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More and more businesses are expanding their payment options to include cryptocurrency; however, the complexity and regulatory uncertainty surrounding crypto presents a difficult value proposition. This article highlights potential benefits and risks of accepting cryptocurrencies in your business.

Without diving into the entire anthology of cryptocurrency, one thing to note while reading this article is that intermediaries are seen as extraneous appendages to a legacy payment system, and their value is often questioned. The intent of reducing dependance on these intermediaries is to reduce friction, fees and barriers to entry for market participants. This is where cryptocurrency payments play a role.

Whether you're a local family business or a multinational corporation, crypto payments offer several advantages.

Businesses can choose to accept cryptocurrencies directly into a wallet maintained by the business or outsource responsibility to a third-party crypto payment processor. While the latter option might reduce some of the benefits listed above, it can also mitigate potential risks that we discuss in the next section. Crypto payment processors typically charge lower fees than credit card processors.

Accepting crypto not only adds a layer of complexity to a business's transactions, but also presents the following risks:

While accepting crypto payments is in no way a new concept, increased consumer interest in cryptocurrency has prompted businesses to consider expanding their payment options. As in any business decision, potential risks should be considered and weighed against any benefits. Once the decision has been made to accept cryptocurrency, carefully consider the design, third-party options, and implementation of your crypto payment system before moving forward.

1Average Cost of Credit Card Processing Fees | Bankrate 2Microsoft Word - TEI MCCS BitPay FINAL 071320.docx (blockchainmerchantsassociation.com)

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Walter Zinenko is a Manager in the Audit and Assurance Group. He has experience in SEC reporting, SOX compliance, revenue recognition, equity-based compensation, and international operations.

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