More than 562 million people around the world hold some form of crypto. Many platforms with PayPal and Shopify on the list have added support for crypto transactions. Even some like AirBaltic and travel companies like Travala now accept it.
If you manage an online store or website, you’ve probably come across the crypto option in your payment settings or heard users bring it up. The question is: does it make sense for your business?
What does it mean to accept crypto?
Accepting crypto payments means letting customers pay with digital coins instead of traditional currency. To do that, you’ll need to connect either a crypto wallet or a third-party payment processor.
If you want to accept a definite coin, for example, Solana, you can visit the https://cryptoprocessing.com/supported-coins/sol-solana-payments page and integrate this option.
Once that’s set up, you can choose how to receive the funds. Some businesses prefer to get paid directly in the chosen coin. Others choose automatic conversion, where payments are instantly exchanged into their regular currency.
Why some businesses add crypto payment option
There are several reasons businesses start to offer crypto payments:
- Credit card payments often come with a 2.9% to 3.5% processing fee. Crypto processors usually charge about 1% to 1.5%. For businesses with high-volume sales, that difference matters.
- Crypto can make cross-border payments easier. You don’t have to worry about currency conversion or blocked transactions in certain countries. It can be a plus if you sell internationally or serve areas with poor banking access.
- With crypto, once the payment is processed, it’s final. There’s no risk of customers reversing the charge later. It can help cut losses on fraud, especially for digital downloads and subscriptions.
- There’s a segment of crypto users who seek out companies that accept crypto payments. Some directories and platforms highlight crypto-friendly stores, which could bring in extra traffic.
What to pay attention to
Crypto still isn’t the first choice for most shoppers. In the United States, only 17% of buyers use it. Most people choose to pay with cards, PayPal, or Apple Pay. If your store sells household goods, you might see little demand.
Another concern is price swings. Crypto values are unstable. Accept SOL and hold it for a week, and you might see a 10% increase or a 10% drop. Stablecoins help reduce that risk, but they’re not always the preferred payment method for customers.
Tax is another issue. In the United States, each crypto payment is treated as a taxable event. It means you need to track gains and losses for every sale, even for small purchases.
There’s also a setup. It’s easier than it used to be, but you’ll still need to update your checkout process, write a few useful articles, and decide how to display pricing and refunds.
Who might benefit?
Crypto isn’t only for tech companies. It makes the most sense for:
- Stores that sell software, games, design files, or NFTs
- Businesses with customers in multiple countries
- Brands that attract younger buyers
How to start
First, pick a trusted crypto payment provider. Choose the coins you want toaccept. Solana, Bitcoin, and USDC are good starting points.
Add the option to your checkout page, but don’t replace your existing payment methods. You can offer crypto as a choice, not a requirement.
Create a short FAQ on the site that would explain how crypto payments work, what coins are accepted, and how refunds are handled. Make it clear whether you refund based on the coin’s amount or the original price in dollars.
To avoid exposure to price changes, enable automatic conversion to your local currency, or opt for stablecoins.
Watch how it performs. If it brings in new customers or saves on fees, it might earn a long-term place in your payment setup. If not, you can quietly remove it without much disruption.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
