Shopify Ecosystem

10 Reasons To Implement Crypto Payment Option On Your Shopify Store

Bitcoin

You can’t have missed all the excitement about blockchain and cryptocurrencies unless you’ve been hiding under a rock. The beginning of digital wallets is paving the way for more easy and rapid payment solutions, therefore changing our business practices.

Since cryptocurrencies are instantly translated into local currency when merchants use a payment processor, businesses accept this payment method relatively quickly. Despite this, the majority still need to join.

Adopting bitcoin as a payment option improves your clients’ shopping experience and extends your customer base if you’re an eCommerce merchant selling goods online. To get started, here are a few reasons your eCommerce firm has to utilize this service.

What exactly is cryptocurrency?

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To begin with, let us define cryptocurrency. Cryptocurrency is digital money not governed by a central bank or government but employs encryption techniques to manage its circulation and distribution.

The network’s users validate every transaction on a network, and those transactions are often made public to prevent the same user from spending the same currency many times.

Understanding that each coin is unique and that certain coins offer more safety and anonymity than others is essential for utilizing cryptocurrencies.

What is Crypto Tax?

Crypto tax is the taxation of cryptocurrency investments. It applies to profits generated from trading, selling, exchanging, and spending cryptocurrencies, such as Bitcoin. Different crypto tax laws might apply depending on the country, so it’s important to research and check with a tax specialist if you have any questions.

How to use cryptocurrency in online shopping

Ecommerce and cryptocurrencies complement one another reasonably well since they both reside in the digital realm and appeal to digitally-savvy users. As an online merchant, you must regard cryptocurrencies similarly to your business. It is a different choice for people seeking a quicker and more comfortable payment method and demonstrates the growing demand for digital payment methods among internet consumers.

There is no requirement to visit a bank, withdraw cash, or input credit card information before completing a Bitcoin payment. Digital prices are driven by the same condition that powered the online retail industry. If implemented correctly, this will be a terrific complement to your present offerings.

However, you argue that the advantages of taking bitcoin will exceed the work of implementing it into your eCommerce strategy, especially as online shopping grows in popularity and customers anticipate and demand a more frictionless digital consumer experience.

As of August 2021, over 70MM blockchain wallet holders possess over 6,000 distinct cryptocurrencies.

Nearly 85 million people created unique Bitcoin wallets as of November 2022.

Top 10 reasons why you have to accept bitcoin on your website

Adding bitcoin payment to your business is a fantastic strategy to increase company and shop sales. There are no disadvantages and everything to gain. Here are ten reasons why your website has to accept bitcoin payments.

Low commission rate

Fees are essential when choosing a payment option for your shop, whether you are an online player or a merchant. A small business’s products and services are subject to taxation and fees—the lower your costs, the greater your profit margin.

Using bitcoin or another cryptocurrency as a payment mechanism enables you to pay a significantly lower commission. Credit card, debit card, and PayPal transaction fees are around 3%. The average Bitcoin transaction fee is about 1%, which is decent.

You are now able to obtain Bitcoin directly at no cost. There are no commissions, intermediaries, or third parties involved.

No fraudulent chargeback

With conventional payment methods, identity theft is prevalent. It causes banks to reverse the fraudulent payment and refund the consumer. However, banks no longer repay selling companies. Consequently, many firms incur losses.

Bitcoin transactions are irrefutable and irreversible. Thus, after the blockchain verifies the payment, you receive the funds (if the buyer possesses the necessary amount of bitcoin in his wallet).

Global growth

If you own an online business, there is no better method to improve your sales than by targeting the entire world. If your clients become worldwide, your pool of potential customers grows exponentially. This worldwide accessibility affords you several more options to promote your items.

You are exempt from exchange rates and conversion costs if you accept bitcoin as it is global. It is accessible to everyone on Earth. All established and developing economies initiate cryptocurrency and blockchain initiatives. Bitcoin is the most widely used.

Did you know that many Africans lack access to reputable financial institutions and rely on cryptocurrency for internet purchases?

According to new data from the analysis, the global adoption of cryptocurrency has seen a surge of 881%. It reflects your potential new consumers if you accept bitcoin on your website.

