There are many reasons a small business owner, freelancer, or entrepreneur might consider accepting cryptocurrencies as payment.
One of the most noteworthy is the access to the more than 2.3 million people who used bitcoin as payment last year alone – that’s a growing pool of people who want to pay with a decentralized means of digital currency. Many have gravitated to cryptocurrencies as some believe they have proven to have clearer policies compared to traditional banks, less hidden fees, and more security against chargebacks.
More importantly than why though (especially in determining if its worth it to you and your business) is how you can start accepting bitcoin and other cryptocurrencies for your product or service.
Just like PayPal or credit card payments, you’ll need to first integrate a crypto payment processor wherever you plan to accept payment. This can be from your phone, your Shopify website, or your independently designed website. When deciding on which processor (and there are plenty to choose from), it’s important first understand the two types of cryptocurrency services available to you.
Custodial Wallets – These kind of wallets work like a bank do, in that they serve as a third party entity in control of your assets. Custodial services store your private keys, which is the secret alphanumeric code paid with your public keys. When you receive your crypto payments, they go into a wallet, where you request your money by withdrawal. These are popular for freelancers who are interested in converting cryptocurrency to traditional currency. Another advantage for this kind of wallet is you can contact your custodian’s customer service for access to your account if you’ve lost your password. The major disadvantages are that you don’t have complete control of your funds; so your wallet can be frozen by the custodian in case of maintenance, or stolen by hackers if they get into the processor.
Non-Custodial Wallets – These wallets can exist on paper, desktop, hardware, or mobile and are called cold wallets. No matter where it is stored, it is defined as an offline wallet provided for storing bitcoins. Your information is usually stored on a platform not connected to the internet, offering an added level of protection against cyber hacks and other vulnerabilities that a system connected to the internet is vulnerable to. If you don’t already have one of these cold wallets, you’ll need to establish one for a non-custodial processor. These kind of processors do not store or protect your private keys’ information, which allows the user complete control over their coin which can be important to you if you are accepting large amounts of money you want to keep safe, or you want to keep certain information very private. If you lose your private keys though, you lose your coin also since there’s no one to call and retrieve, like with custodial processors.
Once you understand the type of processor is best suited for your business, it’s easier to research and find processors that do exactly what you are looking for. Like I mentioned before, there are lots of different processors to choose from, but we’re going to go over a few custodial and non custodial processors to help inspire you in which direction to go
Bitcharge: Bitcharge has the easiest instructions and interface on this entire list; so if simplicity is what you are after, start here. Instead of web integration, lengthy APIs or email invoices, all you need to start accepting cyrpto payments is a unique link they create for you. Once you have the link, you can give it to your clients however you choose, just like sending your Cash App or Venmo name. Another unique feature at Bitcharge is that they don’t require you to create new wallets for your cyrpto payments – all you have to do is add the address of your existing wallets to receive payment there. Bithcharge accepts Bitcoin, Etherum, and Litecoin, but are planning to add more to their portfolio. There are no transaction fees listed on the Bitcharge website.
Coingate: This payment processor is popular for accepting Altcoin (coins other than Bitcoin) payments, and currently accept over 40. This processor allows freelancers or entrepreneurs to accept payments in-store using an Android, iOS device, or other internet enabled devices. It’s also available as a plug-in so it can be easily integrated into your existing online store. There is a 1% transaction fee to use Coingate, with no additional monthly, registration, or support fees.
Cryptopay: Cyrptopay is a crypto payment processor that provides a guaranteed exchange rate, and also charges a flat 1% transaction fee. With this processor, freelancers can accept Bitcoin, Litecoin, Etherum, or Ripple. This cryptocurrency settles payments daily and provides funds straight to your bank account
Bitpay: Bitpay serves merchants in over six continents and is currently integrated with several different ecommerce solutions, including Shopify. Freelancers can also accept payment from automatically generated email invoices, or in person with a smartphone or tablet. They charge a 1% transaction Fee, with no hidden fees. The only cryptocurrency they accept is Bitcoin for now.
