Decentralised economies have increased the user’s choice of payment method to a more flexible and personalised approach. Individuals and businesses are moving away from bank-controlled transactions and settling for more secure peer-to-peer payment.
Nowadays, an increasing number of crypto wallets encourage users to hold and transact with blockchain-based assets. Therefore, equipping your e-commerce store with a cryptocurrency payment method can attract more users and boost your operations.
Let’s review the importance of Bitcoin payments for e-commerce and how you can integrate a blockchain-based solution.
The Growth of Crypto Payments
Ten years ago, a few hundred virtual coins and tokens existed in the decentralised ecosystem, and only a select number of them provided real value. Today, over 10,000 cryptocurrencies exist, giving users a plethora of digital coins, tokens, stablecoins, and other assets.
In addition, centralised financial institutions are becoming more crypto-friendly, adapting blockchain-based securities and payments. A milestone of this adoption is the SEC’s decision to approve trading Bitcoin ETF at top investment firms in the US.
This widespread adoption made cryptocurrencies popular payment methods on various platforms and websites. Businesses are increasingly adding crypto-based payments to their checkout pages for their fast processing capabilities, secure infrastructure, and globality.
Benefits of Adding Crypto Payments to Your Store
Adding Bitcoin payments to your e-commerce site is the best way to respond to changing user preferences and align with the market’s changing dynamics.
Customers are now split between traditional method users, who prefer credit cards, and digital communities, who prefer using virtual wallets, which can benefit your business in different ways.
Global Market Expansion
Bitcoin prices are almost the same everywhere, especially on leading exchanges like Binance and Coinbase, where you can purchase BTC and ETH for the same price whether you are in Brazil, Turkey or Japan.
This price unification makes it easier for your business to expand to new markets and locations without worrying about exchange rates and local policies on foreign currencies.
This becomes increasingly crucial for countries where accepting or exchanging foreign currencies is difficult, offering Bitcoin and other cryptos as a reliable alternative.
More Cost-Effective
Bank transactions are subject to various fees, especially when conducting cross-border transactions, where you can face multiple deductions like service fees, currency conversion commissions and other taxes.
Moreover, local regulations on transacting with USD can hinder your clients from buying on your e-commerce site. Therefore, offering a crypto payment method allows them to overcome traditional currency restrictions and explore more ways to transact.
In its essence, blockchain only charge gas fees, which are used to compensate validating nodes and to maintain the network. This is the notion of the decentralied economy that it is not a profitable entity.
Highlighting User Safety
Users who prefer to keep their identity and personal information away from internet exposure prefer cryptocurrencies, where only their wallet address is needed to fulfil a transaction. Conversely, banks require, store and process various personal information, such as names, addresses, source of income and occupation, raising concerns about user data.
Therefore, by allowing your customers to pay with cryptocurrencies, more users will gravitate towards your services and prioritise your website over those that do not offer BTC payments.
How to Add Bitcoin Payments to Your E-Commerce
To start receiving cryptos as payments, all you need is a Web 3.0 wallet, a merchant account, and a crypto payment gateway. These three elements will facilitate and process various coins from the sender’s wallet to your merchant account.
However, you need to find a reliable gateway provider to equip your website with technological solutions. Here’s how you can do so.
- Set your priorities of the currencies you want to support, offering fiat-crypto exchange and other features to add to your website.
- Check out the license and reputation of available crypto payment gateway providers. Inspect their reviews, service level and prices.
- Register with the selected Bitcoin gateway provider and receive relevant API keys to integrate with your website.
- Test the crypto payment plugin and start offering payments with Bitcoin, Ethereum and other top virtual coins and stablecoins.
Conclusion
Adding crypto payments on your website is not only a trendy way to do business. In fact, it is the best way to evolve along with the changing market forces and user preferences.
Users prefer fast, secure and convenient payment methods, which are overly provided in cryptocurrencies. Find and integrate a blockchain payment gateway, attract more users to your website and boost your operations.
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