Operates 24/7 – 365 days

Banks occasionally close or take a holiday, nor do they handle payments on weekends or overnight.

It never occurs with bitcoin. Bitcoin transactions from your buyer’s wallet to yours are immediate. It operates 24/7, 365 days a year, because the blockchain never sleeps. Bitcoin is the best option if you want to get your money immediately.

Investment potential

Bitcoin is a good investment for your long-term growth. Bitcoin and cryptocurrency specialists expect that digital money will remain in circulation. 97% of bitcoin owners predict that bitcoin will remain the most popular money in one year.

Governments and big corporations invest in initiatives involving bitcoin and blockchain technology. Why not utilize this investment opportunity for your growth as well?

You are free to invest in other cryptocurrencies and to purchase or invest in new goods or utilities for your business using bitcoin. It is allowed to wait for the price of bitcoin to increase before selling it. Did you know that charitable organizations and nonprofits also take bitcoins? Why not do an unselfish act with your bitcoin sales?

BYOB

Access an entirely new universe by adopting bitcoin. You are enabled to Function as Your Bank or BYOB. Nobody except yourself is accountable for your actions. Freedom is at your doorstep. Any money is now invested, transacted, paid, or exchanged without permission. You still need sufficient bitcoin to purchase whatever you choose.

Outperforming the competition

Increasing numbers of companies accept bitcoin. There are significant firms such as Starbucks, Expedia, and Microsoft, as well as local coffee shops. If you want to be technologically ahead of your competition, you have to take the chance to accept bitcoin.

In FinTech, a significant proportion of project debuts use cryptocurrency. They are considered the banking industry’s future. Promote to your customers that you take bitcoin and transform your company’s image into that of a cutting-edge enterprise.

Most secure technology

Identity theft isn’t merely a financial concern but also an issue for your clients. The blockchain infrastructure and cryptographic protections facilitate Bitcoin transactions. There is currently the no more secure method of information sharing. Consumers now enjoy completely secure transactions with complete control over their assets and confidentiality. What a comfort it is for your consumers to learn they can pay using the most secure technology available today, bitcoin.

No payment delay

As mentioned in point 4, bitcoin payments are instantaneous. You get compensated immediately. Ignore all Treasury matters. Once a transaction is confirmed, bitcoins are sent to your wallet (around 10 min), enabling you to utilize it as you see fit.

Simple to integrate – quicker and less expensive

The amount of time required to install bitcoin on a website is another advantage of taking bitcoin. Using a WordPress plugin, accept bitcoin payments on your site in minutes. Even if you don’t operate a WordPress website, integration takes only a few hours. It is fantastic news if you have to wait two or three weeks for credit card acceptance for your website.

Cryptocurrency influences the eCommerce scene

Crypto payments worth it for e commerce

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The more alternatives you provide them, the larger your target market is. Open Bazaar and other crypto-centric marketplaces enable B2B, B2C, and peer-to-peer eCommerce between businesses and individuals that have chosen to utilize crypto.
These markets provide cheap startup and running expenses and less rivalry than marketplaces that sell everything, such as Amazon.

Pay with Bitcoin

PayPal has already introduced a Pay with Crypto feature that enables millions of U.S. shops to accept cryptocurrencies on their platform as a service. So now you can buy Bitcoin to make or receive payment online.

crypto payment gateway for psp

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Key Takeaways

The fast-paced digital world of the present has ushered in a new era of eCommerce, yet many people still need to be made aware of cryptocurrencies and their benefits for online retailers. Introducing cryptocurrency into the mix gives several benefits that conventional fiat currency doesn’t.

The advantages include the following:

  • Increased velocity
  • Enhanced security
  • Increased loyalty and confidence
  • Reduced expenses
  • Immediately accessible funds
  • Streamlined contracts
  • Access to emerging markets and populations

Want to test it out?

Bitcoin payment is now added or withdrawn at your discretion. It doesn’t need much dedication. Why not add it now and observe its effectiveness? You need neither bitcoin expertise nor a wallet.

Fatema Aliasgar
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