Woman sitting in a cafe on laptop and phone.
As cryptocurrencies gain more traction, small businesses can capitalize on this payment trend by enlisting the help of an online payment processor. — Getty Images/ ferrantraite

During the past few years, cryptocurrencies have exploded in popularity, with assets such as Bitcoin, Ethereum, Polkadot and Litecoin all growing sizably. Bitcoin’s total market cap, for example, surpassed $1 trillion in February 2021.

As such, it should be no surprise that many of the world’s largest companies have begun accepting cryptocurrencies as payment for goods and services. Companies as varied as AT&T, the Dallas Mavericks, Microsoft, Overstock, Tesla and Twitch all accept Bitcoin and other digital currencies in 2021.

Small businesses can also take advantage of the crypto craze, and they can easily accept digital payments with the help of online payment processors. These processors typically offer a 1% or less transaction fee, which is less than the fees you’ll pay on most credit cards.

Here are six companies that can help you accept Bitcoin and other cryptocurrency payments.

BitPay

One of the largest companies in the world enabling businesses to accept cryptocurrencies as payment is Atlanta-based BitPay. The company offers various tools to make accepting crypto payments simple, including hosted checkout, payment buttons, invoicing and Quickbooks and Shopify integrations. Payments can be made by customers online, by email and in person. Another neat feature offered from BitPay is that it protects businesses from crypto price fluctuations. The company only charges a 1% transaction fee on almost all transactions and allows clients to settle up in local currency cryptocurrency.

CoinBase Commerce

Silicon Valley-based CoinBase might best be known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies. Still, it also has a Commerce product that makes it easier for businesses to accept digital payments. The company has the essential tools every company that wants to accept crypto payments needs, including hosted checkout pages, payment buttons, invoicing and e-commerce integrations such as Shopify and WooCommerce. However, unlike similar services, CoinBase Commerce encourages companies to “be your own bank,” and the platform gives the company granular control of assets.

PayPal, one of the largest online payments companies globally, recently announced that consumers would be able to pay merchants in the PayPal network with cryptocurrencies.

CoinPayments

One of the longest-running services for cryptocurrency payments is CoinPayments, which has been helping businesses worldwide since 2013. CoinPayments acts as a payment processor for both in-person transactions and online platforms, and it supports numerous cryptocurrencies. The company’s plugins work with nearly every major e-commerce service, including Magento, Shopify, OpenCart and WooCommerce. And with a processing fee of just 0.5%, it also offers a lot of bang for digital buck.

GoCoin

Another cryptocurrency processor that has been helping businesses manage crypto payments for years is GoCoin, which was founded in 2013. The service can help merchants accept Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash and Litecoin payments. GoCoin offers a 1% transaction processing fee and works with most e-commerce services, including Magento, OpenCart, OSCommerce, Prestashop, Shopify, UberCart, WooCommerce and ZenCart.

PayPal

PayPal, one of the largest online payments companies globally, recently announced that consumers would be able to pay merchants in the PayPal network with cryptocurrencies. More than 29 million merchants online use PayPal, so this new move will make it much simpler to accept crypto payments. Customers with PayPal wallets will be able to convert Bitcoin, Bitcoin Cash, Ether and Litecoin into fiat currencies like dollars and euros when checking out with an established PayPal merchant. This means that as a merchant you won’t actually accept crypto directly but it does at least open the door for more people buying your products and services using Bitcoin or other digital currencies.

TripleA

One of the newest global cryptocurrency processors is TripleA, which was founded in 2018 in Singapore by serial entrepreneur Eric Barbier. TripleA offers a developer-focused approach to accepting cryptocurrency payments, with a lot of flexibility, including accepting payments for e-commerce, point-of-sale, invoicing and remittance. On the e-commerce front, TripleA integrates with Shopify, WooCommerce and OpenCart, and it offers a simple merchant dashboard that allows you to track orders and payments, reconcile accounts and perform refunds all in one place.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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Published April 05, 2021