You may have considered taking Payments in bitcoin or any other cryptocurrency for your e-commerce store at some point in time, whether you are a crypto geek or are still learning the basics.
With all of the excitement around cryptocurrencies, blockchain, and NFTs, all e-commerce store owners should at the very least become acquainted with how cryptocurrency may be leveraged for online transactions.
Given the recent fluctuation in cryptocurrency pricing, significant e-commerce platforms such as BigCommerce, WooCommerce, and even Shopify now offer cryptocurrency payments via crypto wallets and payment gateway such as CoinRemitter.
In this blog, we’ll go over what are the benefits and drawbacks of accepting cryptocurrency, and lastly, we’ll go over how to properly accept cryptocurrency on your e-commerce site.
How Cryptocurrency Is Beneficial.
Transactions Fee Is Low Compared To Fiat Currency
- Credit or debit card providers and payment applications like Stripe or Square impose transaction fees ranging from 3-5 percent on each transaction.
- Cryptocurrency transactions frequently do not have costs or have fees as low as 1%.
Transaction Are Anonymous
- By using encrypted wallet addresses, cryptocurrency enables anonymous purchases.
- Helps your clients to purchase things without revealing their personal information.
- It allows you to conduct business without fear of violating any privacy restrictions.
No Chargeback & Fraud Activity
- Unlike common assumptions, the blockchain technology that underpins cryptocurrencies was designed especially to decrease fraudulent activities.
- Accepting cryptocurrency allows money to be exchanged instantly, it cannot be retracted, and it cannot be forged.
Yes, definitely even cryptocurrency like any other payment method has a downfall.
Major Disadvantages.
Price Fluctuation
Fiat currencies (such as the US dollar) change very modestly, the value of cryptocurrencies is extremely volatile.
We’ve witnessed enormous upward swings recently, but a substantial decrease might represent a significant danger for e-commerce companies that rely on cash flow for inventory restocking and other day-to-day operations.
No Protection Or Insurance
When it comes to fraudulent chargebacks and transactions, consumers have always had protection from credit card issuers in the event of illegitimate purchases.
Crypto payments have no safeguards or redress; once it’s gone, it’s gone, just like a wire transfer.
As a result, before adopting cryptocurrencies as a payment method, consumers may need to have more faith in the store or brand.
How to Accept Payments in Cryptocurrency?
Accepting cryptocurrency in your eCommerce business may be done in two ways: through your personal wallet or through a third-party payment processor.
You can use a third-party payment processor, such as CoinRemitter, to manage the full payment process, similar to how credit card payment processors do.
Choosing a wallet and a service might be a difficult task. Keep in mind that not all wallets and exchanges are trustworthy, since anybody may launch their own cryptocurrency trading exchange platform.
However, there is a lot simpler method if you want to start taking cryptocurrencies right now and with little trouble.
Safer And Faster Way Of Accepting Cryptocurrency With CoinRemitter.
CoinRemitter is a renowned payment processor that provides services for accepting cryptocurrency by individuals, and companies, and also includes eCommerce plugins which makes it more reliable and faster.
With CoinRemitter, you can provide a seamless checkout experience to your consumers while accepting a range of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Binance, and others.
With CoinRemitter, any online business running on an opencart, magneto, WordPress, and other platforms may begin accepting payments by simply integrating its payment gateway plugins into its website.
It has a very low fee structure of 0.23%, and it also features functionalities that make it more dependable for online use, such as invoice production, coin swap, and affiliate program. In order to secure clients’ accounts and funds CoinRemitter uses multi-factor authentication.
Conclusion
If you decide to accept Bitcoin and cryptocurrencies on your online business, be sure that your system, transactions, and funds are all as safe as possible.
If these assets are critical to your business, consider cold storage, which means keeping an offline Bitcoin wallet, such as a flash drive, and not keeping big sums in your wallet for lengthy periods of time.
While new technology might be difficult and frightening, Bitcoin has the potential to revolutionize e-commerce and international trade as we know it.
So, while you may not be comfortable with this, you will have a better understanding as the internet and e-commerce scene evolves.
