With more than 3 million users worldwide and hundreds of thousands daily active users (DAU), the Klever Wallet is one of the safest, most accessible, and easiest crypto wallets available in the market.
It brings solutions to all daily transactions for crypto users such as buying crypto, swapping between them, accessing dapps, sending and receiving cryptocurrency from anyone in the world and more.
In this article, we will focus on the last one of the lists: receiving Bitcoin (other cryptos may also apply to that example). It can be a powerful tool to grow any business and to anyone who wishes to start off the year by receiving crypto as payment.
Why receive Bitcoin as payment?
Let’s say that you or your business already works with online payments and wishes to take a step even further to make an easier and technological approach to your sales.
Even though online payments are great allies to accessibility, it may not be the most lucrative option.
By accepting cryptocurrencies like Bitcoin, you’ll be able to avoid credit card charges and chargeback fees.
It’s one of the benefits of using BTC as a payment method.
However, we can list more reasons for you to consider this kind of payment:
1. It avoids high credit card and other fees
By accepting crypto, you can easily avoid processing fees that can go from around 3% to 3.5%. With crypto, this number lowers down to 1% depending on the payment tool the merchant is using.
2. Your business more global
One of the difficulties in purchasing products from outside of your own country is dealing with transactional fees.
With a cryptocurrency such as Bitcoin, you can accept international customers and make your business more global.
3. No Chargebacks
Usually, a merchant can pay up to a $25 fee in case of chargebacks. With Bitcoin payments, customers cannot charge back transactions.
What are the disadvantages of taking BTC as payment?
The disadvantages revolve around the knowledge and accessibility of the technology itself.
Decentralized payments, such as cryptocurrency, can take time for people to learn since other regular methods are more familiar.
However, receiving Bitcoin payments can start and increase that learning curve, especially if the advantages are highlighted to the companies and the users.
If the market is volatile, how to keep the prices?
As Bitcoin and all cryptocurrencies are under the waves of a volatile market, it is fair to consider how to keep your prices when the cryptos value might fluctuate.
To quickly convert the payment to stablecoins such as USDT or even to US dollars can be a good option to avoid huge surprises in the market.
Another option is to hold and invest the received crypto – if you’re willing to take the long shot, of course.
Legal process
After considering and deciding to accept crypto payments, make sure to know how your local government approaches the subject of cryptocurrencies.
Different taxes and legislation may apply to different countries or states.
“Short-term crypto gains on purchases held for less than a year are subject to the same tax rates you pay on all other income: 10% to 37% for the 2022-2023 tax filing season, depending on your federal income tax bracket”, says the Forbes article on ‘Cryptocurrency Tax Calculator 2022-2023’ about the tax policy for crypto in the US.
Forbes also clarifies that, in the US, the IRS taxes cryptocurrency like property and investments, not currency. “This means all transactions, from selling coins to using cryptos for purchases, are subject to the same tax treatment as other capital gains and losses”.
Europe, on the other hand, has different approaches according to the country.
“Portugal, for example, will apply a national crypto tax regime from the new year that slaps a 21 percent rate on corporations. Individuals who draw an income of up to €200,000 from the crypto market will only face an effective tax rate of 8 percent. That said, speculators who cash out any crypto gains made under a year face a tax of 28 percent”, says a POLITICO article.
As for the UK, cryptos held by individuals as an investment will be subject to capital gains tax between 10% and 20%. Anyone trading or making an income from crypto will be subject to income tax between 20% and 45%. Companies are subject to 19% corporation tax on their income and gains (source: POLITICO).
I want to receive Bitcoin payments. What should I do?
First of all, you need to have a wallet to receive those payments.
There are plenty in the market, but we recommend, of course, the Klever Wallet – safe, practical and supports +20 blockchains including Bitcoin, Ethereum and more.
Another highlight of the Klever Wallet is that it is completely non-custodial. It means that only you will have the keys and full custody to your crypto, making it safer and more hacker-proof.
So, download the Klever Wallet app by clicking here and learn how to configure your account here or with the video below.
Creating a new #crypto wallet is easy | Klever Insight
After the download and the setup of your account, follow these steps to receive Bitcoin payments (the example shows how to receive KLV, but the process for BTC is the same):
1. Click on the desired token from your Portfolio.
2. Switch to the desired Account.
3. Inside the Account page click on RECEIVE button.
4. In the next screen, you can:
– use the sending application to scan the QR code.
– copy the address to Clipboard, then paste the address inside the sending application.
Tip: if you want to receive BTC payments in your business, you can always have the QR Code printed or open in a device so customers can pay in an easier and faster way.
K5: the new and improved Klever Wallet app
The Klever Wallet supports the world’s top 20 blockchains, and in the new K5 version, it includes 500+ trading pairs in our Klever Swap, as well as an advanced Klever Browser that offers direct access to Dapps compatible with Ethereum, Tron, Binance Smart Chain, Polygon, Kusama blockchains, and more.
