With the digital finance system ever-evolving, if your business is considering implementing crypto payments within its strategy, then there are some things that you need to consider. The prevalence of cryptocurrency has added to the requirement for reliable and trustworthy payment processes, allowing businesses to accept and process crypto payments securely and efficiently.
In today’s financial landscape, where businesses continue to adapt and seek the most seamless payment options when considering cryptocurrency payments, the goal is to find a provider that aligns with the business model and operational needs. There are different cryptocurrency platforms in the US which are battling it out to be seen as the top platform, but choosing one which is right for your business is vital.
Let’s look at some things you should consider when looking at Bitcoin and crypto payments for your business and how to make a more informed decision.
Does My Business Need To Accept Crypto Payments?
There are some features of crypto and bitcoin payments which can help you decide as to whether your business needs to incorporate them or not. Firstly, in order to make or accept crypto payments, you don’t need to undergo a verification process. Individuals can send or accept crypto almost instantaneously, so long as you set up a crypto or bitcoin address. Bitcoin payments are also known to be borderless, which means that they can be sent anywhere in the world without banking or transaction delays or fees.
All bitcoin and cryptocurrency transactions are stored within the blockchain that they are made and a record is then held, which can help you in terms of managing the accounting. They are also irreversible in most cases and are decentralised which is a positive as it means you are at lesser risk of chargeback fraud.
What Is A Non-Custodial Service?
When it comes to crypto security for your business, you will want to ensure that you have private keys. A private key allows you, as the business owner, to access crypto funds safely, reducing the risk of trading scams and fraud. It is essential that you keep this information safe and store it away, so that it is not easily accessible to others. Should you misplace or share your information, this puts you at risk of losing your business funds and then requiring the services of an investment fraud attorney.
A custodial cryptocurrency or Bitcoin processor is not safe, as it requires you to share your details with it and then it gains full access to the cryptocurrencies you receive as payment. This is why you should always use a non-custodial provider so that you can retain your private keys and be the sole owner of your private keys.
Does Your Provider Guarantee Instant Payouts?
The vast majority of cryptocurrency payment platforms, even non-custodial ones, use a model which involves them first receiving the payment and then sending it on to their partners. Essentially, businesses which choose to use Bitcoin and crypto payment gateways are not paid directly by their customers or clients. Instead, business owners will rely on a BTC payment gateway which then serves as an intermediary process between the business and the client.
A safe payment process which guarantees instant payouts is advised when using crypto, as this reduces the time in which you are waiting for payment from consumers. Crypto and Bitcoin payment processes that use proper safety and security methods will instantly transfer the funds to the business.