Coinbase Commerce: Coinbase is one of the world’s biggest payment processes and is also integrated with a variety of ecommerce solutions including Shopify and WooCommerce. With this processor, you are able to instantly convert it into fiat (traditional currency) to avoid price volatility. Users with this processor are able to accept Bitcoin Ethereum, Litecoin, or Bitcoin Cash. There is no transaction fee to accept cryptocurrency with Coinbase Commerce.
GoCoin: Go Coin is another popular gateway accepting payments in Bitcoin, Bitcoin Cash, Etherum, Litecoin, Dash, and EOS. It can also be integrated into popular commerce platforms like WooCommerce. Although there is no cost to sign-up for an account with GoCoin, there is a flat 1% transaction fee for each payment you accept. The most unique factor about this processor is the one-on-one help offered for experienced and inexperienced merchants. They also help with integrating the processor, customer invoicing, and payment support.
These are newer on the market so there aren’t as many non custodial options, but here are the two options:
BTCPay: This processor is a non custodial, open sourced, and self-hosted payment processor designed for the technologically and cryptocurrency inclined. This particular processor allows the merchant to be in full control with no fees, or third party control like with the aforementioned processors. Payments go directly into their cold wallet, not the processor’s wallet. There are currently no fees to use BTCPay.
Atomic Pay: Atomic Pay is a global, non-custodial cryptocurrency payment processor. They eliminate the involvement of a third party processor by allowing you to accept payments “within seconds.” Unlike the aforementioned services, Atomic Pay does not store or withhold any of your information, so you’ll need to have a cold wallet setup. Atomic Pay also boasts an API Interface that allows developers and business to integrate with their “back end systems, websites, games, mobile applications, and point of sales systems.” The processing fees are 0.9% per transaction for the personal package, 0.8% for businesses, and 0.7% for their Enterprise package.
Digital currencies continue to expand globally and offers a variety of benefits to small business owners, freelancers, and entrepreneurs. No matter where your potential client is located, international or domestic, both payments are handled the same, without any clearance necessary; unlike a wire transfer payment from an international client that could take up to a week or more. Not to mention the fees are less than credit card payment fees…
Despite all these perks, I am still not a certified accountant, and am merely suggesting you take a look at your business needs and see if those more than 2.3 million potential clients can be of use to you.
Does Apple Card discriminate against women? Maybe…
(FINANCE) Is Apple kneecapping ladies in need of credit? Here’s what their response was… AND what it should have been.
There hasn’t been this much side-eyeing of how an Apple treats men vs women since Genesis.
Buzz from the 12 remaining bees is the shiny new credit cards devised by Apple and Goldman Sachs are offering men up to twenty times the amount of credit as women, even when a lady’s credit score is better.
And here I thought passing up the chance to call it the ‘iOwe’ was going to be the worst of it.
I don’t have to tell y’all that reminding everyone of the days before 1974’s Equal Credit Act, when us skirts, dames, broads, and the like had to have a ring on it and hubby’s permission to open a line of credit is a bad look.
Here’s where it gets worse, though.
When a few gentlemen, Apple co-founder Steve Wozniak included, launched a ‘What the dealio’ Apple’s way, the answer was: ‘Algorithms. Go fig.’ The solution implemented has been isolated credit increases for anyone who was either a big enough name to get them bad press, or complained through the help center.
‘Well, April, you fabulous creature,’ you might be saying. ‘How ever is this a problem, when a solution to subvert the issue exists?’
It’s a big enough issue that the New York Department of Financial Services is getting involved, actually! But yours truly isn’t a lawyer. Instead of breaking down any actual laws, let’s go through a few cardinal rules of business ownership to see what went wrong here from an entrepreneur perspective.
Rule 1: Thou must own thine s**t.
Now that everyone and their prepper uncles know what algorithms are (kinda), the word gets tossed around like a catch-all for tech-based blame even harder than Mercury Retrogrades. The difference here is that the planets’ movements are out of our hands.
Algorithms don’t spring forth from an application fully formed; they’re handcrafted, upgraded, and maintained by paid, human coders. And considering the two big players behind Apple Credit, and the talent they can procure, this fobbing off the blame onto ‘those wacky algorithms’ reeeeeally doesn’t cut it. And people know that. So…
Rule 2: Thou shalt remember always thine customer is smart.
