In the last couple of years, cryptocurrencies like Bitcoin, Ethereum, and many others have boomed. The world is now really open about it and has started accepting crypto as an alternative payment. Hence, there are many businesses that are interested in accepting crypto as a payment option. So the question is, how to accept crypto as a payment option in our Co-working space?
Accepting crypto at your business or co-working business is pretty easy. As there are a number of payment processors available out there. But should you really accept crypto as a payment option?
Let’s find it out:
Should You Accept Crypto Payment at Your Co-working?
These days more and more businesses are using cryptocurrency, including some of the biggest names like Microsoft, PayPal, and many others. Even PayPal has introduced Bitcoin to its usual payment options.
So if you wish to accept crypto at your co-working space, then you should surely go for it. Why? Because crypto enables cheap and borderless, and fast transactions compared to most other payment methods.
Although, you may think, why would you even need the benefit of the borderless transaction at your co-working space? Well, it’s true, but crypto brings you some other benefits too.
For instance, crypto attracts fewer transaction fees compared to credit cards or other payment methods. So as a business owner, you will be paying less amount of money as processing fees.
In addition to that, crypto is highly secure, and it is decentralized in nature. It protects merchants against fraud. As there are no third parties involved, they can cancel your online payments.
Moreover, crypto transactions are extremely fast compared to bank transactions. As crypto transactions are processed in real-time. So you don’t have to wait for days to get a payment settled.
But there are a few risks involved too and about those, I will talk about in the next part of this article.
Pros and Cons of accepting
One of the best features of crypto payments is that there is no chargeback. This helps in reducing chargeback frauds. Often customers request a credit card chargeback after they have received a service or product. As a result, the merchants have to face losses.
But thanks to cryptocurrencies, that won’t really be possible. Since crypto transactions happen one-way only. As a result, there is no way to request a chargeback. If you have to refund, then there is a manual process to be followed.
Low Transaction Fees
Another helpful feature of crypto payments is that it attracts low transaction fees. The transaction fee is much less compared to what the bank charges you. Usually, banks charge you 5-7%, but the charges are only about $0-$0.15 only when it comes to cryptocurrency.
You, as a merchant, may think that getting payments from anonymous users is a serious con. But what about people who are concerned about their privacy?
Crypto transactions are famous for being anonymous. As a result, no one can track where the payment came from. There are many users who use anonymous crypto exchanges which don’t have KYC as mandatory and use them for their day-to-day transactions.
One of the major cons of cryptocurrency is price volatility. As cryptocurrency price is not regulated by the government. As a result, the price of crypto coins fluctuates a lot. You may see that the price has risen up at a time and the next moment the price fell down. This creates a serious issue when it comes to issuing refunds. Also, you may end up losing huge money if the market falls down.
Cryptocurrency lacks security and is always at risk of different threats. There are hackers who are creating technical glitches and trying to access your wallet and hack your assets. Hence, as a merchant, you need to think of how you are going to store your crypto assets safely and securely.
Wallet Addresses Are Unrecoverable
As a merchant, if you lose your owner’s access key to your wallet, then those keys are not recoverable or pretty hard to recover. As a result, if you lose access to your wallet, you will end up losing your crypto assets. Hence, if you are dealing with crypto, make sure you have taken proper security and safety measures.
How to accept Crypto as a Payment Option in Your Co-working space?
Accepting Bitcoin or any other cryptocurrency is not really a complicated task. We all are familiar with the credit card processors that help us to receive payments.
The same thing goes for cryptocurrency too. You need to look out for a cryptocurrency payment processor and sign up for their services.
There are way too many crypto payment processors available out there. However, among them, Coinbase commerce is one of the popular ones.
Coinbase allows you to accept crypto from your customers for all your goods and services. Also, it allows you to bill and invoices your customers.
And here is how you can sign up for it:
- First, sign up for Coinbase commerce by going to their website.
- After signing up, you will see three options: Create a checkout, Send an Invoice, and Use our API. If you are directly getting payment from your client then you can use the send an invoice option. Or, if you are accepting payments on your website, then use the create a checkout or API option.
- If you have selected the first option, it will give you an option to enter your product details. So do that.
- Finally, you will have two options: embed a link or share a link. You can embed a link on your website or share the link with your customers to receive payment.
So that was all for your question about how to accept crypto as a payment option in your co-working space. I hope this has helped you with your query, and now you know how to set up a crypto payment processor. In case of any other questions, do feel free to comment below.