All over the world, there are reports of cryptocurrencies potentially going mainstream. While these digital currencies may not make a huge impact on the US economy yet, they have been popular in other parts of the world for a while now. There are many reasons why small schools should take advantage of crypto payments.

If you run a small school, one of your first thoughts might be to accept Bitcoin as payment, but this isn’t the only option out there. In fact, there are other cryptocurrencies that you may want to add to your list of accepted forms of payment. Let’s take a look at some of the things you need to consider before you begin accepting cryptocurrency payments for your small school.

Cryptocurrency: Why Take Advantage of Crypto Payments?

There are a couple reasons why you should begin accepting cryptocurrency payments for your small school:

1. You might get a lot of people who want to pay with cryptocurrencies, so if you don’t offer a way for them to do it, they’ll go elsewhere.

2. There’s less overhead than other forms of payment. If you’re dealing directly with the customer, for example, there are no banks or middlemen to deal with.

3. There’s potential to save a lot of money on transaction fees associated with credit cards.

4. It’s an excellent way to attract new customers since cryptocurrencies aren’t widely accepted yet but are popular in other parts of the world.

5. Going along with the previous point, your school is likely to be seen as more innovative if you are one of the first small schools in your area to start accepting cryptocurrency payments.

Which Cryptocurrencies Should You Accept?

There are plenty of cryptocurrencies out there today, so which ones should you accept for payment? Here are some things you want to consider:

1. Make sure the cryptocurrency has a large market cap, or enough people using it that you’re likely to get payments.

2. Look into the transaction fees for cryptocurrencies and see which one has the lowest.

3. Find out if any of your customers have asked you to accept a specific cryptocurrency before so they can pay with it without any problems.

4. Find out if your customers are familiar with the cryptocurrency you accept. If they aren’t, you might want to avoid accepting it unless there is a large market cap or potential for growth .

5. Spend some time researching any specific taxes that are associated with cryptocurrencies before you begin accepting them as payments for your business’s products or services.

How to Start Accepting Cryptocurrency Payments

If you want to start accepting cryptocurrency payments for your small business, there are two main options available based on what type of business you have: 1. You can work directly with customers who might want to pay in cryptocurrencies or 2. Use a service that converts the crypto into fiat currency on your behalf.

Working with Customers

If you’re going to work directly with customers who want to pay in cryptocurrencies, you’ll need a way for them to get in touch with you or check out from your company’s website .

What kinds of cryptocurrencies should they use? You’ll have to figure this out based on what kind of cryptocurrency they have, if they know how to use it, and so on.

Working with a Service

If you want to avoid dealing directly with your customers for the time being or just don’t want to go through the hassle of checking out customers who are paying in cryptocurrencies, then you might be better off using a service that converts the crypto into fiat currency on your behalf. These services are sometimes referred to as “Cryptocurrency Service Providers”.

Which One Should You Use?

This all comes down to what specific cryptocurrency you want to accept, how much money you’re willing to risk in case it crashes, and so on. If you only have a small budget for accepting cryptocurrencies, then using a service is likely the best option. If you’re willing to take that risk , then you can work with customers directly and get payment that way.

There are a lot of benefits to accepting cryptocurrency payments for your business, but you’ll have to do some research first on what makes sense for your specific needs.

Cryptocurrency payments don’t have to be difficult to use either. Many services have taken the work out of it for your business. They convert the cryptocurrency to fiat currency on your behalf and then get you that money in a more convenient format, such as USD or GBP.

Cryptocurrency is becoming more popular every day, so take advantage of crypto payments while it’s still new could help you grow your small school grow faster. As long as you do your research first, you’ll be able to make the best decision about whether or not accepting crypto payments is right for you.

SchoolCues is an all-in-one school management system for small schools with limited budgets and resources. Our solutions include admissions and enrollment, online payments, student information system, gradebook, communications, parent engagement, donations and fundraising, alumni management and more. Schedule a demo with us today.