You’ve probably heard of Bitcoin (BTC), a sort of digital money that cuts out the middlemen (i.e., governments and financial institutions) and enables parties to interact directly with each other, unless you’ve been operating under a rock for the past few years. This makes BTC an appealing payment option for many people, along with the ability to buy products and services anonymously using it.(ecommerce payment solution)

And if you’re like most e-commerce business owners, all the talk about Bitcoin has made you curious. Should you begin to take Bitcoin as payment? What is your method? What does Bitcoin’s future hold?

This guide will address all of those questions and more. By the time it is over, you will be well-versed on BTC and know exactly how to implement it in your store.

Let’s start now.(ecommerce payment solution)

Why should e-commerce businesses be concerned with Bitcoin?
Although there are many advantages to using Bitcoin, for e-commerce businesses, the three largest ones are that it is chargeback-proof, has no or little transaction costs, and attracts particular types of clients.

Zero chargebacks(ecommerce payment solution)

Bitcoin transactions are irrevocable, in contrast to credit card transactions. After the monies have been transferred, the payer cannot get them back without the merchant’s permission.

This reduces your chargeback expenses and makes it more difficult for customers to engage in e-commerce fraud.

No or little transaction fees(ecommerce payment solution)

As was previously mentioned, governments and financial organisations have no control over Bitcoin. Since transactions happen directly between the buyer and seller, no middlemen can impose holds on your money. More importantly, processing fees for BTC payments are typically lower than those for credit cards.

According to David Cox, CEO & Founder of LiquidVPN, “An e-commerce site can locate a reliable BTC processor for as little as 0% for low sales volume up to 1% for higher volume sites.”

That is one of the reasons why, in the developing markets of Asia and the Middle East, BTC or another blockchain currency will become the main force propelling e-commerce ahead.

BTC aids in expanding your customer base.(ecommerce payment solution)

By accepting Bitcoin, businesses can increase their consumer base. Accepting the digital currency could be exactly the thing to differentiate you from the competition and win them over as more people start using BTC to pay for goods and services.

To be more precise, the bulk of Bitcoin users appear to be male and between the ages of 25 and 44. But as Bitcoin acceptance increases, we can anticipate seeing a wider range of these demographics.

What drawbacks does Bitcoin have?

After discussing the benefits of accepting Bitcoin, let’s look at some of the drawbacks that certain businesses might have:

Volatility

The market controls Bitcoin. Additionally, because it’s still a relatively new currency, its value may fluctuate. Bitcoin payments might not be for you if you’re risk-averse and don’t like uncertainty.

It’s crucial to remember that you may quickly exchange Bitcoin for your local cash. You can simply decide to sell your Bitcoin quickly rather than storing it in your wallet if you’re concerned about market volatility.

Focusing too much on the money

If you start accepting Bitcoin, be prepared for lots of inquiries and discussions about the currency itself because it’s fairly novel (versus your products). You might have consumers who are curious about how Bitcoin functions, according to Jad Mubaslat, the founder and former CEO of BitQuick.co, one of the top US-based Bitcoin trading platforms.

The easiest way to put it is what Buyer’s Best Friend co-founder Adam Sah stated to Forbes: “The number one negative to Bitcoin is all the chatter.”

He said, “I’m here to sell food. “Yes, I do want consumers to pay in Bitcoin when they come in because I need to have the funds to pay my suppliers. But I actually want them to talk about balsamic vinegar or chocolate, not how they are paid.

adding Bitcoin support to your e-commerce website
So, you now have a better understanding of Bitcoin. You might even be thinking about allowing the money on your website at this time. The steps you need take to begin accepting Bitcoin payments are shown below:

Go to your e-commerce website

By integrating your store with a BTC payment processor, you may easily start accepting Bitcoin if you already have an e-commerce website. The majority of e-commerce platforms currently have connectors, which significantly simplifies the process of setting up Bitcoin payments.

