Cryptocurrency is gaining momentum in Wales. More local shops, cafes, and small businesses are exploring the idea of accepting crypto payments. Doing so can attract tech-savvy customers, reduce card fees, and offer fast, secure transactions. But there are also questions to answer: which currencies should you take? How do you set up payments? What laws must you follow?
Decide Which Cryptocurrency to Accept
The first steps matter. You need a basic understanding of crypto wallets and payment tools. You might ask: Where should I store funds? Is there a reliable tool to test before adopting crypto? You may be researching the next crypto to explode best wallet token or Snorter token? Jumping in blind is never a good idea. Look at the use cases of each token. For instance, Snorter is an impressive telegram-based sniper token, while the Best Wallet token has very good APYs. Either way, doing the research is crucial.
Bitcoin is also the most popular, but it’s not the only option. Ethereum, Litecoin, and stablecoins like USDT (which stay close to $1 in value) are also common in business use. Some sellers accept only Bitcoin for simplicity. Others offer 2–3 options to give customers more choice.
Before choosing, research transaction fees and confirmation times. Bitcoin, for instance, can take up to 10 minutes per transaction, depending on network congestion, while stablecoins on faster blockchains can settle in seconds.
Know the legal Situation in Wales
In Wales, digital currencies aren’t legal tender. But under UK law, crypto is seen as property or an asset, not currency. That means you can accept it as payment, but you must follow the rules for business income and tax reporting. HMRC requires you to declare crypto gains, and local councils may want to see records during inspections or audits.
From 2020, crypto service providers must also comply with UK anti-money laundering (AML) regulations. Even small retailers need to know who they’re doing business with and keep logs of transactions; ignoring this could result in penalties.
Pick a Safe and Practical Wallet
Your wallet is where you store your crypto. There are hot wallets (connected to the internet) and cold wallets (kept offline). Hot wallets are more convenient for day-to-day transactions, but cold wallets are safer for large amounts of crypto. Businesses handling small payments can start with a mobile wallet and later move to a hardware wallet as their crypto earnings grow.
Use a Crypto Payment Provider
If you’re not comfortable managing crypto transactions manually, then consider working with a crypto payment provider. These services are designed to simplify the process of accepting digital currencies. They handle tasks like generating payment invoices, converting crypto into pounds if needed, and verifying when a payment is complete.
Some providers also offer additional tools like dashboards for tracking transactions, integrations with e-commerce websites, and even options for face-to-face payments using mobile apps or terminals. Many of them are beginner-friendly and offer customer support to help you get started.
Setup Online or In-Store Payments
For in-store sales, payment apps on phones or tablets work best. You simply display a QR code for the customer to scan and pay. Some payment processors also offer point-of-sale (POS) tools similar to credit card terminals.
If you sell online, most crypto processors offer easy integrations. Shopify, for instance, allows crypto as a payment method with just a few steps. Once set up, your customer will be able to choose “Pay with Bitcoin” just like they would “Pay with Visa.”
Train Staff and Provide Customer Support
Even if you’re ready to accept crypto, your staff might not be. Provide basic training on how to confirm payments, cancel transactions if needed, and explain crypto options to curious customers. It’s also smart to create a “Crypto FAQ” on your website or shop counter. Customers are more likely to use crypto if the process is easy and clear.
Handle Volatility the Smart Way
Crypto values can change fast. Some coins rise and fall 5 – 10% in a day. To manage this risk, many payment processors let you lock in a price at the moment of sale. That way, if you receive £10 worth of Bitcoin, you’ll get exactly £10 when it’s converted, no matter what happens to the price a few minutes later.
You should also keep good records that include the date, coin received, exchange rate at the time, and what was sold. This will make your tax reporting so much easier later.
Advertise That You Accept Crypto
Don’t be shy, let people know! Put up “Crypto Accepted Here” signs, add banners on your website, and promote it on social media. There are many crypto communities across Wales, especially in Cardiff and Swansea, that share businesses open to crypto use. This can also earn you media attention since crypto-friendly shops are still relatively rare in local areas.
Watch the Regulatory Environment
Laws and rules are still evolving. The UK is discussing changes that could give crypto more defined legal status. The Financial Conduct Authority (FCA) is also increasing pressure on firms to follow AML and advertising guidelines. Businesses should check for updates or subscribe to bulletins.