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Minimized fraud risks Thanks to advanced data encryption, crypto payments are safer than traditional ones, especially when we talk about sensitive private data. This enhanced security layer is possible due to the technology behind, the blockchain itself. With full transparency and distribution of data across a network of computers, it excludes unauthorized access and safeguards transaction details.
No matter what time zones the operation takes place in, one will be able to receive payment in a couple of minutes. For online businesses, it can help to facilitate their cash flow. What the future holds for ecommerce and cryptocurrency Art, luxury, and other industries already accept cryptocurrency transactions.
Not to mention NFT marketplaces, where crypto is a default payment method. Still, crypto can be good not only for huge companies. Even medium and small brick-and-mortar shops, hotels, beauty salons, and other businesses can seize all the benefits listed above. Below, I will briefly describe what makes it possible. But if you see that your customers are responsive and even long for a new crypto payment method, you have two options to go for: Using digital wallet.
At this point, you may even be considering accepting the currency on your site. Here are the steps you should take to start taking BTC payments: Turn to your ecommerce platform If you already have an ecommerce site, you can quickly get started with Bitcoin by integrating your store with a BTC payment processor.
Most ecommerce platforms already have existing integrations, which makes setting up Bitcoin payments much easier. Do your research to see what your options are. In other cases, you may need to peruse the help documents of your ecommerce platform to find out how to accept Bitcoin payments as with the case for Shopify users.
When in doubt, talk to your ecommerce solution provider directly. Get in touch with your account manager and get the full details about how you can integrate your store with a Bitcoin payment processor. Evaluate different solutions The next step is to evaluate the different BTC payment processors out there to see what works best for your store. Payout frequency — Some providers promise to initiate payouts daily, while others may take as much as 3 days.
If payout frequency is important to you for example, if you must pay charges related to purchases that may build up quickly on busy days , make it a point to discuss it with your processor. Supported currencies — See to it that your Bitcoin payment processor supports the payout currency you prefer.
Do they offer phone support or is everything done via email? What about live chat? Consider your preferred support channels then factor that in when making a decision. Other ways to accept Bitcoin Integrating a Bitcoin payment provider is the simplest way to accept Bitcoin on your ecommerce site.
Coinbase, for example, has a button generator that lets you do this easily. Several providers have API documentation that enables you to do this. Invoices — Another option is to use invoices instead of shopping carts. The process for creating invoices will depend on your Bitcoin payment provider. You may also want to check with your current invoicing solution to see if they support Bitcoin payments or if they have any workarounds for the cryptocurrency.
The invoicing and payment process will vary depending on the merchant. Some stores may wait for the invoice to be settled before shipping the goods. Others may choose to implement terms such as Net If you do decide to go the invoicing route, figure out what works best for your business and go from there. Maybe it entails asking the customer to get in touch with you directly to purchase using BTC.
Perhaps you can ask shoppers to leave a special note at checkout for example some marketplace sellers do this; you may see it on sites such as Etsy. Use strong passwords and multi-factor verification — Protect your wallet by using a strong, hard-to-guess password or better yet, a passphrase that contains a combination of upper and lowercase letters, numbers, and special characters.
Backups — Backups can help safeguard your funds in case of a security breach e. For best results, Bitcoin. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup.
Encrypt online backups — Any backup that is stored online is highly vulnerable to theft. Even a computer that is connected to the Internet is vulnerable to malicious software. As such, encrypting any backup that is exposed to the network is a good security practice.
Use many secure locations — Single points of failure are bad for security. If your backup is not dependent of a single location, it is less likely that any bad event will prevent you to recover your wallet. Make regular backups — You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup.
However, all applications will be soon using wallets that only need to be backed up once.
How does that affect you? This is not a big inconvenience because if you sell in these countries, your customers could still access all the traditional payment options. In fact, there are many businesses that have implemented this payment method. Have a look at some of these famous brands: Lush: this famous natural cosmetics company uses BitPay to accept Bitcoin payments. Expedia: this big travel agency allows Bitcoin payment via Coinbase.
Starbucks: since a few years ago, it allows customers to pay for coffee through their own app, using payment platform Bakkt. How could you do this? The procedure is basically the same as with any other method: you have to integrate a specific payment gateway for accepting cryptocurrencies. How you do this will entirely depend on the CRM you have. For example, in Shopify you only need to set an alternative payment method and enable one of the following external payment gateways:.
BigCommerce lacks in-house support for Bitcoin. The cost of implementing a Bitcoin payment solution in your BigCommerce store is variable as it depends on your execution method. Rating: 4 3. Magento If you have implemented a Magento-based e-commerce store, the list of Bitcoin providers in its marketplace might amaze you. Like WooCommerce, Magento is one of those e-commerce platforms that accepts Bitcoin through a choice of payment modules.
Magento is not the easiest e-commerce platform solution out in the market. People who have built their online store using Magento have quite often than not sought the help of technical resources more intuned with the inner nuts and bolts of Magento. Yet their range when it comes to Bitcoin has been otherwise. You can integrate their Bitcoin payment solution easily. Magento-based Bitcoin payment solution is better for businesses who require more control over the payment solution and robust payment mechanism.
However, like WooCommerce plugins, these module providers take a percentage of the total transaction as their service fee. Rating: 4. Shopify Shopify is currently reigning in the world of eCommerce platforms that operate under the SaaS model. Like Magento and WooCommerce, Shopify also has countless plugins that get you going strong quickly. The biggest advantage of using Bitcoin with Shopify is the native support.
Unlike other platforms in this list, Shopify is the only platform that lets you accept Bitcoin payment without using plugins or third-party providers. The downside is the transaction fee. Unless you use Shopify Payments, you will be required to pay a transaction fee. This amount can be substantially high compared to the low transaction fee that applies to the other platforms in this list. Shopify uses a transaction fee calculation formula if you are not using Shopify Payments.
PrestaShop is known for its simple installation and configuration.
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