Crypto has come a long way in the past decade, and, despite the initial skepticism, we’re closer than ever before to using it in the same way as fiat currency. Crypto holders have been able to purchase goods and services for a while now, including games, airplane tickets, even groceries, but did you know that you can also pay your invoices with crypto?
The future is finally here. More and more vendors now accept crypto payments, and, in addition to that, you can use dedicated cryptocurrency invoice payment services. These allow you to pay invoices with crypto, even when the issuer of the invoice doesn’t normally accept them. This way, you no longer need to worry about who accepts bitcoin as payment. Such crypto to fiat payment gateways have gained a lot of popularity recently, and it’s not difficult to understand why: you can make B2B payments globally, faster than with any other conventional method, you have exclusive ownership of your money because there’s no financial institution acting as a middleman, and you can optimize your use of business assets.
And yet, not all cryptocurrency invoice payment systems are created equal. There are many options out there, but you need the best cryptocurrency payment gateway for your needs, and that means you need to look for some features.
Here are the things you need to consider when paying invoices with crypto via a payment gateway:
Here’s what you should keep in mind when choosing a cryptocurrency invoice payment service:
- Transaction limits
If you only want to pay the occasional small invoice with crypto, then transaction limits may not be a concern. However, if you want to pay all your invoices with crypto in the long run, or you have bigger amounts to pay, you should ask the payment provider how much you can pay per transaction/per 24 hours.
- Exchange rates
Each payment provider calculates their exchange rates using different criteria, and you don’t want to lose extra money because the exchange rate is too high.
- Additional fees
Does the service charge extra fees in addition to the exchange rate?
Some providers have a higher exchange rate because it already incorporates additional fees. Others have a great exchange rate, but then you might discover that they charge you a certain percentage of the transaction amount. Ultimately, how much you’re comfortable paying is up to you, but make sure you’re aware of the additional fees beforehand.
- Processing time
Timing is essential when paying invoices, and you don’t want to find out that, 48 hours after you made the payment, the issuer of the invoice still hasn’t received the money. Before settling for a crypto payment service, make sure the processing time is as short as possible: instant or a few hours maximum. The good news is that crypto payments go through much faster compared to conventional payment methods like wire transfers, so speed shouldn’t be a problem.
- Supported cryptocurrencies
Bitcoin is by a landslide the most popular cryptocurrency and the one used for most transactions. Statistically, if you want to pay your invoices with crypto, you’re more likely to use Bitcoin than anything else. However, that doesn’t mean that everyone has the same needs. Ideally, your payments provider should support other cryptocurrencies too. This way, you can take full advantage of the cryptocurrency boom, and you can pay for everything from one single gateway.
- Technical support
Any payment system should offer prompt customer support, and crypto is no exception. For example, if you get an error when trying to pay a vendor or the biller says that the payment never went through, someone from the payment service should help you as quickly as possible. Ideally, the payment provider should have a clear policy detailing what happens if the biller doesn’t receive their money. Otherwise, you could end up in a misunderstanding, and both your finances and your business’s reputation will be affected.
- The company’s reputation
Since you’ll be using the crypto gateway to pay invoices, the company’s reputation is extremely important. After all, they’re like business partners. Make sure you read lots of reviews and comparisons to check that they are indeed reliable, and don’t hesitate to get in touch with them first if you have any concerns. Things such as the security of the transactions and the thoroughness of the verification process are good indicators of the company’s reliability, and so is the user interface.
To sum up, when choosing a cryptocurrency invoice payment service, you should be just as meticulous as when you’re opening a bank account. Do you research, pay close attention to the fine print, and make sure they’ll pay your bills securely and on time.
Why crypto invoice payments could soon become mainstream
Crypto business adoption is one of the notable factors behind the rise of crypto invoice payments. Though skeptical at first, businesses have begun to understand that digital assets like Bitcoin have great potential, not just as investment vehicles but also for transactional purposes. According to a recent estimate, over 2,300 US businesses now accept Bitcoin, and their number is expected to grow even more in the future. What’s more, businesses are finding out that many clients and business partners want to engage more using crypto, and being able to pay invoices with crypto is a perfect example of that. Crypto is not only faster but also more transparent. It can help businesses have more control over their capital, access new demographic groups, and show that they are at the forefront of innovation.