Before starting this guide,
it may be usedful to become familiar with how Netcoin (and cryptos in general) work. You can check out more about NET here, the original White Paper by Satoshi Nakamoto, and/or the Bitcoin.org FAQ.
Accept Netcoin Directly or Indirectly
Before you begin to allow customers to pay you for goods/services with Netcoins, we suggest taking the time to determine if you want to handle the Netcoins yourself or if you’d prefer a third-party payment processor. If you take the time to learn how to handle NET yourself, you’ll end up paying less in fees, and you’ll have a better comprehension of how NET and crypto-transactions work. It some ways it’s like having a “cash only” business, where you are responsible for counting, collecting, managing, storing, depositing, etc. Using a third-party payment processor is a lot like using a third-party credit card processor–you’ll pay fees, or some sort of contractual amount over time. We’ll be glad to assist you no matter which route you take!
How to Accept Netcoin Directly
Requirements: A bit of leg work, a little technical savvy, and some patience
Upside: Less fees, more control.
Doing it yourself has you end up with Netcoins from your clients and customers. You can keep them, wire them, or exchange them into other currencies or goods.
Exchanging Netcoin and withdrawing them can cost you anywhere under 1%, depending on exactly which exchanges you use and what region you live in. To do this, you’ll need an account(s) on an exchange that is verified (it’s very similar to doing trades on a stock exchange). If you choose to exchange them, you’ll probably prefer / want to set up the Netcoin address for your payments to be the actual exchange wallet for your account instead of the local wallet.
There are some potential downsides to accepting it directly:
- Value fluctuation…or something called ForEX risk: this is the risk that someone spends $25 of Netcoin with you, and then before you do anything (exchange it/sell it/use it) the price changes. If it goes up, you’ve instantly made profits. If it goes down, then you ended up at that moment with less value than you expected.
- It takes a little more to manage. Just like with cash transactions (where you’ll have to go to the bank, make deposits, etc), you’ll have to be more responsible and in control of your finances. The upside with Netcoin though is you don’t have to worry about loosing/misplacing any of your coins. They are all secured on the Network…you just have to then manage their movements.
How to Accept Netcoin Indirectly
Requirements: Contractual agreement with a Third-Party Vendor
Upside: Less work, “guaranteed” price
To accept Netcoin indirectly, you’ll have to work with a company that accepts Netcoin and is willing to take on the ForEX risk for you. What they do is guarantee you a price for your incoming Netcoin payments which is pegged to/ based on the exchange rate at the exact time of payment. For example…if a customer pays you $25 in Netcoin, that company is the one basically accepting the $25 of NET, and they then send you the $25 minus their fees.