Consumer savviness is on the rise, and it’s not slowing down. For some reason though, too many businesses think that Mary-Jo Mae off the turnip truck doesn’t have access to the same 5 free Medium articles a month that they do.
You can’t fob people off with ‘Eh, technology’ anymore — even at the level of first line tech support. Everyone expects an answer as well as your accountability, and if you didn’t take the steps to build your better mousetrap the first time, you need to have a press release with an apology and an actual fix in hand post-haste!
Rule 3 : Thou shalt never make the customer take extra steps to correct thine mistakes.
Let’s say you’re at a nice restaurant, like dollops of house-prepared sauce on the plate instead of a cup of ranch kind of nice.
You’re having a great evening, until the waiter drops a bowl of soup on your table, and it gets EVERYWHERE. Management comes over while you’re brushing bisque out of your eyebrows and says ‘I’m SO sorry… the kitchen is down the hall to your left, go grab as many towels as you need, the buckets are in the red cabinet’
You heard that record-scratch sound effect in your head just thinking about it, didn’t you? That’s because, even when there’s an understanding that a solution is fairly simple, when it’s not your eff-up, you expect the people at fault to fix it.
Any institution that can give you a credit approval in seconds has enough power to update unfair decisions in real time. But prompting them to do so shouldn’t be the customer’s duty.
Remember how irritated we all were when Equifax leaked our data? Then, instead of mailing us all a check (which they could), we all had to rely on news outlets to tell us where to go to claim our piece of the settlement (I’ll take my $1.25 where I can get it), and then had to do so again with the implication that we might have been lying if we chose the money over the free credit monitoring the first time? I remember.
What’s going on now has one major difference from the hypothetical and the real-world happening I just presented though. Apple Credit did not have these people’s money yet.
And if anyone offended by this were to pull an En Vogue, they’re “never gonna get it!”
Sometimes launches don’t go perfectly. There are times when campaigns, or software, or hard tech have issues that give off the appearance of systemic malice, even if there’s none behind it. But the fact remains that when there’s a problem, top execs need to come out and speak against it before anyone can start attributing a mistake to intentional discrimination.
Keep your head, beta test everything with as wide and diverse a pool of users as you possibly can, let your firstline staff approach you with trends they’ve noticed, and remain open to telling consumers you made a whoopsie, so you won’t have to scramble later in the game!
Millennial women share about how they spend (and save) money
(ENTREPRENEUR) A group of millennial women were surveyed about how they save their money. These are their stories…
This year, I turned 24, and while I know this isn’t old, I never thought I’d be this old. With this in mind, I’ve been asking all of my friends and family members the same question: “If you could give any piece of advice to your 24 year-old self, what would it be?”
While I’ve been getting varied and interesting pieces of advice, the one I need to focus on more is working on saving more money. This can be tricky, especially when you first start making money, so it helps to hear how others do this.
Recently, Bustle surveyed over 1,000 millennial women, in their 20s and 30s, and they shared how they save money. Their incomes ranged anywhere from $30k to $150k. Included below are some of the individual responses that include innovative ideas that anyone at any age could potentially implement.
1. Samantha, 30: Uses a budget for her finances. Rather than enjoying instant gratification, Samantha makes a wish list of things and experiences she wants to save money for. Then if she accomplishes a goal, she treats herself to something on the list.
2. Ronnika, 33: Instead of continuing a habit of meeting friends for drinks every week, Ronnika has found it is more fiscally responsible to invite friends over. Also, She takes any extra money from her paychecks and puts it in a checking account that is not locally accessible.
3. Michelle, 24: To save on entertainment, Michelle has opted for only using WiFi rather than getting cable. Additionally, she keeps her thermostat set at 62-64 degrees and uses layers and space heaters to save on costs. She also encourages packing a lunch everyday, as that is a big saver.
