It’s one of those, done easier than said. Many think it’s a big deal to accept cryptocurrencies for a business. It’s not. In fact, it’s easier to integrate a cryptocurrency gateway to your e-business than integrating a credit card payment gateway.
The first step is to identify a crypto payment processor. I recommend coinbase-commerce, bitpay and coingate, as I have personally evaluated them (ease of integration, fees and business ratings). Processing fees should be less than 1% or else you are getting ripped off. You don’t need to have a presence in a specific country to get an account. It’s as simple as getting a Gmail account.
The second is to integrate into your site or application. All 3 providers I listed have out of the box plug-ins for popular e-com platforms such as Shopify, woo-commerce and Magento. You could also write your custom integration using the APIs given. Any average developer should be able to get this done in a jiffy. It’s not complicated.
The third step is to decide what to do with the payments once you receive them. The obvious two options are to keep them as crypto or convert them to FIAT of your choice (USD, Euro, etc) as and when you need the cash flow for your business. You don’t necessarily need the same gateway to convert.
Please note that Central Bank has clearly said ‘You are on your own’ https://www.cbsl.gov.lk/en/news/public-awareness-on-risks-in-investing-in-virtual-currencies-in-sri-lanka
The purpose of me writing this quick article is to encourage Sri Lankan businesses to be forward-thinking on technology advancements in the payment space. We don’t want to be left behind when the western economies are quickly adopting crypto.
Also, I hope CBSL will soon provide good regulation for banks to operate in this space + allow crypto mining operations in Sri Lanka.
Frequently Asked Questions
Is it legal to accept cryptocurrency payments in Sri Lanka?
The Central Bank of Sri Lanka has not banned cryptocurrency but has stated that users are “on their own” regarding risks. Currently, there is no specific regulation permitting or prohibiting cryptocurrency acceptance for businesses, so the legal status remains unclear.
How difficult is it to set up cryptocurrency payments for my online store?
It is simpler than most people think. Payment processors like Coinbase Commerce, BitPay, and Coingate offer ready-made plugins for popular e-commerce platforms such as Shopify and WooCommerce. Integration typically takes minimal time and technical expertise.
What fees should I expect when accepting cryptocurrencies?
Processing fees should be less than 1% per transaction. The three recommended providers charge competitive rates. If any processor charges significantly more, you should consider switching to another service.
Do I need to be based in a specific country to use a cryptocurrency payment processor?
No. Setting up an account with major cryptocurrency payment processors is straightforward and does not require you to be located in any particular country—it is as simple as creating a Gmail account.
Should I keep payments in cryptocurrency or convert them to local currency?
That depends on your business needs. You can either hold payments as cryptocurrency or convert them to fiat currency (USD, EUR, LKR) whenever you need cash flow. You do not need to use the same payment processor for currency conversion.