How Cryptocurrency Can Help Your E-Commerce Business
Cryptocurrency has been making waves these past years around the globe and it continues to do so at a rapid pace. What started out as a peer-to-peer electronic cash system has turned into a worldwide phenomenon with huge potential. Perhaps, you’re already familiar with blockchain technology and the different cryptocurrencies like Bitcoin but that’s not why you’re here. You’re here to learn how cryptocurrency can help your e-commerce business and that’s exactly what we’re going to talk about.
The Crypto Way
Before cryptocurrency arrived, businesses and customers had very limited options when it came to payment methods. They would use PayPal, credit cards, cash on delivery, etc. and while these methods completed the transaction, they usually had strings attached to it. Cryptocurrency erases that completely because of the security the Blockchain provides (a discussion worthy of another article).
Because of this security, consumers feel a lot safer purchasing from businesses online that accept cryptocurrency as payment. Which leads to our main idea that if your business accepts cryptocurrency as an alternative payment method, you’re opening your business to an entirely new market.
How to Integrate Cryptocurrency to your Business
There are different ways your e-commerce business can accept payment via cryptocurrency and while it requires additional time and expenses to set up, it’s very much worth it. Setting this up on your own can be tedious and requires technical expertise so it’s best to use third-party payment processors. These third-party payment processors offer robust tools that integrate cryptocurrencies to your website, allowing transactions via cryptocurrencies like Bitcoin. We’ll provide a list below of the best third-party payment processors for your reference.
Coinbase is one of the most popular Bitcoin payment processors with 0% fees although it’s only up to the first $1M of transactions and applies a 1% fee afterwards. By using the HTML widget that the company provides, your website will have clickable payment tabs and different plugins that can be applied to WordPress, Zencart, Megento, and WooCommerce. However, the only catch is that you need to check if your country is supported by CoinBase.
Another great payment processor is BitPay since it allows your e-commerce business to accept, store, and spend Bitcoin. What’s even better is that you can convert your Bitcoin into dollars using a BitPay card that they provide. For businesses just starting out, you can have a gateway for free but there are also bigger packages for more established businesses.
Be Part of the Change
Cryptocurrency brings a whole lot of change to the world of business and as we all know, change isn’t always welcome. That doesn’t mean however, that you should shy away from it. Instead of looking at cryptocurrency as a factor that disrupts your business, think about how you can use it to your advantage. Because the advantages are there and it’s up to you on how to utilize them! This is no coincidence because the world has been shifting to the digital space and personally, we wouldn’t be surprised if completing transactions via cryptocurrency will be the norm in a few decades…or even years!