Everyday more business owners are becoming curious about cryptocurrencies and their acceptance as payment for goods. It is no surprise considering the buzz that Bitcoin generates from the main stream media. New tools become available almost daily to make adoption of cryptocurrencies easier for businesses and customers alike.
This article is intended as a quick guide to help small business owners easily get started accepting cryptocurrency as payment. The other side of cryptocurrency payments is managing them or converting to cash after they are received. For now, I will only cover the process of accepting cryptos in this guide.
After touching on the necessary components, I will walk through the process of accepting payment in the form of DigiByte. DigiByte is a fast and secure cryptocurrency with a vibrant community and lots of ongoing development activity. With DigiByte, transactions are processed up to 40x faster than Bitcoin transactions which makes it optimal for in-person payments.
Cryptocurrencies are digital assets, so you will need an internet connected smart mobile device or computer. The typical hardware used in a retail environment would be a tablet or smart phone. You will also need some stickers or signage to let your customers know that you are accepting crypto payments.
The most critical piece of software for accepting and holding cryptocurrencies is the wallet. Your wallet facilitates sending and receiving digital currency, and it displays your balance.
The crypto wallet is essentially your crypto bank account. Wallets are typically available for a range of platforms, mobile and desktop. At the simplest level the wallet is enough to begin accepting payments. You will just have to manually convert prices based on market rates.
An optional piece of software is a point of sale system that converts cash totals into current cryptocurrency market rates. This software would also pre-populate your customer’s wallet with the amount due and send transaction receipts. The POS will make accepting cryptos much easier and add a professional touch.
Getting Started with DigiByte
Note: The following steps are similar with other cryptos, but each cryptocurrency has their unique way of doing things.
Choose your DigiByte wallet. There are many options to choose from. You can look over this resource to learn more: https://digibytewallets.com. In this example I’ll use the official mobile DigiByte wallet for iOS, it is also available for Android.
The Point of Sale
In this example I’ll use the DigiCafe POS for iOS, it is also available for Android.
I hope that this guide was helpful in demonstrating the types of tools available that can facilitate crypto acceptance for business. While much of this information may be new to you, it is no more complex than setting up a PayPal account or other merchant equipment.
Play with the steps in this guide, download the tools and experiment with small transactions. The space is growing rapidly, and your business can benefit from having a cryptocurrency strategy in place. It is better to ride the wave than be struggling to catch up.
Disclaimer: I am the developer of DigiCafe POS.
Written by: Adam Wolfe
Developer of DigiCafe POS