Digital currencies have been around for more than a decade. In such a short period of time, they've gone from a niche technology known only to a small group of enthusiasts to a popular payment method used by businesses of all sizes. Many well-known brands have begun accepting cryptocurrency, including Starbucks, Microsoft, AT&T, and Amazon.
The e-commerce industry is no exception, having always been at the top of technological innovation. As the number of people using digital currencies grows worldwide, more and more online stores are starting to wonder whether accepting these crypto is a good idea.
The short answer is yes – there are many benefits to accepting digital currencies on your online store. That is what we will get into in the following article.
Yet, let us first talk about how to set up a crypto payment gateway on your online store.
How to Set Up a Crypto Payment Gateway on Your Online Shop?
There are two main ways to get your store website ready to accept crypto payments: do it yourself or hire an eCommerce web development company to do it for you.
Some online payment systems, such as BitPay and Coinbase, accept cryptocurrency – these are known as crypto payment gateways. Most of the time, these services come with tools, like an API, that let you connect them to your website. You could try adding those APIs to your online shop if you're good at web development. If you're not an expert, though, it's best to hire an eCommerce development company – things could go wrong easily, if you don't know what you're doing,
Here's what you'll need to start accepting crypto payments on your online store:
- A crypto wallet;
- Get to know your website's platform (Shopify, BigCommerce, Magento);
- Choose a crypto payment gateway.
Adding crypto payments is like adding a new payment button to your site. It may look different, but it may be easier and faster than using a credit card. One tip: crypto prices can change a lot, so make sure you have a converter that updates prices often.
Benefits of Using a Crypto Payment Gateway with Your Online Shop
Accepting cryptocurrencies as another payment option on your online store has many benefits.
1. Reaching Worldwide
One great thing about crypto payment gateways is that they let you connect with people from all over the world. Cryptocurrencies work without any central authority, so anyone, anywhere can use them. That means a wider range of people can buy from your online store.
2. Faster Transactions
We all love speedy service, thanks in part to the influence of services like Amazon Prime. Cryptocurrency makes transactions lightning-fast by cutting out unnecessary processing time. With instant, accurate data on customers and inventory, buying and delivering goods becomes seamless.
3. Better Security
Cryptocurrencies, built on blockchain technology, are incredibly secure. Blockchain not only protects consumers but also helps businesses dodge other security risks associated with less secure systems. Blockchain can quickly confirm that a product is real or valid, which builds trust among customers for merchants who deal with high-risk goods.
4. Lower Fees
Transactions with credit cards or PayPal often incur high fees, typically around 3% per transaction. In contrast, cryptocurrency payments have lower management costs, once the gateway is set up. This also means that you don't need as many different currencies, which lowers the costs and risks of international transfers.
5. Simple Contracts
For B2B merchants, the ability to execute contracts electronically using AI-powered solutions is incomparable. Modern business buyers can benefit from streamlined contract processes, which increase the market's reach and make transactions easier.
Bottom Line
As we already talked about, adding cryptocurrency payments to your website has a lot of benefits. Luckily, you can choose from a number of crypto payment gateways.
Still, picking the right wallet and service provider can be hard. Anybody can make their own cryptocurrency trading platform, so keep in mind that not all wallets and exchanges are safe. If you're not sure, hiring an agency to manage the integration for you may be a good idea.
That’s where DigitalSuits may help you. We can easily manage your eCommerce website development, whether you're starting from scratch, using a pre-built platform, or simply want to set up APIs and plugins.
