Published on September 13th, 2020 | by Sumit Bhowal
Do you want to make your business crypto-friendly? That’s a great idea to implement bitcoin in your business transactions for financial settlements. No matter which business you run, it’s not only a convenience to adopt crypto coins in your business, but also better in terms of saving tax and transaction fees.
However, many business owners ask why they should accept payments in crypto coins, let me first answer it for them.
Why Adopt Crypto in Business?
Well, those who think whether they should adopt crypto payments in their business, then look at these benefits cryptocurrency offers for businesses around the world.
- Crypto transactions are faster than traditional fiat currencies due to no intermediary authority for approving the transactions. It operates through a decentralized peer-to-peer network called a blockchain.
- Global transactions are also faster as it does not involve any currency exchange or financial institutions.
- Cost-saving because no central body is involved, and you can directly get your payments.
- Crypto payments can offer you many tax benefits.
With all of these potential benefits of crypto in business, it’s a good idea to make your business crypto-friendly. If you are still not sure you can visit https://ad-revolution.io, then decide whether it’s beneficial for your business or not.
But if you want to adopt crypto coins for your business transactions, here are five simple steps.
Five Easy Steps to Make Your Business Crypto-Friendly
Whether you are running a restaurant, bar, computer service, or any business, you can follow these five steps to accept payments in cryptocurrencies.
- Get the License
- Create A Crypto Account for Your Business
- Use a Payment Processor
- Advertise that Your Organization is Crypto-Friendly
- Tax Payments
The above five steps will help you quickly accept crypto payments without any hassle.
Get the License
First and foremost, get the license from the tax authority by consulting a legal advisor. As you will use cryptocurrencies for commercial purposes, it’s crucial to obtain legal permission from the government.
You may have to pay for it, and there are different rules and regulations for a different country. So make sure you are following them properly to avoid any problem in the future.
Create a Crypto Account for Your Business
Once you get the license, you need to create a crypto account or wallet for accepting payments. You can create a mobile wallet, web wallet, or desktop wallet according to your requirement. But the best wallet for accepting payments is a wallet, which provides a QR code.
But make sure you withdraw your digital currencies to a safer wallet like a hardware wallet at the end of the day. It is not secure to keep a large amount of money in a hot wallet. Many popular wallet service providers are available; make sure that they are trustworthy before choosing a platform.
Use Payment Processor
If your payments are a little complicated, you can use a payment processor to accept your payments. However, you have to pay for the service, but this is a better way to secure your business transactions. Coinbase is one of the best payment processors for businesses.
Without advertisement, how can your customers know that you are accepting payments in cryptocurrencies? Advertise on your site and in front of your store that you are accepting crypto payments.
Keep records of all your crypto transactions to pay your taxes. Ensure you are following the guidelines issued by your tax authority to avoid any problem in the future.
Follow these above five steps to make your business crypto-friendly. You will get many potential benefits after using crypto transactions for your business. Moreover, you can also use smart contracts if you have a retail supply chain business. Smart contracts are developed by the underlying technology of cryptocurrencies, enabling your business contracts without any complexity. Hopefully, the article has helped to understand how to adopt crypto in your business.