Cryptocurrency is a hot topic right now, and for good reason. Cryptocurrencies like Bitcoin and Ethereum are built on the idea of decentralised transactions that remove the need for third parties like banks or credit card companies. This makes cryptocurrency appealing to merchants who want to avoid costly transaction fees.
Accepting cryptocurrency on an eCommerce website can be a great way for businesses to expand their reach and generate new revenue streams. However, there are many things to consider before starting such a venture. This article will help explain what what crypto currency can offer your business and how you can take advantage of this technology in a fast evolving world.
Cryptocurrency may be the future of online payments.
Bitcoin is a cryptocurrency, meaning it’s digital currency that uses encryption to secure transactions. Cryptocurrency isn’t controlled by any central bank or government. It’s not subject to inflation or deflation and isn’t affected by the financial crisis of 2008 or most recently the global Covid pandemic.
Cryptocurrency may be the future of online payments because it offers many advantages over fiat currency:
- Transactions are fast and cheap
- You can send money across borders easily without paying high fees (this makes it ideal for eCommerce websites selling globally)
Why shouldn’t I just use a standard payment processor like Stripe or PayPal?
There are a few reasons why you should consider accepting crypto on your eCommerce website.
- The customer experience is often better. When you integrate with crypto, you provide the best possible user experience for your customers. Your checkout page will be faster than with regular payment processors like PayPal. This will lead to lower cart abandonment rates and increased sales.
- Security is built-in to the technology itself, not just a third-party vendor’s solution that can fail at any time since it’s only as good as its weakest link (the developer). When using traditional payment methods like credit cards or PayPal, the transaction has to go through several intermediaries before reaching its final destination — which means each one of those steps can be hacked and/or compromised in some way by fraudsters who want access to your data or money without having any intention of paying for anything themselves!
- With cryptocurrencies such as Bitcoin being decentralized currencies without borders or middlemen between buyer and seller making them less susceptible to fraud because there isn’t really anyone who could steal all their coins even if they tried hard enough (because once someone spends their bitcoins then they’re gone forever). The same goes for Ethereum which uses smart contracts instead of banks so there’s no overhead involved when transferring money across borders while still being able to complete transactions instantly at low cost.
What are the benefits for buyers and sellers?
- Buyers can pay in crypto and sellers can get paid in crypto.
- Crypto payments are faster, cheaper, and more secure than standard payment processors such as credit cards.
- Accepting crypto payments may be more profitable for sellers because customers who pay with crypto generally spend more.
- Accepting cryptocurrencies could help you reach a new demographic of customers looking for a way to purchase from your store without the use of traditional banking systems or credit cards.
What cryptocurrencies should I consider accepting?
Before you start accepting cryptocurrency, you need to decide which ones to accept. It’s recommended that retailers start with Bitcoin and Ethereum, as they are the most widely used and accepted cryptocurrencies in the world. Other popular options include Ripple, Zilliqa, Cardano and Dogecoin.
If your customer base is international or you want to expand into new markets, it might be worth looking into other currencies. The more niche coins can help increase your sales by catering directly to specific demographics such as gamers or crypto investors.
How to accept crypto on your eCommerce website
As a merchant, the first step is to accept cryptocurrency payments. This can be accomplished in a few different ways such as:
Accepting crypto using WooCommerce and Shopify
Whether it’s an online store selling high end art or an eCommerce business selling lipstick and makeup accessories – cryptocurrency is an increasingly popular payment option for online shoppers.
- BTCPay for WooCommerce
- Coinbase Commerce Payment Gateway for WooCommerce
- BitPay Checkout for WooCommerce
- WordPress Bitcoin Payments – Blockonomics
- Crypto.com Pay Checkout for WooCommerce
- Vast range of supported crypto currencies available in Shopify payment settings
Should you accept crypto payments on your website?
If you’re thinking about accepting crypto payments on your eCommerce store, here are some reasons why you should:
- Online payments are growing. According to a study by Statista (a research company), online sales in North America have increased from $527 billion in 2013 to $1.3 trillion in 2017. This trend is expected to continue and increase even more as more people turn to the internet for their shopping needs.
- Crypto is a new payment option that can attract new customers and business partners.
- Cryptocurrency is quickly gaining popularity and acceptance worldwide as an alternative form of payment that’s faster, cheaper, more secure and private than credit cards—making it a great option for merchants looking for ways to grow their businesses by attracting new customers who prefer crypto over traditional currencies.”
There are many reasons why you should consider accepting cryptocurrency on your website. You may be happy with the other payment processors available, but keep in mind that they will never offer the same level of security or speed that crypto offers. Cryptocurrency has been around long enough now that it’s becoming more mainstream – and if you don’t already accept it on your site then there could be a chance people abandon their carts when they find out they can’t use it as a form of payment.
If you’re looking to accept crypto on your eCommerce site, the first step is to get familiar with how cryptocurrency works. The second step is to set up a payment gateway. Once you understand how it all works, the rest will come naturally. I hope this article has given you some insight into what it takes to start accepting crypto on your eCommerce website.