As cryptocurrency adoption continues to grow, more businesses are looking for ways to accept crypto payments through crypto checkout and invoicing solutions.

In this blog, we'll cover everything you need to know about crypto checkout and invoicing. By the end, you'll understand how easy it is to integrate these capabilities into your business. But first, let’s understand what a crypto checkout is and what a crypto invoice is!

Check out with crypto is similar to a traditional online purchase. Customers choose cryptocurrency as their payment method at checkout and receive prompts to either scan a QR code or copy-paste a cryptographic address.

The blockchain then broadcasts the transaction for verification. The merchant securely deposits the funds in their wallet within minutes. No additional transaction fees apply for crypto payments.

On the other hand, a crypto invoice functions very similarly to a traditional fiat invoice, with the added benefit of specifying a cryptocurrency address for payment.

Invoices typically include standard fields like bill to/ship details, itemization of goods/services, totals, etc., plus crypto wallet IDs for payment settlement in crypto. As we have explored the basics, let’s get into the details of each!

How do I pay with crypto at checkout?

To pay with crypto, you'll need a crypto wallet to hold your funds. It is important to ensure that your wallet is connected to the internet and has sufficient funds before proceeding to checkout.

Most payment processors will display a QR code or address for you to use to pay from your wallet app. Simply scan or copy-paste the details and send the specified amount.

If you need more information about crypto wallets, make sure to check out “Types of Crypto Wallets," “How to Set Up a Cryptocurrency Wallet?” and “How to Recover and Secure a Crypto Wallet?”.

What is a checkout transaction?

In cryptocurrency, a checkout transaction is the specific transfer of digital assets from a customer's wallet to a merchant or payment processor to complete the purchase of goods or services.

At a low level, it involves cryptographically signing a transaction on the blockchain network that decrements the customer's crypto wallet balance and increments the recipient's (i.e., merchant's) balance according to the agreed amount.

Various integrations and APIs have been created to abstract this technical process and provide smoother user experiences. Make sure to check out “API in a Crypto Wallet” for more details!

But at its core, a crypto checkout transaction is no different than any other on-chain transfer—it allows for automated, timely, and trustless exchange of value online or in person using digital money.

Do I need a crypto wallet?

Yes, to pay with crypto at checkout, you will need a crypto wallet to hold the funds you want to spend and authorize transactions with. Wallets come in many forms, from software and browser extensions to hardware devices.

For individual blockchains, you can use a native wallet. You can also benefit from Cryptobunq’s custody and wallet services. Cryptobunq is a trusted expert wallet-as-a-service provider.

Just make sure to properly back up your private keys or seed phrases so that you can recover your crypto wallet if needed. It is too important to secure your private keys or seed phrases to access your digital wallet.

Do I need a wallet for every cryptocurrency?

Technically, you only need one crypto wallet capable of storing the specific cryptocurrency you want to use for crypto payments or to accept crypto payments. However, most good mainstream wallets nowadays support multiple assets for convenience.

It's generally best to use a reputable multi-coin wallet that natively backs up all your seeds and keys rather than juggle multiple individual wallets from different providers, where recovery could become complicated. Look for established names with strong security protocols, such as Cryptobunq.

Cryptobunq is a secure, one-stop-shop crypto service provider that offers not only expert crypto wallet solutions but also crypto checkout and invoicing solutions.

By integrating diverse CBQ solutions, from crypto exchange API to batch crypto payments, into your business, you can grow your business fundamentally with the power of decentralized finance and blockchain technology. Check out our case studies to learn more about our solutions' expertise!

Which cryptocurrency is best for payments?

While many digital assets can be used for crypto checkout itself, a few are particularly suitable for frequent payments due to their widespread adoption and optimized properties.

Here are some of them:

Bitcoin

As the first and largest cryptocurrency with over 14 years of proven resilience, Bitcoin retains strong brand recognition and universal acceptance. Its settlement times of ~10 minutes are suitable for most online transactions.