Magento-based e-commerce businesses, for instance, have access to services like BitPay, CoinGate, and others. Shopify store owners can accept Bitcoin payments through Coinbase, Dwolla, BitPay, or GoCoin in the meantime.

Discover your options by doing some investigation. Finding a Bitcoin processor for some e-commerce platforms may be as simple as looking for an integration in the marketplace for the platform (this is the case for Magento.) In other circumstances, you might need to look through your e-commerce platform’s help materials to learn how to accept Bitcoin payments (as with the case for Shopify users).

If you’re unsure, get in touch with your e-commerce solution provider. Get in touch with your account manager to get all the specifics regarding integrating a Bitcoin payment processor into your store.

Consider many options

The following step is to compare the many BTC payment processors available to determine which one is ideal for your store. Here are some things to think about:

Transaction costs – Inquire about the transaction costs levied by the potential Bitcoin payment processors. As was already established, credit card fees are higher than those for Bitcoin transactions, with most providers charging as little as 1%.

Payout frequency – While some suppliers claim to start payouts every day, others may delay them for up to three days. Make it a point to talk with your processor about payout frequency if it’s vital to you (for instance, if you need to pay charges for purchases that could quickly add up on busy days).

Check to make sure your Bitcoin payment processor accepts the preferred payout currency. The majority of solutions let businesses withdraw Bitcoin payments in US dollars and British pounds, but if you want to withdraw your money in a foreign currency, make sure the supplier accepts it.

Supported countries – Check that your supplier supports the country where your business is located because some Bitcoin payment processors are unable to work with companies from particular countries.

Customer support – Look into your payment processor’s customer service options if you anticipate needing assistance setting up BTC payments or if you have several questions. Do they provide phone help, or is email the only form of communication? Consider live chat. Think about your chosen support channels and take that into account when making a choice.

Additional methods to accept Bitcoin

The simplest way to take Bitcoin on your e-commerce site is by integrating a Bitcoin payment provider. However, if direct integration is not an option, you can look into alternatives like:

Adding a payment button to your website is possible with some Bitcoin payment processors. For instance, Coinbase includes a button generator that makes this simple to do. To design your Bitcoin buttons, you can use use the Coinbase API.

Custom integration – Speaking of API, you might choose this option if you are familiar with a web developer and are unable to locate a Bitcoin solution that seamlessly interacts with your shopping cart. You may do this thanks to the API documentation provided by a number of suppliers.

Use of invoices as opposed to shopping carts is an additional choice. Your Bitcoin payment provider will choose the procedure for creating invoices. To generate invoices for GoCoin, you can use its API; Coinbase, on the other hand, includes an invoice creation facility.

You might also want to find out if your current invoicing programme accepts Bitcoin payments (or if they have any workarounds for the cryptocurrency). Customers of QuickBooks, for instance, can benefit from Intuit Labs’ Pay by Bitcoin option.

Depending on the merchant, the billing and payment procedures will change. Before shipping the products, some retailers may wait for the invoice to be paid. Others could decide to use clauses like “Net 30.”

If you do decide to use invoices, consider what will work best for your company and move on from there.

Workarounds – You may decide to find a workaround if you are unable to use buttons, invoices, or integrations to make Bitcoin function. It can include telling the customer to contact you directly to make a Bitcoin purchase. Maybe you could ask customers to write a special note at the register (for example some marketplace sellers do this; you may see it on sites such as Etsy).

Keep financial transactions secure.

After choosing a Bitcoin payment processor and setting up your system, you need make sure that all of the transactions on your website and your money are secure. This is how:

Keep up with updates Keep current with software updates. Make sure to always use the most recent version of any Bitcoin wallets, applications, or other solutions you use to stay up to speed on security and stability changes.

Create secure passwords and enable multi-factor authentication – Use a strong, challenging password (or even better, a passphrase) that combines upper- and lowercase letters, digits, and special characters to protect your wallet. Utilize the security feature of multi-factor verification if it is provided by the service you are using (for instance, by requiring you to input a code supplied to you by SMS or email).

Source: ecommerce payment solution , ecommerce payment gateway

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