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A Quick-Start Guide to Paying and Accepting in Cryptocurrency

Written by Contributor, on 12th Mar 2021. Posted in General

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Are you interested in learning how to send and receive payments in cryptocurrencies? Find out everything that you need to know from this post. Since bitcoin is the most dominant cryptocurrency, we will be using it in this article.

Paying in Cryptocurrency

Choose A Reliable Wallet

The first step to making payment in or receiving a cryptocurrency is by creating a wallet to receive the fund. This is more like your bank account, except that it is almost instant to open. There are a lot of reliable bitcoin wallets available that are available for free on various app stores.

You will find both mobile and desktop wallets on the internet where you can safely store your cryptos without any reason to fear. It is, however, important that you keep your wallet password safe. Visit Tezro blog for more extensive information about creating a wallet.

Buy Bitcoin

Once your wallet is set, you will need to acquire some bitcoin to safely store in it. Acquiring bitcoin is easy when you make use of a crypto exchange service. Be sure to find out the current price at which bitcoin is selling and buy at a good price.

You can purchase bitcoin directly via bank transfer to the exchanger or simply use a credit card. Copy your wallet address from your bitcoin wallet and ask the exchanger to send your coin there.

Paying with Bitcoin

To make payment in bitcoin, be certain that the merchant accepts Bitcoin as a means of payment. Once you can ascertain that, you can copy the wallet address of the merchant to make payment.

Click on the Send option on your wallet and input the wallet address, coupled with relevant information such as the payment amount and send. Double-check that the details you supplied are correct before clicking on send. Typically, the transaction will be verified in a few minutes.

Receiving Payment in Bitcoin

If you wish to receive payment in bitcoin or any other form of cryptocurrency, give your wallet address to your sender, and it will be in your wallet in a few minutes. Be sure that you are giving the wallet address of the same coin; for example, you cannot receive bitcoin in an ether wallet.

Create a Merchant Wallet

Setting up a merchant wallet account is quite easy, and some allow you to convert the crypto to your local currency directly.

Some merchants only accept bitcoin, while some accept other top cryptocurrencies such as Ethereum and Bitcoin. Be sure of the type of currency your payment merchant accepts before asking your client to send the coin there.

Integrate the Crypto to Your POS

After opening a merchant account, you can now integrate the payment method into your POS system and customers can make payment by scanning your QR code. 

Submitting invoices as a Means of Receiving Payment

The process for sending invoice for crypto payment is just like any other regular invoice, only that this time you have to specify the crypto payment address. Simply note the dollar amount and the equivalent of it in cryptocurrency will be sent to you.

Photo by Alesia Kozik from Pexels

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