Cryptocurrencies like Bitcoin are becoming more common for online transactions. Even if you're among those who still see cryptocurrencies as a speculative investment, your business will benefit if you can accept Bitcoin payments. This is because a lot of reputable online stores are already accepting cryptocurrency payments. More importantly, since 2017, more than 5.8 million people have cryptocurrency wallets and are using them to make payments online.
Perhaps more importantly, you don't need to have a great knowledge of Bitcoin in order to join the ranks of retailers that accept bitcoin. That's because there are many reliable services available that will transform your Bitcoin into cold, hard cash after you receive payment. This guide will show you exactly how your eCommerce store can become a one of the increasing number of companies that accept cryptocurrency.
What is Bitcoin?
Invented in 2008 by Satoshi Nakamoto, Bitcoin is a digital currency that can be used to make online payments and can be exchanged for other currencies, products, and services. The cryptocurrency has been in use since 2009, and has become a popular payment option because it offers a high level of transparency on transactions.
Can You Use Bitcoins on Amazon?
The short answer is yes, but the reality is a little more complicated. While Amazon doesn't directly accept Bitcoin, the eCommerce platform uses crypto-linked gift cards that can be used for all purchases. Basically, this means you can use Bitcoins to buy an Amazon gift card, which you can then use to pay for purchases on Amazon.
Can I Accept Bitcoin on Shopify?
Yes! Many online stores on Shopify have integrated Bitcoin payments by using plugins. For example, the Lightning Network plugin from OpenNode is a payment processing feature that's allows Bitcoin payments. Similarly, Bitpay works directly with Shopify to allow merchants on the platform to creates stores that accept Bitcoin.
How Do I Accept Bitcoin Payments on My Website?
There are numerous ways to accept Bitcoin and cryptocurrency payments, including setting up a Bitcoin merchant account. Here are a few methods to help you get started.
1. Use Coinbase
Coinbase is now one of the largest Bitcoin exchange platforms. Users can buy and sell Bitcoins here using their bank accounts and credit cards, but the platform also offers Bitcoin merchant services. As a merchant, you can keep some of your payments on the patform in Bitcoin, as well as set up daily withdrawals to your local bank account with a one percent payment processing fee.
2. Use BitPay
Like Coinbase, BitPay gives you the ability to receive payments in Bitcoin and withdraw them as regular currency through your bank. Unlike Coinbase, though, BitPay isn't an exchange platform - it focuses on offering payment processing for Bitcoint merchants. BitPay is a popular choice for merchants on Steam and Shopify who want to offer Bitcoin payments.
3. Accept Payments Manually
This method cuts out any middlemen, but it does require a little more work on your part. You'll need to generate a Bitcoin address for each sale, and take care of billing and invoicing. The obvious advantage here is you won't need to pay any processing fees, but because of the work involved, this method is best for websites that don't have high sales volume but still want to accept crypto payments.
See If Bitcoin Can Boost Your Business!
Bitcoin payments are often overlooked in the world of eCommerce, but if your store can accept Bitcoin payments, you could quickly boost your sales and make your online store more lucrative.
Easyship integrates with eCommerce stores and businesses that accept Bitcoins and other cryptocurrencies. Sign up for an account today for a simple way to boost your business when it comes to cross-border eCommerce and logistics!