When you start running your business, it is always good to move with the trend because if you don’t, sooner or later, your business will be outdated and you will be left behind. With that said, let us now focus on the subject matter: how do you accept bitcoin payments in your eCommerce store.
Bitcoin has come to stay, and unlike every other currency, it is accepted worldwide and has no restriction of usage. The most interesting thing is that you can send bitcoin from the comfort of your home to someone in another country and the person will receive it within few minutes. As a result of this, lots of people find it very easy to make payments using bitcoin or any other known cryptocurrency.
If you were among those who see cryptocurrencies as a speculative investment or bubble, it’s time to think otherwise because your business will surely increase and become more successful if you can start accepting bitcoin payments. You should know, a lot of reputable online stores are already accepting bitcoin payments so you shouldn’t be left out. Another important fact you should know is that; since 2017, more than 5.8 million people have had cryptocurrency wallets and are using them to make payments online.
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What is Bitcoin?
Bitcoin was invented in 2008 by a man called Satoshi Nakamoto, Bitcoin is a digital currency that can be used to make payments online and can be exchanged for other currencies, products, and services. It has been in use since 2009 and has become a popular payment option because it offers a high level of transparency on transactions. Amazingly, there are now bitcoin credit and debit cards that you can use to withdraw money and make payments online.
Bitcoin’s total market cap, as of February 2021, surpassed $1 trillion. This should make you understand that many of the world’s largest companies have begun using and accepting bitcoin as payments for goods and services. Companies such as AT&T, the Dallas Mavericks, Microsoft, Overstock, Tesla, and Twitch all accept Bitcoin payments and other digital currencies in 2021.
As a small business owner, you should take advantage of this so that you can also accept bitcoin payments with the help of online payment processors. This online bitcoin and cryptocurrency payment processors typically offer a 1% or less transaction fee, which is less than the fees you’ll pay on most credit cards.
Below are the major ways you can accept bitcoin payments as an eCommerce store.
Accepting Bitcoin Payments Through CoinPayments
CoinPayments is one of the longest-running services and payment providers for cryptocurrency. You can also say it is one of the most trusted cryptocurrency wallets you can use to accept bitcoin payments from anywhere in the world. CoinPayments has been helping businesses worldwide to grow since 2013. They act as a wallet provider and payment processor for both in-person transactions and online platforms. Not only that, but it also supports numerous cryptocurrencies. CoinPayments plugins work with almost every major e-commerce service, including WooCommerce, Magento, Shopify, and OpenCart. One good that about CoinPayments is that their processing fee is just 0.5%.
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Accepting Bitcoin Payments Through CoinBase
CoinBase is one of the most used and trusted wallets for cryptocurrencies. In addition, they are also well known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies. Coinbase offers a Commerce product that makes it easier for businesses to accept digital and bitcoin payments. The company has all the necessary tools needed for you to accept bitcoin payments, including hosted checkout pages, payment buttons, invoicing, and eCommerce integrations such as Shopify and WooCommerce. However, unlike other services, CoinBase Commerce encourages companies to “be your own bank,” and the platform gives the company granular control of assets.
Using BitPay
Atlanta-based company BitPay has also made it easy for businesses to accept bitcoin payments and other cryptocurrencies as payment. BitPay offers various tools that make accepting crypto payments simple and easy, their integration methods include hosted checkout, payment buttons, invoicing, and Quickbooks and Shopify integrations. With BitPay, customers can make payments online, by email, and in person. Another great feature offered by BitPay is that it protects businesses from crypto price fluctuations. What’s more, they only charge a 1% transaction fee on almost all transactions and allows clients to settle up in local currency cryptocurrency.
Using GoCoin
Another nice cryptocurrency payment processor that has been helping businesses manage crypto payments for years is GoCoin. Gocoin was founded in 2013 and since then, it has helped countless businesses securely accept bitcoin payments online. Some of the assets that you can accept using GoCoin is Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash, and Litecoin payments. Also, GoCoin transaction and processing fee is just 1%. Its integration works with most eCommerce services, including WooCommerce, Magento, Shopify, OpenCart, OSCommerce, Prestashop, UberCart, and ZenCart.
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Accept Bitcoin Payments Through PayPal
One of the largest online payment platforms PayPal has recently announced that consumers will now be able to buy products and services and pay merchants in the PayPal network using cryptocurrencies. It is important to note that more than 29 million merchants online use PayPal, with this move, it will be much easier to accept bitcoin payments online. Customers that have PayPal accounts will be able to convert Bitcoin, Bitcoin Cash, Ether, and Litecoin into fiat currencies like dollars and euros when checking out with an established PayPal merchant. This means that as a merchant you won’t actually accept crypto directly but it does at least open the door for more people to buy your products and services using Bitcoin or other digital currencies.
As a business owner, adding bitcoin payments as an option for your customers to pay you is simply an amazing way to widen your business reach. It will open new doors of opportunity to your business and make it more reachable by merchants. So, if you have not been accepting bitcoin payments, this might be the right time to reconsider and give it a try.
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