Cryptocurrencies have become a fun, exciting way to build wealth. A growing number of businesses have begun to accept these currencies, like NewYorkCoin and Bitcoin, as a way to embrace this emerging trend.
If you’re thinking about joining the altcoins community, then you’ll need to setup a payment processor which accepts NY Coin and Bitcoin (or your preferred cryptocurrency). When a sale is made, then the transaction is calculated into the cryptocurrency of choice, based on the sales amount at your location.
Then you receive payment in a manner that is similar to how credit card processors work. The only difference is that many payment processors for altcoins offer the option to be paid in different currencies, including cryptocurrencies.
What Do I Need to Do to Get Started?
What you need is an app, an e-commerce plugin, a payment API, payment buttons, or your own cryptocurrency wallet to begin accepting NY Coin or Bitcoin.
Bitcoin is a currency which is accepted by virtually every payment processor. Accepting NYC as payment is a little trickier. The best way to accept NewYorkCoin is through a direct transaction. Because NY Coin is 20x faster than Bitcoin, however, the transactions typically occur in 30 seconds or less – and with fewer fees.
Then make sure you receive your free business listing which indicates you now accept NY Coin at your exclusive place of businesses. We can help with the setup instructions for your cryptocurrency wallet if you prefer.
The Next Steps to Expect When Accepting Cryptocurrencies
One of the biggest challenges that business owners face when accepting any cryptocurrency is to handle the current exchange rate. If an item or service is $10, then you know a $10 bill or charge will cover that cost.
Cryptocurrencies are a little different because they trade in real-time, much like government-backed currencies, such as the dollar, pound, or euro.
For the transaction to be fair, the current conversion rate must be used.
If you accept a transaction in Bitcoin for that $10 item, the total cost in Bitcoin would be 0.0011 at the time of writing this (4-22-18). For a NewYorkCoin transaction, the total cost in NY Coin would be 11,202.03 NYC.
That is a very large difference in transaction requirements. It is for that reason many business owners choose an app, API, or plugin that does the work for them. The third-party calculates the conversion rate in real-time, spits out a price for the customer to pay, then you receive a payment less a processing fee.
You can eliminate the third-party processing fees by making the calculations on your own. The process is remarkably simple, especially if you have a data connection in your store. Give the customer your wallet address, have them transfer the funds, then wait for the confirmation.
It really can be that easy to accept cryptocurrencies like NewYorkCoin and Bitcoin at your place of business. In doing so, you’ll be creating even more opportunities to extend your brand.
Updated June 12, 2018 – New Merchants wanting to accept New York Coin, please use our New York Coin Merchant Onboarding Form.