services). Moreover, it might be a little bit easier with Bitcoins as Bitcoin Crypto allows to generate many addresses within one wallet, but it will be much more complicated with other Cryptos. Let’s take Ethereum, for example, this Crypto requires a separate wallet for each address, that means it will be extremely inconvenient to put the money from all the trades into one wallet (it will follow huge commissions and a considerable waste of time).
The second variant (this is to use the addresses, generated from the exchange, that you use). Not the worst idea since it helps you to accept payments in cryptocurrency, gives you an edge. But it certainly goes with some risks. Firstly, you are using a third-party service – this is almost always a risk in itself. Secondly, all your income will hit just one wallet (the hot one), which is not secure enough.
The last, but not the least variant of accepting cryptocurrency on the site is by using a ready-to-go solution – Crypto Processor.
It can be considered the best option due to a number of factors:
We would recommend to analyze the market and see which Crypto Payment Gateways are available, what terms and conditions of use they offer. It would also be a good idea to compare them all and see what options and functionality they can offer for your business. Thus, you will be able to choose the right one for you.
If you are considering an opportunity to acquire a Cryptoprocessor, please feel free to contact us to get more details regarding this service and best option for you.