Guide to Accepting Bitcoin on Your eCommerce Site
Know how to accept bitcoin on your eCommerce site; The peer-to-peer nature of Bitcoin (BTC) is what has made this digital currency so popular
Know how to accept bitcoin on your eCommerce site; The peer-to-peer nature of Bitcoin (BTC) is what has made this digital currency so popular. Bitcoin allows you to purchase goods and services anonymously, making it attractive to many buyers.
If you have an e-commerce store, you have likely considered accepting Bitcoin payments. But is it worth it? How do you go about doing it? And what is the future of Bitcoin as a payment medium?
Is it worth it to accept bitcoin in your E-Commerce store?
There are three critical benefits for e-commerce stores that accept Bitcoin. Transaction fees are low, it is chargeback proof, and BTC attracts different customers.
Low transaction fees
Since financial institutions or the government do not regulate Bitcoin, transactions happen directly between the seller and the buyer. No middleman can eliminate or drastically lower the cost of processing BTC payments compared to credit cards. Depending on your site’s sales volume, you can work with a trustworthy BTC processor for between 0% and 1%.
Bitcoin transactions cannot be reversed. Once you’ve received the funds, the individuals who sent the payment can’t get it back without your consent. Your e-commerce store has no chargeback cost, and it’s difficult for people to commit e-commerce fraud.
Attract more customers
Accepting Bitcoin payments will let you increase your customer base. It could set you apart from your competition, especially as Bitcoin adoption continues to grow. Bitcoin users are predominantly males who are between the ages of 25 and 44. However, that demographic is constantly changing.
How to accept bitcoin at your E-Commerce store
The first step is integrating your e-commerce store with a BTC payment processor. Many e-commerce platforms come equipped with integrations, making this process easy.
Do your due diligence when finding an option that’s right for you. If necessary, communicate with your e-commerce solution provider to get details about integrating a Bitcoin payment processor.
So, as you evaluate BTC payment processors, consider transaction fees, supported currencies, payout frequencies, customer support, and supported countries.
If direct integration is not possible, consider using payment buttons. Several crypto exchanges have APIs that you can use to create Bitcoin buttons. Instead of using shopping carts, invoicing may allow you to include Bitcoin as a payment option.
The future of payment with bitcoin
Bitcoin, although it is the oldest cryptocurrency, is still new. There are many indications that Bitcoin has become a permanent part of the financial system used for the foreseeable future.
Your customers may have questions or concerns about accepting and using bitcoin. So, you can alleviate these by clearly communicating your Bitcoin payment policies in your terms and conditions.
So, explain how Bitcoin payment works on your e-commerce site. Let your customers know the steps they should take and the information they need to provide. You may wish to create a step-by-step guide and add videos with additional information to simplify the process for your users.
Clearly explain how refunds, returns, and exchanges work. Any limitations to BTC payments or items not available for purchase with the BTC should be posted.
Finally, spread the word. Let your customers know that your e-commerce site is a place where Bitcoin is accepted.