Cryptocurrency has been around since 2009, but it’s still early days when it comes to commercial acceptance. Therefore, a large number of businesses are looking to provide cryptocurrency payments on their websites. Setting up a crypto payment gateway is simple. However, the world of cryptocurrency comes with several security considerations, which require vigilance. Throughout this article, we let you know how to get started with accepting crypto and how you can reduce any risks.
Setting Up Your Wallet
You will need to set up a digital wallet before you can start receiving cryptocurrency. Your digital wallet is where your entire crypto assets will be stored, and it can only be accessed with a verification key, which you need to keep safe. If you lose private keys, you’ve lost access to all crypto revenue. There are many different crypto wallets available, and the one you choose will depend on your needs. However, we suggest opting for a platform accepting multiple currencies, which will help broaden your customer base.
After setting up a digital wallet, you can integrate the checkout with your website. For businesses using WooCommerce, Magenta, or Wix, you will find a crypto plugin for the majority of large wallets. However, if there isn’t a plugin offering support for your wallet, you can install a quality payment gateway designed for cryptocurrency.
Leaving your crypto assets in third-party control isn’t for everyone, which is why you can simply embed your QR code onto your website. When customers scan your code, they will be taken to their digital wallet and your public key will be available. Although this method sounds easy, you need to be ready to take care of your keys, which is easier said than done.
Cryptocurrency is decentralized, which means you won’t benefit from the security you’d find with traditional payment methods. Fortunately, you can increase security and comply with NACHA by using the account verification tools available from Yodlee. The NACHA account validation rule, as explained by Yodlee, increases fraud detection standards. While you’re verifying crypto customers, you can use account verification in conjunction with ACH payment options, which are all agreeable with the NACHA account validation rule.
If you’d rather not handle crypto assets yourself, you can leave everything to a third party. For example, PayPal lets you integrate cryptocurrency onto your website without needing a wallet. Instead, buyers will be transferred to PayPal, which will let them pay with cryptocurrency.
The crypto landscape is highly volatile, which means you lose serious revenue if funds are left in your account. Fortunately, you can mitigate volatility by setting up instant bank transfers in your digital wallet, meaning crypto payments will convert to your bank as soon as funds are available. To instantly convert crypto, you can use BitPay or Flexa.
Cryptocurrency is easy to set up and integrate with your website, but you need to consider the risks involved. Leaving crypto management to a third party is the best way to implement this digital currency because you won’t need to worry about losing your private keys.