• Benefits of accepting cryptocurrency on your Ecommerce Store

    If you have been toying with the idea of accepting cryptos as payment for products on your online store, you are not alone. With all the hype centering on cryptocurrencies, the blockchain, and non-fungible tokens, all ecommerce merchants are familiarizing themselves with crypto payment solutions. Crypto prices may be volatile but that hasn’t stopped leading ecommerce platforms like WooCommerce or Shopify from supporting crypto payments via crypto wallets.

    Cryptocurrency is a decentralized digital payment system which is neither controlled nor issued by banks or governments. Users can spend their money anonymously through crypto transfers. Amongst the cryptos available today, the Bitcoin has been the first to enter the crypto space a decade back. To make purchases using the Bitcoin, for instance, you will need to download a digital wallet to store the coins. You can either download a hot or cold wallet, depending on your security needs.

    Advantages of accepting cryptos in your online store:

    • Wider market: One of the strongest reasons to embrace crypto payments in your ecommerce store is because it lets you reach out to a new niche of tech-savvy consumers. By allowing them the flexibility to pay using cryptos, you are offering them another handy and secure payment option. This is especially true when you are targeting buyers who may not have access to credit cards or banking facilities.
    • Quicker transactions: Money transfer through credit/debit cards and banks will take a while, but when you use cryptos, the transactions are instantaneous. Faster transactions will not only streamline your cash-flow but also help you to keep your customers satisfied since deliveries will also be quicker.
    • Lower fees: Crypto transfers entail much lower fees compared to credit or debit card purchases or payment processing services like PayPal. Fees will also vary according to whether you are accepting coins into your own wallet or using a third-party wallet like the one offered by Coinbase cryptoexchange.
    • Better security: Once transactions are made using cryptos, they cannot be changed, erased, reversed, or tampered with. This is because all records are verified and approved by a network of computers. This eliminates the chances of forgery and double spending. It automatically means greater security for ecommerce store owners because there are not third parties to withdraw your money without taking your consent.
    • Instant gratification: At a time when everyone wants everything taken care of immediately, crypto transactions make perfect sense. Bitcoin transfers are quick, giving you a peace of mind. It helps to facilitate cross-border transfers too helping your business cater to an international audience.
    • Greater trust: Unlike traditional banks, the Bitcoin seems to prioritize the customer. Financial institutions are never open to giving people control over their money. As a business owner, this means greater freedom and flexibility; you do not need to conform to regulations set by banks or financial institutions.

    According to founder of BitPay, Tony Gallippi, Bitcoin will soon become pervasive and people will not even realize this. It has such a robust technology that is will successfully grow into the backbone for all types of transactions, not simply for shoppers buying products online. But to accept cryptos, you must ensure that the system, funds, and transactions are all secure. Use robust passwords and MFA (multi-factor authentication) for your wallets and exchanges.