Setting up to receive crypto
Setting Up to Receive Crypto: A Step-by-Step Guide
Section titled “Setting Up to Receive Crypto: A Step-by-Step Guide”Ready to accept cryptocurrency donations? Here’s how to get started in 5 simple steps.
Step 1: Choose Your Platform
Section titled “Step 1: Choose Your Platform”We covered this in the previous article, but here’s a quick recap:
- The Giving Block, Full-featured, used by big nonprofits
- Infinite Giving, Simple, great for small orgs
- Startssl, Another option to explore
Pick one that fits your budget and needs.
Step 2: Verify Your Nonprofit Status
Section titled “Step 2: Verify Your Nonprofit Status”Most platforms require proof of nonprofit status:
- 501(c)(3) letter (US)
- Equivalent documentation in your country
- Organization registration
Have these documents ready.
Step 3: Set Up Your Account
Section titled “Step 3: Set Up Your Account”Once verified:
- Create your organization profile
- Upload your logo
- Write a short description
- Choose which cryptocurrencies to accept
You can start with just Bitcoin and Ethereum, then add more later.
Step 4: Connect to Your Website
Section titled “Step 4: Connect to Your Website”The platform will give you:
- A donate button
- A dedicated donation page
- Widget code to embed
Add these to your website just like any other donate button.
Step 5: Test It
Section titled “Step 5: Test It”Before going live:
- Make a test donation yourself
- Check that thank-you emails work
- Verify you receive notifications
- Confirm funds appear in your dashboard
Now you’re ready.
What About Taxes?
Section titled “What About Taxes?”Set up your accounts to generate tax receipts automatically. Most platforms do this. Your donors will need:
- Transaction ID
- USD value at time of donation
- Your organization’s EIN
Common Setup Mistakes to Avoid
Section titled “Common Setup Mistakes to Avoid”- Don’t skip testing, Always test with a small amount first
- Don’t accept everything, Start with major coins, add exotic ones later
- Don’t forget to announce, Put it on your website and social media
The Bottom Line
Section titled “The Bottom Line”Setting up takes about an hour with most platforms. The hardest part is gathering your nonprofit documents. After that, it’s just like adding any other payment option.
Try This
Section titled “Try This”- Gather documents, Find your nonprofit verification paperwork
- Pick a platform, Choose one and create an account
- Make a test donation, Use a small amount to verify everything works