With the advent of cryptocurrency in the past decade, there are more options to pay for services and products than ever. For example, did you know your clients can pay you with crytocurrency payments via PayPal? PayPal allows its users with personal PayPal accounts to use cryptocurrency for payments during checkout, while you get paid in USD.
That’s right! You can provide your clients the option to use their crypto and you’ll receive payment in dollars. You can do this through your website by using PayPal as your online merchant.
How it works
- PayPal clients in the U.S. can pay at checkout with cryptocurrency in their accounts (it converts to USD for you).
- Only supported in the U.S. at this time.
- PayPal wallet supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
- PayPal doesn’t charge a fee for holding cryptocurrencies, but it does charge a small transaction fee when you buy or sell crypto (learn about their fee)
Best yet, you don’t have to do anything to accept this payment type, but if you have clients that are interested in paying using crypto, there are a few steps for them to send you payment.
What your client must do to enable crypto payments
There are requirements that your clients must meet before being able to use crypto to pay. If a customer wants to pay you with a cryptocurrency they must do the following:
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Must have a personal PayPal account in the U.S.
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Must use the PayPal App/Digital Wallet
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Must provide PayPal with a W-9 tax form
Once they have set up crypto in their PayPal account, if you are using PayPal as a merchant in any of PhotoBiz’s ecommerce tools, they can choose to pay with their crypto when they checkout. They will follow prompts to log in to their PayPal account to access their Digital Wallet assets and can convert their crypto to make a payment.
Other notes
Crypto is only available as a payment option if the individual has enough crypto in their account to pay in full (they can’t pay part in crypto and part with another method of payment).
PayPal will convert the crypto amount from the individual’s account into USD, the individual will play a small transaction fee and the business receiving the funds will incur no additional fees.*
(*PayPal Balance account required. When you buy or sell cryptocurrency, including when you check out with crypto, PayPal will disclose an exchange rate and any fees the payer will be charged for that transaction. The exchange rate includes a spread that PayPal earns on each purchase and sale.)
Read more about PayPal fees:
https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc?locale.x=en_US#fees-pricing
Cryptocurrencies cannot be mixed with others when making a purchase.
PayPal’s fraud, return, and shipping protection applies to payments using crypto.
We’re excited about these new ways to get paid. Consider taking advantage of this option when setting up an ecommerce merchant for your online store, proofing events, form payments, scheduler appointments, and invoices.
If you have any questions, contact our support team at 866.463.7620 or log into your account to start a live chat, we’ll be happy to assist you.
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