Ethereum

Ethereum's smart contract capabilities have made it the preferred base layer for stablecoins and other cryptocurrencies used in commerce. Transaction speeds are usually under 2 minutes.

Stablecoins

Stablecoins, which have a 1:1 peg to fiat currencies, reduce the impact of cryptocurrency volatility and enable near-instant settlement. They provide stable digital cash, making them ideal for all types of purchases and transactions, big or small.

Can I create my invoice?

Yes, there are many free online invoice generators that allow easy crypto invoice creation in PDF format. However, managing invoices and payments manually at scale can quickly become tedious and error-prone.

That's where providers of secure crypto invoicing solutions, such as Cryptobunq, come in. Cryptobunq provides customized crypto checkout and invoicing solutions to meet your business requirements. With CBQ, you can easily accept crypto, manage, and generate invoices!

How do I create an invoice for crypto?

Invoicing platforms make creating a crypto invoice simple. Simply enter invoice details, such as customer information, itemized products and services, pricing, and preferred cryptocurrency.

The system will create a standard invoice template filled with these fields and send it digitally to the customer. The system includes an address where the customer can directly transfer the precise amount due into the merchant's crypto wallet.

What is proof of payment in cryptocurrency?

Distributed blockchains permanently record cryptocurrency transactions, serving as immutable proof of payment. Using a blockchain explorer, anyone can search for a transaction hash or wallet address to view details of the transaction, like the amount, fees, addresses, and confirmation status.

Blockchain exploration provides unambiguous confirmation that a crypto payment was successfully sent and received between parties.

How are crypto transactions verified?

Blockchain validation protocols unique to each network verify crypto transactions. For instance, on proof-of-work blockchains, miners compete by solving cryptographic puzzles to bundle transactions into blocks, which they then add to the chain in exchange for newly minted coins or transaction fees.

As more blocks are added, transactions receive more confirmations over time until they are settled. Therefore, through crypto mining and blockchain nodes, the whole blockchain system keeps functioning without a single point of failure, as the main goal is to keep the system secure without failure.

How do I get a crypto statement?

With crypto accounting solutions, merchants can generate itemized monthly crypto statements similar to traditional bank or credit card statements. These statements aggregate all the crypto sales, invoices, expenses, and transactions into a single, clear report.

Key platforms that help businesses get crypto statements include Cryptobunq, which seamlessly integrates with accounting software to sync crypto activity for professional record-keeping and tax purposes.

How do I confirm a crypto transaction?

In addition to on-chain verification through blockchain explorers, crypto wallets and payment processors provide confirmation screens. Upon completing a payment, many wallets reflect updated balances and notify users that funds have been sent prior to the transaction receiving multiple confirmations.

Merchants using crypto payment gateways, such as CBQ, can also access detailed confirmation pages within their provider's system. Advanced tools eliminate uncertainty about the proper delivery of crypto between counterparties.

The best crypto checkout and invoicing solutions at Cryptobunq

Cryptobunq offers the most comprehensive solution for merchants looking for a single platform to handle all their crypto financial operations seamlessly.

Additionally, CBQ offers diverse crypto and blockchain solutions and features that empower businesses of all sizes to integrate Bitcoin, stablecoins, and other cryptocurrencies into their operations easily and securely.

Whether you need to accept crypto payments, send invoices, or manage crypto expenses, taxes, and payroll all in one place, Cryptobunq is a one-stop shop for all things crypto. You can start reducing costs, reaching new customers, and future-proofing your business by integrating with Cryptobunq today.

The bottom line

Crypto checkout and invoicing open up new revenue opportunities for merchants while satisfying customers' growing demand for digital currency options.

With the right tools, like those offered by Cryptobunq, existing workflows or systems can seamlessly integrate crypto payments. Cryptocurrency is truly redefining commerce around the world. If you want to adapt your business to the future, contact us today!