PayPal now lets small businesses across the US accept Bitcoin and over 100 other cryptocurrencies.
Today, PayPal announced that it will launch a new payment option allowing small US businesses to accept over 100 cryptocurrencies, including bitcoin. The option is available to any US merchant using PayPal’s online payments platform.
Merchants will pay a promotional fee of 0.99 percent per bitcoin and crypto transactions for the first year. After that, the fee will rise to 1.5 percent. Both rates are lower than the 2024 US average credit card processing fee of 1.57 percent, according to the Nilson Report.
“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said the president and CEO of PayPal Alex Chriss. “Today, we’re removing these barriers and helping every business of every size achieve their goals.”
Customers can connect their existing bitcoin and crypto wallets at checkout. PayPal will convert the cryptocurrency into its stablecoin PYUSD through an exchange like Coinbase or Uniswap. The PYUSD is then converted into US dollars and sent to the merchant.
