Cryptocurrencies, for example, Bitcoin and Ethereum, are becoming quite popular these days. It offers an alternative payment method to businesses. New startups are getting more into accepting cryptocurrency payments to get new customers and increase sales.
Cryptocurrencies are becoming very popular among consumers and merchants both. As we know, people nowadays are switching to crypto; we think more and more merchants should start accepting cryptocurrency payments through various means, such as wallets, exchanges, payment processors, merchant accounts, ATMs, etc.
Let’s start with a quick intro…
What Is Meant By Cryptocurrency?
In simple words, cryptocurrencies are like a digital form of money that is stored on a public ledger called a blockchain. It is dependent on cryptographic techniques allowing users to transfer funds securely and anonymously. Cryptocurrencies are decentralized and are not in the control of governments or banks. Also, you will not be charged for any transaction fees associated with cryptocurrencies.
Why Should You Care About Cryptocurrency For Your Ecommerce Store?
Using cryptocurrency has significant benefits for your ecommerce store as it can provide a secure payment option that is not subject to chargebacks. You can avoid transaction fees associated with cryptocurrency; thus, accepting it will make your store more appealing to specific customers.
You can allow customers an incentive to pay with cryptocurrency instead of fiat cash.
What Are The Benefits Of Cryptocurrency For Your Ecommerce Store?
There are some specific benefits of accepting cryptocurrency in your ecommerce store:
- The transaction fee for cryptocurrency payments is almost minimal.
- If you accept cryptocurrency payments, you can welcome a new segment of customers to your ecommerce store.
- You can securely record transactions using blockchain technology.
How To Implement Cryptocurrency In Your Ecommerce Store?
Cryptocurrency payments complement ecommerce in a thriving way because it mostly appeals to digitally savvy customers. It enables them a fast, easy and secure way of purchasing products and services from your ecommerce store. Many retailers are now accepting cryptocurrencies because it is an easy alternative to traditional methods of paying for products and services.
If you are an ecommerce retailer, you should view cryptocurrency the same way as your business. It will work for you as an additional option for looking for a faster and more convenient way to pay for services.
So, there are some basic things that you need to know before starting to accept crypto payments on your ecommerce store:
This is not different from your actual bank app or the wallet app of your iPhone. Crypto wallets allow you to receive, hold and exchange crypto like Bitcoin, Ethereum, Tether, etc.
Depending on the ecommerce platform your website is built with, it is important because some cryptocurrency payments are better suited for some platforms than others.
Right crypto payment gateway
You must choose the user-friendly one with seamless integration to make the process fast.
How Can You Accept Payments In Cryptocurrency?
To accept cryptocurrency through your wallet, you must create a digital wallet. You can download apps like Coinbase Wallet, MyEtherWallet, etc., to help you manage your funds securely. Or, if you wish to keep all your cryptocurrency offline, you should purchase a hardware wallet such as Trezor, Ledger Nano S, etc.
These devices enable you to store your private keys offline as they are encrypted. To save time and money, you can use third-party payment processors like Coinbase or Bitpay.
It would be best to choose an appropriate wallet and provider. Remember, since anyone can start their cryptocurrency exchange platform, trustworthiness is not there!
Hence, if you want to accept cryptocurrency with minimum hassle, there is a quick solution. It would help if you tried creating your wallet using any web browser. Once you complete this, you will only need to sign up for a crypto exchange.
In the end, the key is to find the best fit according to your needs. Choosing a crypto solution is hard to keep future predictions in mind while dealing with your customer’s preference. But don’t give up!
Accepting the crypto payments for your ecommerce store will surely help you attract new customers and build their trust. But do remember that if you have trouble integrating these tools with your ecommerce store, it would be best if you get professional help at the right time.