The Importance of Cryptocurrency Payments in Today’s Economy

As traditional financial systems falter in various regions, the cryptocurrency sector is not just surviving but thriving. This blog discusses why businesses should embrace cryptocurrency payments in 2022 and how easy it is to start accepting Bitcoin and other digital assets.

Key Reasons to Accept Crypto Payments

• Economic instability prompts the search for alternative financial solutions.
• Cryptocurrency transactions serve as an effective alternative to traditional banking methods.
• GOPayments simplifies the process of accepting crypto payments through various tools.

Overcoming Economic Barriers with Cryptocurrency

In a world where many nations are at economic odds, sanctions can restrict the flow of international bank transfers. This situation complicates the trade landscape and affects the standard of living for many individuals. With many small business owners dependent on steady cash flow, the struggles are palpable. However, a shift to cryptocurrency can provide a viable alternative to the conventional banking system. Because cryptocurrency transactions are borderless and peer-to-peer, businesses can bypass restrictions entirely.

Hedging Against Inflation Risks with Crypto Payments

With the ongoing economic turmoil, many businesses face decreased purchasing power due to national currency devaluation. Increased inflation often diminishes the value of local currencies, while cryptocurrencies, like Bitcoin, can serve as stable financial instruments. By accepting crypto payments, businesses can not only safeguard their funds but also leverage cryptocurrencies as a means of preserving value.

Moreover, while cryptocurrencies are typically volatile, their recent stability makes them an attractive option for merchants. This stability, combined with the ability to convert crypto earnings, opens a pathway to enhance business growth.

Expanding Acceptance of Crypto Payments

As the economic climate continues to evolve, more merchants are recognizing the benefits of cryptocurrency payments. With inflation reaching alarming levels in many countries, the volatility of crypto is becoming less daunting. GOPayments is a versatile crypto payment provider with competitive fees, allowing merchants to start accepting over 100 cryptocurrencies with various payment tools.

Getting Started with GOPayments

To help merchants seamlessly integrate cryptocurrency payments into their businesses, GOPayments offers plugins compatible with major CMS platforms, including PrestaShop, Shopify, and WooCommerce. Here’s how to start accepting cryptocurrencies:

1. Log in to your GOPayments dashboard.
2. Enter your payout address.
3. Generate your API and IPN keys.
4. Install the relevant plugin.
5. Begin accepting payments in cryptocurrency.

Enhancing the Payment Experience

GOPayments also provides an easy-to-use API, allowing merchants to accept crypto payments on any platform or application. The service supports multiple currencies for a single transaction, enabling customers to pay using a combination of cryptocurrencies. Additionally, merchants can customize notification settings for payment confirmations to streamline their operations.

Utilizing Invoices for Seamless Transactions

Certainly, crypto invoices simplify the purchasing process, increasing the likelihood of customer interaction. An invoice will include all essential payment information: currency, amount, and payout address. Follow these steps to create an invoice:

1. Log in to your GOPayments account.
2. Specify your payout address.
3. Generate an API key.
4. Navigate to the “Invoices” section and complete the form.
5. Share the invoice with customers or place it directly in your store.

Introducing a Point of Sale (PoS) Terminal

In places facing economic hardships, many individuals are transitioning their savings to cryptocurrency. By accepting crypto payments, merchants can significantly enhance their offerings. It’s easy to set up a GOPayments PoS terminal by following these steps:

1. Log in to your account.
2. Input your payout address and generate an API key.
3. Access “One QR” and navigate to the PoS terminal link.
4. Create a link, which can be accessed on your device.
5. Input the order amount and cryptocurrency details.
6. Provide customers with a QR code for payment completion.

Recurring Payments Made Easy

With GOPayments, you can also set up recurring crypto payments from customers or B2B partners. This feature is beneficial for subscription services or businesses with regular billing needs. To create a subscription billing system, follow these steps:

1. Log in to your account.
2. Enter your payout address and generate an API key.
3. Navigate to the “Subscriptions” section and fill in the form.
4. Define the frequency for invoice emails.
5. Add recipient email addresses.
6. Start receiving payments based on the specified schedule.

Conclusion

The rise in cryptocurrency popularity is undeniable, with merchants and consumers alike recognizing its value as both an investment and payment tool. With GOPayments, you can seamlessly integrate cryptocurrency into your business model, enhancing your capacity to accept Bitcoin and other digital assets. Embrace this financial revolution and position your business at the forefront of crypto adoption.