How To Invoice And Accept Cryptocurrency Payments
Cryptocurrency is creating waves amongst entrepreneurs who can use it to make transactions both within and across borders. Digital currency has become a sustainable financial tool, not just for freelancers but for small and large business owners as well.
This virtual cash, also known as cryptocurrency, is now one of the fast-supplanting payment methods taking over traditional currency. Here’s why and how to pay someone with cryptocurrency.
The Crypto Landscape
Although digital currency is a relatively new phenomenon in the world of payment and transactions, it’s been around for more than a decade as a billing solution for small businesses. Since then, the phenomenon has continued to grow and gain traction due to its reach within the blockchain network.
Cryptocurrency’s blockchain network structure has played a fundamental role in substantiating digital cash as a viable financial tool. Bitcoin, Litecoin, Bitcoin Cash (BCH), XRP, Ethereum, and other cryptocurrencies are getting extremely popular in terms of market capitalization. As it’s decentralized, users of virtual currency don’t have to contend with exclusive monetary and payment policies that serve a select group of beneficiaries.
In the cryptocurrency landscape, no single person has control over transaction policies. This means that transaction parties have complete freedom over the scheme of financing. Once payment is made in cryptocurrency, it can’t be blocked regardless of where it comes from.
The Advantages of Using Crypto For Freelancers And Small Businesses
Freelancers and small businesses that use digital cash are in a position to gain several related benefits.
Firstly, when compared with the standard merchant transaction fees, charges for transactions made in crypto (ranging from 0-1%) are practically negligible. Any need for bank verification over each transaction is automatically eliminated.
The second benefit derives from the first. Since there’s no involvement of institutionalized third-party monitoring, your crypto payments arrive a lot faster. The entire transaction process is significantly quicker when compared with traditional credit card transactions.
The most common problem that freelancers, entrepreneurs, and small businesses face in a cross-border transaction is finding a common payment platform. Virtual currency practically diminishes this hindrance for in-time payments.
When you receive or accept payments in cryptocurrency, both national restrictions and foreign transaction fees reduce considerably. For freelancers providing services from developing countries, digital currency is your next-gen solution for a hassle-free and cost-effective transaction.
Cross-border collaboration has recently increased due to the newly introduced feasibility in conducting foreign-based transactions. For this reason, the sooner freelancers and small-scale businesses turn to virtual currency, the better it’ll be for their business’ scalability and reach.
Invoicing and Accepting Crypto
Bitcoin is currently the most popular and widely used virtual currency in the global transaction market. Invoicing and accepting cash in cryptocurrency is a lot easier than you think. There are only a few steps involved.
To create a bitcoin invoice, you’ll first need to adopt a software invoicing tool if you haven’t already. Software invoicing is the next-gen digital alternative to traditional invoicing. It eliminates any need for paper-based accounting because of its synchronized cloud-based invoicing formula. With e-invoicing or billing software, small and large businesses can easily cut back unnecessary costs and reduce transaction periods.
Once your billing software is set up, you’ll want to create a Bitpay account and connect it with your invoicing software tool. Once your Bitpay account is connected to your billing software, you can start creating invoices.
Conclusion
The crypto landscape isn’t just expanding, it’s looking to take over the traditional global transaction market. A crypto invoice offers great incentives to freelancers and small businesses, especially those residing in developing countries. With digital currency, service providers can now conduct hassle-free businesses across the borders. Additionally, these businesses can receive payments without losing significant portions of the receivables in the process.
