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Accept Payments In Crypto In 3 Easy Steps

Cryptocurrency has been on the rise in recent years, growing from a niche investment opportunity to a widespread topic of conversation, which may lead many business owners to consider how to accept payments in crypto. While there are some risks to the process that must be managed for cryptocurrency to be a viable business asset, there are many benefits to the process that could help a business thrive. Staying on the cutting edge of technology can help a business grow in profitability and take advantage of new advances in technology.

However, there are also legal implications of accepting payments in crypto. New legislation is constantly being developed that shapes how the United States interacts with crypto, and understanding how these laws could impact your business can help avoid pitfalls and tax complications. Businesspeople considering taking cryptocurrency as payment would do well to consider the legal aspect of cryptocurrency before implementing large-scale changes. However, with skilled legal guidance, cryptocurrency can become a powerful asset for your business. 

Schedule an initial consultation with an experienced New York business lawyer from Schwab & Gasparini to learn more about how to optimize your business for crypto. Call the Syracuse Office at (315) 422-1333, the Albany Office at (518) 591-4664, the White Plains Office at (914) 304-4353, or the Hudson Valley Office at (914) 304-4353 to learn more about legal options. 

Cryptocurrency and Business in New York

While cryptocurrency originally began as an investment opportunity, its applications and uses have grown far beyond that. Accepting payments in crypto is growing in popularity, even to the point of the New York State Senate proposing a bill for government offices to accept payments in crypto. This widespread growth and new acceptance of crypto have led many business owners to consider whether they should offer options to accept payments in crypto as well. 

However, before integrating cryptocurrency into a business, it is important to evaluate the pros and cons of implementing crypto as a payment option. According to the Internal Revenue Service, cryptocurrency is considered a digital asset, similar to NFTs and other digital property. As a digital asset, crypto can be bought, sold, traded, or transferred similarly to standard currency. This opens up new opportunities for businesses to accept payments in crypto, which may allow for a more seamless and private online transaction. 

How to Accept Payments in Crypto

This leads many business owners to wonder how they could implement these new technologies and leverage them for the benefit of their business. Accepting payments in crypto allows businesses greater flexibility in payment options, opening up the market to more customers and reducing the need for third-party involvement. However, building the infrastructure and establishing policies for crypto payments can be a challenge, as the legal nuances of cryptocurrency are still developing. This three-step guide can help clarify how to optimize your business for crypto. 

A seasoned New York business lawyer from Schwab & Gasparini can help explain the legal nuances of crypto in a personalized consultation. 

Conduct Tax Research

Before considering how to accept payments in crypto, it is vitally important to research the issue thoroughly and make informed decisions in relation to taxes and legal regulations. Cryptocurrency is a form of digital asset, which means the IRS may classify crypto payments differently from standard payments. Taking payments in crypto could cause complications with a business’s taxes, which could have a ripple effect on the rest of the business. Conducting thorough research on the most up-to-date policies and laws can help ensure the business stays protected from tax issues. 

Set Up Payment Software

After researching the tax implications and other regulatory issues with accepting cryptocurrency payments comes the task of actually implementing new software and training employees. There are a multitude of platforms and programs that accept payments in crypto, including PayPal, BitPay, Coinbase, and other vendors. Transfer of Bitcoins and other cryptocurrencies is generally straightforward, often involving a direct transfer with QR codes and verification keys. Business owners must also consider training employees and instituting company policy on how to interact with and manage crypto payments. 

Start Accepting Payments in Cryptocurrency

Once these things are in place and software and policies are in place to allow for payments with crypto, a business can then begin taking payments. With a strong cryptocurrency policy and armed with research and information on tax implications, business owners can take advantage of the flexible and fast world of crypto payments. Additionally, due to the speculative values of cryptocurrencies like Bitcoin and others, these crypto payments can also be used as investments that can generate passive revenue if managed appropriately. Cryptocurrency can provide many benefits that may be well-suited to certain types of businesses, if the legal factors are properly accounted for. 

Risks of Using Crypto for Business Payments

Cryptocurrency offers many benefits, including more seamless customer interactions and greater flexibility with payments. Crypto also offers more control over funds, as cryptocurrency is not as tightly regulated as other currencies through banks and other middlemen. However, despite these benefits, it is important to assess the risks and complications of using crypto for payments. Without effective risk management, a business could quickly lose profitability or encounter other legal issues.

Due to its relative novelty, the oversight and regulation of cryptocurrencies like Bitcoin and others is often minimal. While this can allow for more flexibility, it could also cause complications. The volatile price and speculative nature of crypto mean that changes in the market could affect the value of payments after the fact, which could cause issues for the profitability of the company. Additionally, since crypto is technically classified as property by the IRS, large transfers of crypto could trigger taxable events and impact how a business pays taxes, according to the U.S. Chamber of Commerce. Navigating these challenges effectively is key to helping a business thrive with crypto. 

Speak with a New York Business Lawyer to Learn More

Cryptocurrency can be an incredibly helpful asset for established and growing businesses alike, offering flexibility and smaller fees for transactions along with greater privacy and anonymity. Businesses that accept payments in crypto can grow in new and unique ways as the technology advances and new opportunities arise. However, business owners must first consider the legal implications to avoid complications and potential tax issues.

A skilled New York business attorney from Schwab & Gasparini can help explain helpful strategies in a personalized consultation. Schedule now at (315) 422-1333 for the Syracuse Office, (518) 591-4664 for the Albany Office, (914) 304-4353 for the White Plains Office, or (914) 304-4353 for the Hudson Valley Office.

Mon Jan 19 2026, 12:00am