{"id":15607,"date":"2023-01-05T13:31:40","date_gmt":"2023-01-05T13:31:40","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/accepting-crypto-payments-in-your-atlanta-business\/"},"modified":"2023-01-05T13:31:40","modified_gmt":"2023-01-05T13:31:40","slug":"accepting-crypto-payments-in-your-atlanta-business","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2023\/01\/accepting-crypto-payments-in-your-atlanta-business\/","title":{"rendered":"Accepting Crypto Payments in Your Atlanta Business"},"content":{"rendered":"
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First of all, congratulations on making it through 2022. Pat on the back for sticking with it through the very real ups and the challenging lows. Many of our Atlanta clients went through the wringer \u2026 others had their best year yet.<\/p>\n

From a personal standpoint, I think we\u2019re all pretty glad to see it in the rearview.<\/p>\n

Now, welcome to 2023. Anyone making bold predictions about what\u2019s coming down the pike is setting themselves up for a fall \u2026 but I think we can safely say that economic challenges will continue to bombard us. And tech changes will keep knocking on the window of our business ops. <\/p>\n

Especially when it comes to accepting payments.<\/p>\n

Cash is king \u2013 especially in 2023. However, in an increasingly digital age, when customers can tap their phones to the credit card reader, you better be ready to make room for all the other different formats that can eventually turn into those pleasing pieces of green paper. <\/p>\n

And now, digital payment options can include cryptocurrency. Certainly a volatile investment last year, and one that continues to face \u2026 challenges. But nonetheless, it is something not to be ignored. So today, I have some thoughts for you on accepting crypto as a form of payment.<\/p>\n

But before I start, let me just say, let\u2019s start the year by looking at your business goals\u2026 and seeing where you\u2019re at and what you\u2019ll need financially to achieve them. This is where my team and I will shine for you. Helping you read between the lines of your financial reports to see the story\u2026 and the opportunities on the road ahead for your business. <\/p>\n

So, let\u2019s talk accepting crypto\u2026 the what, the why, and the how to accommodate it in your Atlanta business \u2026<\/p>\n

Accepting Crypto Payments in Your Atlanta Business<\/strong><\/span>
\u201cCash for the soft goods, cash for the fancy goods\/Cash for the noggins and the piggins and the firkins.\u201d – Meredith Willson, The Music Man<\/i><\/span><\/p>\n

First businesses took checks, then charge cards and credit cards (manually entered), then electronic payments, third-party payments, and tap-and-pays. What about your next big payment option that, despite headline ups and downs, seems here to stay? Cryptocurrency. <\/span><\/p>\n

Is it time for your small business to start accepting crypto from customers? What\u2019s involved \u2013 and, more importantly, what would you gain by accepting crypto now? <\/strong><\/span><\/p>\n

Should you or shouldn\u2019t you?<\/strong><\/span><\/p>\n

Questions abound, but we do know that crypto is currency (age: about four decades) that exists only digitally, based on a technology that usually has no central issuing or regulating authority. Relying on a technology called blockchain, it uses a decentralized system to record transactions and manage issuing of new money. Types of crypto include bitcoin and Ethereum. <\/span><\/p>\n

Owners hold crypto in digital wallets that store the keys to decrypt currency and allow its use. To many, it\u2019s the future of currency. <\/span><\/p>\n

It\u2019s also the stuff enormous headlines are made of. FTX, a crypto exchange, recently went from being worth tens of billions of dollars to bankrupt in a week. Luna, a crypto token, went from about a buck to around 116 dollars before it crashed \u2013 only another example of a young and unregulated currency universe that\u2019s becoming famous for volatility. <\/span><\/p>\n

How could anything this unstable have a future? Why would a smart owner open the doors of their business to this? No doubt your first move toward accepting crypto is answering these questions to your satisfaction. <\/span><\/p>\n

All we can tell you now is that even in one of crypto\u2019s most turbulent years, bitcoin still leveled off at a price offering big returns. Mastercard, AT&T, and Paypal are the latest household names to bet on crypto\u2019s future \u2013 and the United States is one of the latest big governments to do so, calling for a process to recognize and regulate crypto in agencies from the Federal Reserve to the IRS. <\/strong><\/span><\/p>\n

Suppose you\u2019re not a conglomerate or a huge government? In a recent survey, about a third of small-business owners and top-level execs said their business currently takes cryptocurrencies, with bitcoin, bitcoin cash, and Ethereum among the most commonly accepted. <\/span><\/p>\n

Almost half of the owners and execs who don\u2019t accept cryptocurrencies don\u2019t plan to do so in the future \u2013 yet a quarter who don\u2019t take cryptocurrencies would like to but don\u2019t know how. <\/span><\/p>\n

The good and the bad<\/strong><\/span><\/p>\n

Accepting crypto, at least initially, likely won\u2019t change how your customers pay \u2013 your proportion of cash and plastic transactions will remain the same. Most shoppers who have crypto hold it as an asset, not as an actual currency; accepting it will probably be more a conversation starter with most customers at the beginning. <\/span><\/p>\n

Over time, crypto customers will appear, though, and you will have added flexibility to your payment options (almost always a good move if<\/i> you know the conditions and ramifications). Accepting crypto can become particularly effective if you sell large-ticket items and through a website. <\/span><\/p>\n

Other advantages: <\/span><\/p>\n