4. Kelly, 24: Kelly attributes her money saving to living with her parents. She also suggests an app called Qapital: “You can set your own rules for how you want to compile your savings — for example, I have a ‘Round-Up Rule,’ which rounds up every purchase to the nearest dollar and puts that change into savings, as well as a ‘Set and Forget Rule,’ which just automatically takes out a pre-selected amount. For me it’s $10/weekly.”
5. Libby, 24: Libby only uses her credit card for necessary expenses (such as payments for her car) and puts anything else on debit. With her credit card, she makes sure she pays off the balance in full each month so that she does not fall into debt.
6. Savannah, 25: Savannah keeps a peaceful mind savings to fall back on in case of emergencies. “I’ve found having a savings account balance equivalent to two months of my salary is a good cushion.”
7. Alexandra, 26: Alexandra keeps an Excel spreadsheet that tracks all of the money she has coming in as well as what is going out. She helps herself save by setting goals of what she wants to save and by when.
8. Lyn, 29: Lyn saves her money by looking at it as a way of paying herself first. She puts a large portion of her paycheck into her 401k and puts the maximum amount of her paycheck into her Roth IRA each year. She will then spend liberally on the things that are important to her, and harshly cut anything that she deems frivolous or won’t make her happy.
9. Marissa, 26: Marissa budgets her money and attempts the tactic of cooking for herself as much as possible. She has found that one meal out is equivalent to five meals at home.
10. Danielle, 23: Danielle saves by setting up two automatic transfers from her paycheck to budgeted savings. “So it’s like I don’t even notice the money is there. One transfer goes to ‘future me’ in the form of RRSPs or other investments, and one transfer goes to ‘fun times,’ like trips abroad.”
You got an LLC and you’re ready to hire – 3 things lenders look for
(FINANCE NEWS) Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information about lenders.
If you are reading this, you probably have an LLC for your small business already, or money talk gets you going. If it is the former, let me say CONGRATULATIONS, and insist you pat yourself on the back in honor of your small business’s progression. Your arrival at a point where expansion is necessary is no small feat given half of small businesses fail in the first year. So, kudos to you.
Now, back to the money talk…
For LLC businesses looking to expand, please don’t fret about all of the information you’ve seen on the web. Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information.
After some extensive research posing as the owner of imaginary businesses and annoying every loan officer who’d take my call, I’ve found three general lending requirements. I also provide a collection of the tangible information banks will likely review to meet those requirements. Take a gander:
Small businesses must have necessary assets: steady cash flow, financial reserves, personal collateral to support a variety of business fluctuations (i.e. unexpected employee loss), and a realistic pay off plan. These assets and financial safety nets are necessary for any lending organization to be confident in your business’s ability to support employee expansion in lieu of current expenses.
Proof of past
Just as you will come to expect from your soon to be employees, lenders want proof of the past and how you’ve managed past loans to align with your business goals. Historical evidence will further determine if your expansion is feasible, but also if it is worthy for the company to accept the lending risk.
Finally, be prepared to provide your small business’s explicit expansion plan, including how you arrived at your suggested loan amount and how you intend to divvy out the funds. It is important that you are as specific as possible in your projected numbers, seeing as one employee could make a $60,000 difference, and largely affect your expansion plan and financial need.
Before you go…
Now that you’re equipped with the magic three, you’re probably feeling empowered to walk into your nearest bank and demand your small business loan. Let’s first be sure you have all of the necessary information on-hand and ready to produce.
Lending companies that look for the magic three before investing arrive at their conclusion after collecting data from the following pertinent information:
– Proof of collateral
– Business plan and expansion plan
– Financial details
– Current and past loan info
– Debts incurred
– Bank statements
– Tax ID
– Contact info
– Accounts receivable information
– Sales and payment history
– Accounts payable information
– Credit references
– Financial statements
– Balance sheet
– Profit and loss history
– Copies of past tax returns
– Social Security Numbers
– Assets and liabilities details
Now, my friend, do I release you as proud as a parent unto your nearest bank to secure your small business loan and begin growing your staff the way you’ve dreamed. I’m confident you will find the aforementioned information helpful in said quest, and would like to wish one last time (because it’s impossible to over-congratulate) a sincere CONGRATULATIONS on your businesses growth.
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