It’s easy to get started integrating GoByte, but you will need to make some decisions about whether you plan to convert your income earned in GoByte into your local fiat currency, or if you prefer to hold some or all of it in GoByte. Most payment processors offer a range of fiat conversion options, although various fees and limits may be applicable.
New merchants typically go through the following steps when joining the GoByte ecosystem:
- Set up a GoByte wallet
- Identify an appropriate payment processor
- Decide on how and when to convert funds
- Implementation and testing
- Release and marketing
- Integration on DiscoverGoByte
A wide range of ready-to-go visual products are available to help you promote GoByte as a payment method to your customers. This includes promotional graphics and stickers, fonts for consistent visual design and guidelines on how to use the GoByte visual identity. See the Marketing section for more information.
The reduced fees may also offer an additional incentive for your customers to pay with GoByte, particularly in businesses with high cash handling fees or where it is necessary to add a fee to process credit card transactions.
Cryptocurrency is a relatively recent development, and rapid development in the ecosystem coupled with various barriers to access and heavy trading mean that fiat-denominated value is subject to considerable fluctuation. As a merchant, you will need to make decisions about how much of your income taken in cryptocurrency should actually be held in cryptocurrency, and how much should be converted back to a fiat currency (such as USD) directly. Different payment processors offer different solutions to this problem.
Services such as GoCoin are able to convert a specified percentage of received payments into a range of fiat currencies for withdrawal. Others such as CoinPayments offer the ability to diversify your payments into a range of different cryptocurrencies, but require you to set up automatic withdrawals to an exchange for conversion to fiat currency. Finally, services such as Uphold allow you to convert your Crypto payments between various currencies and commodities very easily, and even offer automated investment services.
Note that these listing are not endorsements, and you must complete your own due diligence and/or seek advice from a tax and investment specialist before investing.
Tax, legal and regulatory considerations may be applicable in some jurisdictions.