With over 600,000 small businesses on the platform, Shopify is a leader in eCommerce. If you do not have a shop on Shopify, you have likely been on the platform as a customer. Shopify has begun to integrate a payment gateway that allows customers to purchase products in cryptocurrency. With crypto skyrocketing in popularity in the past few years, it is essential as a store owner on Shopify to understand how to accept payments and what to do with the crypto once you have received it.
Running a Business on Shopify
If you are unfamiliar with the business side of Shopify, it is a platform that helps build online stores for small businesses. The platform performs every digital function for your shop so you can quickly sell your merchandise online. This covers website building, domain acquisition, a third-party theme, and hosting. Shopify also provides user payment processing tools for online and in-person businesses. Essentially, if you have a product or place to source a product, Shopify can help you get started selling online. If you are an existing or potential seller or have purchased from shops hosted on Shopify, it is essential to understand the integration of cryptocurrency on the platform.
So, what is Crypto?
Cryptocurrency can be best described as a fully digital and decentralized alternative to our standard currency (fiat currency). This essentially means that crypto is free from the governmental policies that typically affect traditional money. This allows crypto to surpass inflation, deflation, and bank collapses. Most crypto holders use it as a form of investment, but there has been a growing demand for additional ways to spend their crypto. Unfortunately, because cryptocurrency has only been around since 2009, many businesses do not yet have a way to accept crypto payments. However, this is starting to change as cryptocurrency payment gateways are being used by business-savvy companies looking to entice crypto users to purchase their products or service.
Accepting Crypto on Shopify
Shopify understands the demand for crypto payments, so they have integrated a crypto gateway into their interface. This makes it incredibly user-friendly for anyone selling or purchasing on Shopify. If you already have a shop, you can accept crypto payments on Shopify by enabling CoinPayments by logging into your account and editing the alternative payment box. Once you have coin-based payments enabled in your shop, you can start accepting Bitcoin, Ethereum, and over 100 other types of crypto.
This is fantastic for potential customers that hold any crypto, but what does this mean for you as the business owner? First, if you have no desire to hold crypto, don’t let that deter you from accepting coin-based payments. The gateway used by Shopify allows you to convert any crypto you earn back to fiat currency instantly. Or, if you do want to hold crypto but want to exchange the coin you received for a different type, you can do that through the gateway as well.
Shop Owner Benefits
Shops that accept coin-based payments will gain access to the benefits that come with using a decentralized currency, including faster transactions, lower fees, and increased security. Crypto is the quickest way to make an online payment as it is instant for all transactions, including internationally. When using credit cards or bank transfers, you could be waiting to access your money for days, if not weeks, especially when accepting global payments. In addition, the minuscule transaction fees that crypto users take advantage of are an industry-low at 0-.5 percent while standard bank charges between 2-4 percent. If you are regularly making large transactions, this can potentially save you thousands of dollars. Businesses also experience an added layer of security with crypto since the payments cannot be reversed or edited once they are sent, which is not the case with standard payment methods like PayPal, credit cards, or bank transfers.
Start Accepting Crypto Payments Today
Now that you’ve been briefed on crypto gateway integration on Shopify, you can start accepting crypto payments in your shop as soon as you enable it. With Shopify providing an easy solution for small businesses to expand payment options, you get to reap the benefits as a shop owner or as a customer. Even with the possibility to quickly sell your crypto as you acquire it, you may find yourself diversifying your investment portfolio to include different cryptocurrencies. With its impressive growth over a short period, crypto may just become the currency of the future.
