Online commerce can only thrive when transactions are carried out safely and efficiently. Waiting too long for payment to get processed can result in the customer canceling the order.
How to Accept Bitcoin Payments for Your eCommerce Store
They can choose to go to a different store that offers faster checkout features. The convenience of the payment methods also factors into the popularity of the eCommerce platform.
Modern eCommerce platforms that are keen on thriving in a competitive environment must learn to accept Bitcoin.
Bitcoin and Ecommerce
Bitcoin is growing in popularity as a modern digital currency which is evident by the price of Bitcoin in recent months. Most of its users prefer it for making payments while doing their online shopping.
It is easy to use, decentralized, and safer than conventional means of making payments. Due to the nature of the currency, it cannot expose any private information, making it a prevalent means of making payments on the internet.
Its privacy-preserving features are why more people are taking it up as a way of making payments.
As ecommerceguide.com writer, Francesca Nicasio, states, “Bitcoin has many benefits, but for eCommerce stores, the three biggest advantages are a) BTC is chargeback-proof; b) there are zero to low transaction fees associated with Bitcoin, and c) accepting BTC makes business more attractive to certain types of customers.” Nicasio continues by saying, “Accepting Bitcoin enables merchants to widen their customer base. A growing number of consumers are starting to use BTC to purchase goods and services, so you accept digital currency could be just the thing to set you apart and get them to choose you. To be specific, the majority of Bitcoin users seem to fall between ages 25 to 44 and are predominantly male. But we can expect these demographics to broaden as Bitcoin adoption continues to grow.”
For your eCommerce store to catch up with the trend, they too should be ready to start accepting Bitcoin payments.
Processing Bitcoin payments requires that you have integrated Bitcoin payment options in your platform. A Bitcoin developer can do this. The developer programs the payment modules into your existing internet and payment infrastructure.
Direct integration into the payment APIs is the better option as you have more personalization options. You will be able to get rid of features that you do not want quickly.
Hence, this leaves you with a payment module that is compatible with your existing digital resources. These include online stores, websites, web applications, and mobile apps.
These can all be programmed to work with the same API, and a developer will only need to make the integration once for you to keep using it.
Bitpay is another option for accepting payments on eCommerce stores. It gives e-commerce stores the ability to receive payments in Bitcoin and then withdraw this as regular currency using the bank.
However, this is not an exchange platform and only focuses on payment processing for merchants. Shopify and Steam platform users will find this a practical means of offering Bitcoin payments to their customers.
As CS. Cart writer, Yan Kulakov explains, “BitPay is one of the most trusted cryptocurrency payment systems in the world: BitPay is used by Microsoft, Newegg, AirBaltic, Twitch, and thousands of other vendors worldwide.”
Kulakov continues, “The mechanism of accepting payments is simple: you integrate your eCommerce website with BitPay and add the bitcoin payment method to the checkout page.
When customers pay via the cryptocurrency at a locked-in exchange rate, BitPay converts it to US dollars, euros, or any other fiat currency. Then BitPay initiates a bank settlement to you the next business day.
Simple as that. The pricing is also simple: BitPay takes a 1% transaction fee. They offer unlimited monthly transactions and daily settlements.”
Manual Payment Processing
Manual payments are yet another option for accepting Bitcoin payments on your eCommerce store. It eliminates the need for any middleman but will need you to do some more work.
For instance, you will be required to generate a Bitcoin address to facilitate each sale. Besides, you will have to handle the billing and invoices on your end, but at the same time, you will not be incurring any fees to do with the processing.
The method is not recommended for high sales volumes, but it will work when you have fewer transactions that you can handle manually. High volumes of sales are impractical for this mode of payment, and you should not opt for it when you are dealing with many customers.
Hubspot writer Clifford Chi explains how to get a Bitcoin wallet, “To get a Bitcoin address, you first need to download a Bitcoin wallet, which is software that allows you to securely send, receive, and store Bitcoin funds in the Bitcoin network.”
Chi continues, “Bitcoin wallets also store your private key, which is essentially your Bitcoin password. The software will generate a brand new Bitcoin address for you every time you create an invoice or receive a payment request for Bitcoins too.”
When it comes to eCommerce, Bitcoin payments are largely ignored and overlooked. They ignore the fact that Bitcoin is growing in popularity, and its uptake rate has tripled in the past few years. More people are getting familiar with the platform, and it is one way to make your eCommerce store work better. It enhances payment processing.
With the integration options available, your store can attract all the Bitcoin enthusiasts in no time.