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    Sharan Phillora

    September 10, 2022

    How To Accept Crypto Payments As A Small Business?

    how to accept crypto payments as a small business

    Cryptocurrency is all the rage, with its wild price fluctuations and groundbreaking underlying technology. Digital assets have helped reconceptualize money in the public’s eye, and now the teenage industry is finally paving its way into mainstream use. There are now around 15,000 businesses that accept payment in cryptocurrency around the world, which constitutes over 30% of small businesses in the United States, according to data from Skynova.

    But is cryptocurrency right for your small business? Are you looking to find out how to accept crypto as a small business?  This article dives into the factors small business owners should consider and how to accept crypto as a small business.

    Why are cryptocurrency payments important?

    Cryptocurrency can be used to pay for goods and services just like any other currency.  For customers, paying with cryptocurrency offers a number of advantages. Cryptocurrency is global, which means it can be used to pay for goods and services anywhere in the world. In addition, cryptocurrency transactions are fast and secure.

    For businesses, there are a number of reasons to accept cryptocurrency payments. Cryptocurrency is fast becoming a mainstream payment option, and offering a crypto payment option can help keep your business ahead of the curve, exposing your products and services to a truly global market. Cryptocurrencies are also incredibly secure, since every token and transaction is tracked by an incentivized network of distributed validators.

    How to accept Bitcoin payments as a small business?

    There are a few different ways that small businesses can accept Bitcoin payments. The most popular option is to use a Bitcoin payment processor. This works by the customer sending Bitcoin to the payment processor, which then converts it into local currency and deposits it into your business bank account. This option is quick and easy, but it doesn’t come cheap.

    Another option is to use a Bitcoin point-of-sale system. Once you’ve set up a wallet for your business, customers can send funds directly to the wallet through the point-of-sale device. This option is incredibly secure, but can be a bit more complicated to set up.

    If you’re a contractor or small business looking to charge crypto for services, Binamite allows you to invoice clients in any ratio of crypto and fiat. This allows your clients to pay using their preferred payment method (credit card, cryptocurrencies, automated clearing house, among others), while you get paid in your preferred split of fiat and digital assets.

    How to accept crypto payments as a small business? 

    In addition to Bitcoin, there are a number of other popular cryptocurrencies that businesses can accept. The only differences are that businesses will need to use a different cryptocurrency wallet and they may need to pay attention to different exchange rates. However, if you’re using Binamite, the platform automatically converts all invoice payments into the desired ratio of fiat and crypto.

    Benefits of accepting crypto for your small business

    There are many advantages to accepting cryptocurrency as a form of payment for goods and services. These include:

    1. Lower transaction fees

    Cryptocurrency transactions have lower fees compared to traditional transactions. Small businesses that accept payments via credit card processing companies often incur fees per swipe at approximately 2% to 4% of the transaction total. 

    On the other hand, there are no fees for accepting cryptocurrencies, while customers only have to pay a small transaction fee that is often less than 1%. By accepting cryptocurrency, businesses can save on transaction costs and pass on the savings to their customers, making them more competitive and attracting more business.

    2. Merchant protection

    When a business accepts credit card payments, they are susceptible to chargebacks. This is where a customer disputes a charge on their credit card and the credit card company reverses the transaction. This can be costly for businesses, as they not only lose the sale but also have to pay a fee for the chargeback. Chargebacks are far less common with cryptocurrency payments since they are final and irreversible. Refunds can still be conducted, but only once approved and initiated by your business.

    3. Increased reach

    By accepting cryptocurrency, businesses can tap into a global market of users. Cryptocurrency is borderless and can be used by anyone with an Internet connection. This opens up new opportunities for businesses to sell their goods and services to a broader global audience.

    4. Attract new customers

    The cryptocurrency enthusiasts of today are early adopters of a new, growing technology. They’re tech-savvy, and often have higher than average disposable income. Since they are already invested in the ecosystem, crypto enthusiasts are always on the lookout for businesses that accept cryptocurrency, and by implementing this feature your business can attract new customers and tap into this growing market.

    Disadvantages of accepting crypto for your small business 

    While there are many advantages to accepting cryptocurrency, there are also some risks that businesses should be aware of. These include:

    1. Volatility

    The price of cryptocurrency is highly volatile which means it can fluctuate wildly in a short period of time. This can be a risk for businesses as they may not know how much a cryptocurrency is worth when they receive it. For example, if a customer pays for goods or services with cryptocurrency today but the price of the cryptocurrency drops tomorrow, the business may end up losing money on the transaction.

    However, there are still a few ways around this. Besides periodically trading your incoming crypto payments for stablecoins on an exchange, you can also use a service like Binamite, which lets you invoice clients in any ratio of BTC, ETH, USDC, and fiat currencies. 

    2. Technical expertise

    To accept cryptocurrency, businesses need to have someone on staff who is familiar with the technology. They will need to set up a digital wallet and understand how to store and secure the cryptocurrency. This can be a challenge for businesses that are not used to dealing with digital currencies. However, businesses and contractors using Binamite don’t face this problem, since the platform is extremely simple to use, abstracting away the complex and technical aspects of cryptocurrency payments.

    3. Regulatory uncertainty

    Cryptocurrency is still a relatively new technology and it is not yet regulated in many countries. This means that the legal landscape around cryptocurrency is constantly changing. This can be a risk for businesses as they may not be sure if their activities are legal or not. However, if you’re using Binamite, the platform’s free tier offers compliant hiring, payments, and invoice management, while providing more in-depth regulatory guidance to subscribers.

    Factors to consider while accepting cryptocurrency payments 

    There are many factors that businesses should consider before deciding whether to accept cryptocurrency or not. These include:

    1. The type of business

    Some businesses are more suited to accepting cryptocurrency than others. For example, businesses that deal with digital goods or services are often a good fit, while businesses dealing in physical goods can find it more difficult to accept cryptocurrency, since other entities the business relies on may not be comfortable dealing in digital assets.

    2. The location of the business

    Businesses that are located in countries with unstable economies may find it beneficial to accept cryptocurrency. Over the last decade, Bitcoin and other digital assets have proven themselves as sound long-term value stores, protecting both professionals working in terrible economic conditions, as well as unbanked individuals across the globe against inflation and the collapse of their local currency. 

    Businesses that are located in countries with stable economies may not find it as beneficial to accept cryptocurrency, but may find that many of its overseas clients aren’t as dismissive of its benefits.

    3. The needs of the customer

    Businesses should consider whether their customers would actually want to pay with cryptocurrency. If the answer is no, then there is no point in accepting it. Accepting cryptocurrency is only beneficial if it is convenient for customers and helps them make purchases more easily. 


    There are many advantages and disadvantages to accepting cryptocurrency. While the cryptocurrency landscape is yet to reach maturity, it definitely has the potential to grow. Businesses considering accepting cryptocurrencies will also have to weigh the risks and benefits of potentially expanding their customer base and increased complexity in payment processing and accounting methods. That said, as more consumers and firms begin using cryptocurrencies for transactions, it is unlikely that their use will fade in the coming years.

    How Binamite Can Help

    Binamite is a borderless payments platform that gives businesses the flexibility to pay their employees, contractors, and freelance workers using their preferred method, while ensuring recipients can split their pay between fiat and crypto in any ratio. If you’re looking for the most flexible, comprehensive, and convenient solution to paying and getting paid in digital assets, head over to Binamite and Sign Up for free!