Accept Crypto Payments On Shopify
With a surge in Bitcoin popularity, many eCommerce stores want to accept crypto payments on Shopify. Customers seek new options and checkout and among them is cryptocurrency. For online stores, this means adapting payment gateways that suit alternative forms of payments.
Shopify is a leader in online eCommerce shopping. Currently, they accept many types of third-party payment processors, including high-risk merchant account solutions. These types of accounts are perfect for companies in unique industries that don’t adhere to the Terms and Conditions Shopify Payments holds as a standard.
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How to Accept Crypto Payments on Shopify
To accept crypto payments on Shopify you’ll need a payment integration that connects to a crypto account. You can either use the Shopify Payments crypto solution or a third-party one that connects with other major companies. For example, Signature Payments has an integration in the works that can easily install on your website. Download it to your Shopify store and gain the ability to accept cryptocurrency on Shopify
There are two major things to consider when choosing which type of crypto payment you want to install on your site. The first is reputation. Work with a major crypto provider to guarantee your payments are secure and that each transaction is seamless. The second item consideration is whether or not your company is supported by crypto providers
Can You Accept Crypto on Shopify Payments
Yes, Shopify allows cryptocurrency payments through its platform. They even have a list of benefits why crypto is beneficial to merchants. Some of those reasons include:
- Lower Processing Fees – Unlike standard processing fees crypto charges around 1% as an industry-standard instead of the standard 3% plus transaction fees.
- No Chargebacks – Chargebacks can be a major issue for merchants and result in a dropped merchant account. Crypto eliminates these problems with one-way exchanges.
- International Sales – If you want to sell items overseas and not worry about converting international currency, Bitcoin and other altcoins are accepted throughout the world.
- Convertible to USD – Many merchants still want to get paid in American dollars. With crypto, you can easily exchange currency for cash in your account.
- Quicker Transactions – Instead of going through multiple hands, crypto goes directly to your coin wallet. There is no intermediary which results in faster payments.
Bitcoin is by far the most popular cryptocurrency in the market which is why paying with Shopify with Bitcoin is a must. As a merchant, you should find a way to accept alternative forms of digital currency as a means of exchange. Other coins include Ethereum, Litecoin, Tether, USDC, Binance, and hundreds of others.
As a merchant, you can choose a crypto solution that works with major coins, but not smaller ones. In the current market, there are new and unstable coins that certain wallets accept. If a customer buys your product and pays with a coin that crashes you’ll be out of money.
How to Stay Protected When Accepting Digital Currency
Stable coins are types of cryptocurrencies that are backed by assets. Much like the Gold Standard which was halted in 1971, stable coins have a real value that is paired with other forms of fiat recognition. Moreover, some stable coins like Tether are tied to an existing traditional currency like the USD.
If you have Bitcoin in your crypto wallet and want to ensure you can exchange your money for easily transferable currency, be sure to sell it back to the market. Some applications automatically transfer your money to USD while others save your crypto funds. Either way, if you accept Bitcoin and other stable coins you’ll be better off than if you receive currency that can rapidly devalue.