A Guide for Accepting Bitcoin at Your Ecommerce Store
Bitcoin and other cryptocurrencies are payment methods for paying for services and goods at local and online stores. Unlike credit cards or cash, Bitcoin’s decentralization facilitates secure, instant, and low-cost payments. Therefore, accepting Bitcoin at your eCommerce store could bring numerous benefits. Also, Bitcoin’s underlying technology can help merchants manage their supply chains more efficiently. If you are interested in bitcoin trading, visit Bitcoin Era trading App.
While Bitcoin remains a volatile cryptocurrency, it could benefit your eCommerce store enormously. For instance, this virtual currency can boost convenience when processing payments. And this could help your store attract more consumers, thereby increasing its profitability. What’s more, Bitcoin payments don’t require any training or experience from customers. But how do you accept Bitcoin payments at your eCommerce store? Here’s how to do it.
Set Up a Crypto Wallet
Bitcoin allows a merchant to receive and process payments from customers without intermediaries as a peer-to-peer payment method. But you require a cryptocurrency wallet to accept Bitcoin payments.
A Bitcoin wallet stores this cryptocurrency. And setting up a crypto wallet is straightforward because you download it to your computer or smartphone. Also, you can use a hardware wallet that is usually offline.
A digital wallet has unique features. However, pick a wallet you can use conveniently and securely. Additionally, choose a Bitcoin wallet whose provider allows you to download and install upgrades based on your preferences and needs.
Integrate a Bitcoin Payment Processor
Your eCommerce platform has existing integrations, meaning setting up a Bitcoin payment will be easier. For instance, if you run a Magento eCommerce store, you can use options like CoinGate and BitPay. If you’re on Shopify, you can use Dwolla, Coinbase, and BitPay.
Nevertheless, research the available Bitcoin payment processors to determine the best option for your eCommerce store. For instance, finding a Bitcoin processor for some eCommerce stores is like searching integration in its marketplace. You may have to peruse help documents on other platforms to understand how to take Bitcoin payments.
So, if unsure about ways to integrate a Bitcoin payment processor, talk to the platform provider. Your account manager will provide the necessary details to help you integrate your eCommerce store with your preferred Bitcoin payment processor.
Accept Bitcoin Payments Manually
Accepting Bitcoin payment directly to your wallet eliminates intermediaries. However, this method requires extra work on your eCommerce store. With this option, you will give your customers your Bitcoin address with every sale. Also, you will take care of invoicing and billing when taking Bitcoin payments manually.
But the obvious benefit of this approach is that you won’t pay processing fees because you won’t integrate any Bitcoin payment processor into your eCommerce store. Nevertheless, this approach is ideal for your eCommerce store if it doesn’t have high sales volumes. That’s because you will receive crypto payments while eliminating intermediary fees.
Convert Bitcoin to Fiat Money
Once you receive Bitcoins in your crypto wallet, convert them to local fiat money to cushion your enterprise from losses that may arise from its price decline. Alternatively, you can hold Bitcoin in your crypto wallet, waiting for upward fluctuation. If you use a third-party Bitcoin payment processor, you may incur transaction fees. And these costs vary from one processor to another.
Final Thoughts
Accepting Bitcoin at your eCommerce store requires careful research and comprehension of the process. Ideally, decide whether to use a Bitcoin payment processor or manually. Also, select a reputable payment process and crypto wallet to ensure the safety of your revenues.