The digital world is transforming at incredible speeds, and new inventions make headlines that puzzle the wider public. The most significant breakthroughs include online transactions, new payment methods, and virtual money. And to keep up with the changes, merchants feel the urge to stay updated and adopt advanced solutions. 

If you wonder how to incorporate novelties in your business, the best approach would be to consider the latest buzzes. In other words, think cryptocurrency. Since the UK has one of the highest acceptance rates, taking crypto is a wise step to improve your bottom line.

Now, probably multiple questions about crypto payments start forming in your head. What are crypto transactions, and how do you get paid? Who can take cryptocurrencies, and what are the benefits? Keep reading to learn more about crypto payments in the UK.  

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What Are Crypto Payments?

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Evident from the name, crypto payments refer to transactions involving cryptocurrencies. Though similar to bank or credit card payments, digital ones receive different treatment. In short, the former methods use fiat currencies like pounds and euros, and merchants have to pay transaction fees to get paid.

So, how do we define crypto payments in the UK? Products and services paid for with Bitcoin, Ethereum, and other digital assets comprise cryptocurrency payments. The value gets determined by the cryptocurrency’s fair market value when the client performs the purchase.

However, fees incurred by crypto-based transfers differ from those of fiat-based ones. Sometimes, charges may get avoided altogether, and transactions can go through faster than standard bank two-day timeframes. Undoubtedly, retailers who accept crypto for their goods and services open themselves to a broader clientele.

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What Do Crypto Payments Involve?

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Accepting assets like Bitcoin, Ethereum, or Litecoin isn’t complicated. The process involves a few simple steps to get the crypto transaction completed.

1. At checkout, customers choose to pay with the preferred cryptocurrency.
2. The payment processor generates a QR code. 
3. Customers scan the code and pay.
4. The retailer gets notified that the transaction went through.
5. The processor converts crypto assets into pounds and deposits those to the retailer’s bank account.

Crypto payments in the UK are not a survival tactic only. Adopting new trends means small businesses become more efficient. To help out, payment getaways like GoCrypto facilitate seamless and secure crypto payments worldwide. On top of working with a fast-growing crypto payment network, merchants run zero volatility risks.

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Who Accepts Crypto Payments?

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As the interest in cryptocurrency trade grows, so does the use of Bitcoin and other digital assets as payment means. So far, corporate giants like Microsoft, Wikipedia, and AT&T have taken the Bitcoin train to a more decentralised financial future. Using specialised platforms and apps, they are already reaping the benefits. Here are some companies that accept crypto payments in the UK.

Overstock

As the first company ever to accept Bitcoin payments, Overstock is a pioneer in the crypto movement. It invested in Bitcoin long before transforming into a predominant e-commerce platform, thanks to Covid-19. From a furniture store, it practically became a cryptocurrency company.

PayPal

As a platform that crossed new frontiers with digital transfers, PayPal started accepting Bitcoin in 2014. Today, UK citizens can buy, sell and hold cryptocurrencies with PayPal. The downside of the platform is that money can’t get transferred out of the digital wallet. Also, you can’t make payments without selling crypto for traditional currencies.

Microsoft

Bitcoin was far from popular in 2014 when Microsoft adopted it for buying apps, games, videos, and other services. Today, users can top up their Microsoft accounts to purchase from Windows, Windows Phone, and Xbox.

Popular Retailers

Accepting the challenge in March 2020, Starbucks allows customers to add Bitcoin to their native app and pay for coffee. Thanks to the partnership with a digital-wallet provider, clients can easily convert Bitcoin. 

Whole Foods, the Amazon-owned chain of grocery stores, has also embraced crypto-based payments. Even NewEgg, an online retailer that sells computer hardware and electronics, takes Bitcoin.

Twitch

The global video streaming platform Twitch accepts Bitcoin and Bitcoin Cash as payments. Though the company removed this option in 2018, its re-entry was more impactful and accompanied by discounts for crypto-paying users. 

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Why Are Crypto Payments In The UK On The Rise?

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As the world becomes heavily digitalised, you have no other alternative than to follow the trend. Here are the perks of accepting crypto payments in your business:

• International transactions are seamless. Merchants can get paid from any location, via multiple devices, and with zero foreign-exchange fees. Moreover, traditional wait times get reduced to the minimum, and your global reach widens. 
• Boosted security attracts new clients. Blockchains are highly secure, and nobody can tamper with the funds stored in wallets. Due to the decentralised nature of cryptocurrencies, retailers can circumvent banks. They deal with the buyer exclusively.
• Fraud prevention feature. With crypto-based payments, there are no more customer disputes or chargebacks. When the transaction hits the blockchain, reversing or stopping it becomes impossible. Merchants can finally take a break from chargeback fees that eat into their hard-earned cash.
• Gain a competitive edge. An ever-growing number of people own Bitcoin, and figures are even higher among the youth generations. Merchants can respond to the rising demand by being among the first to take crypto payments.

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Elly Is Helping The UK Crypto Adoption

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Elly POS is a unique solution that helps the retail sector to accept cryptocurrency payments. Moreover, we take pride in terminals with multiple features ideal for newbies and experienced business owners. Thanks to our state-of-the-art approach to technological advancements in digital payments, you can upscale operations quickly.

Elly POS terminals are all-encompassing devices that take fiat and crypto payments in the UK. Whether you charge clients in-store, at their homes, or in the field, we stand for flexibility, efficiency, and fast turnaround times. Due to the convenient cloud-based management system, you can keep track of all transactions in real-time and integrate your accounting software.