Did you know that there are currently around 15,174 companies around the globe that accept Bitcoin payments? Of those, approximately 2,300 are situated in the United States. This crypto payment statistic alone shows that you need to consider this option for your own business.
In this guide, we will teach you how to accept crypto payments on your website, so stick around!
Why should you accept cryptocurrency payments on your website?
There are a number of benefits associated with accepting cryptocurrency payments on your website, including:
- You will be able to attract new customers – The growth of cryptocurrency in the past few years has been astounding. There are no signs of this changing any time soon. If you offer cryptocurrency payments to your audience, you will open yourself up to consumers who prefer to pay in this way. If your website is losing traffic, this might be a great way to see new business growth.
- Avoid chargebacks and fraud – Cryptocurrency can be compared to cash in the sense that you either have the funds available, or you don’t. Plus, when you use cryptocurrencies, all transactions are final because transactions are added to the blockchain through mining. The system will verify funds, meaning it is impossible to spend more money than you actually have. The transaction must be approved by both parties. This means you do not have to worry about chargebacks or disputes anymore.
- Worldwide use – You can escape costly exchange rates or foreign transaction fees, as cryptocurrencies like Bitcoin are accepted around the globe.
- You can process transactions quickly – If you have ever purchased cryptocurrency yourself, you will know that the transactions are rapid. A lot of people use MoonPay to buy Bitcoin for this very reason. High transaction speeds are important for a business’s cash flow.
- You will save yourself some money – Merchants in the United States have paid more than $78 billion in fees related to debit and credit card processing. As cryptocurrencies are decentralized, a bank is not needed for transaction verification. This means you don’t have to worry about paying these fees, which will save you between two and five percent on every transaction.
How can you enable cryptocurrency payments on your website?
As you can see, there are a number of benefits associated with offering cryptocurrency payments on your business website. So, now the question becomes how do you go about doing this?
One of the easiest options is to simply find a crypto payment processor who will handle this for you. Some of the best providers include the following:
- NowPayments – NowPayments is a processing option that is very popular because it is easy to implement and has low fees. It gives you the ability to accept more than 100 different cryptocurrencies and exchange them with ease for the currency of your choice. This solution also has excellent compatibility with the leading e-commerce platforms, offers outstanding plugins, and is overall an amazing point-of-sale solution.
- Coinbase Commerce – Coinbase makes it easy and quick for sites to start accepting Bitcoin payments. With outstanding compatibility and a great app, you can start accepting cryptocurrency in an instant. With a rapid exchange from cryptocurrency to the currency of your choice, it is a high-security solution that protects you against fluctuations in currency. There is something for every business as well thanks to the flexible pricing options.
- BitPay – Finally, BitPay provides consumers with various payment options. You can leverage a whole host of integrations and plugins, embeddable invoices, hosted checkouts, and payment buttons. All of these can be set up with ease, so you can start taking Bitcoin payments without any difficulty. There is also a Zero Price Volatility feature that helps to protect you from volatility. In terms of fees, the transaction fee currently stands at one percent.
To implement any of these options, you will need to install the payment processor onto your website. This is usually reasonably straightforward, but if you are struggling, it is always a good idea to contact the customer service team of whichever provider you choose.
Accept crypto payments on your website via PayPal
Aside from signing up for one of the payment processors, you may want to consider taking crypto payments via PayPal.
PayPal is one of the biggest online payment providers. It is available in most countries around the world, and recently it moved into the crypto sphere. Consumers with crypto holdings in the United States can automatically buy the item in question in their preferred cryptocurrency.
When the sale is made, the cryptocurrency will be converted into your fiat currency, for example, the US dollar, and you will receive payment as you typically would.
Of course, this makes the process a little bit different. You’re not going to receive Bitcoin or any other cryptocurrency that the consumer may have used. Instead, it will be converted into fiat currency. However, it does mean that consumers who want to pay in cryptocurrency are able to do so, meaning you open up your business to more customers.
Manually accept cryptocurrency
Last but not least, another option is to manually accept cryptocurrency. If you decide to go for this option, you will need to make sure that you have a dedicated plan in place so that everything is handled in a safe and efficient manner.
Unfortunately, many types of cybercrimes are on the rise, so you need to do everything in your power to make sure your business and your customers are protected. However, it is possible to organize payments with the buyer directly. This will take place in the customer’s crypto wallet, where they will simply facilitate a payment. All your customer will require is your ‘address.’ This is an alphanumeric string that you will be able to locate in your wallet. Or, you can generate a QR code if you would prefer.
Once a customer has your ‘address,’ they should be able to send the payment and complete the transaction with ease.
Is this the right option for you?
If you decide to go down this route, you will need to take care of billing and invoicing on your own. You will also need to organize the delivery for any services or items you sell and manually provide payment addresses.
This can result in a lot of work. However, it does mean you do not need a middleman. This can make it a more affordable option as well.
Ultimately, it is advisable for business websites that are only going to need to accept Bitcoin on an occasional basis or if you only have small sales volumes to begin with.
The best cryptocurrencies to accept on your website
One thing that you need to consider is what cryptocurrencies you are going to accept on your website.
You may be surprised by the sheer number of different cryptocurrencies that are available today! However, it is not always possible to accept them all. Plus, it is unlikely that you would want to, as a lot of them are not popular or may not be suitable for buying items online.
It makes sense to start off with the most popular cryptocurrencies. Bitcoin would be the most obvious example. After all, this is the original cryptographic currency. It was created back in 2008, and it has gone from strength to strength ever since.
There are a number of other cryptocurrencies that have grown in popularity in recent times. Ethereum is the second biggest currency in the world at the moment. It was created in 2013, and it differs from Bitcoin because it enables anyone to run NFTs, decentralized applications, and generate other tokens on the Ethereum blockchain. These factors are making Ethereum an incredibly popular and ever-growing cryptocurrency, so it makes sense to accept these coins on your website as well.
Some of the other options that you may want to consider accepting include Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC). Make sure you keep an eye on the market as new coins are coming to the fore all of the time. Tether (USDT) is one of the newer cryptocurrencies that is making noise at the moment.
Give your customers more payment options by enabling crypto payments
So there you have it: an insight into the different options that are available to you when enabling crypto payments on your own website. From acquiring new customers to avoiding chargebacks and fraud, there are lots of reasons why businesses of all sizes should be compelled to accept cryptocurrency on their websites.
The most important thing is that you ensure your customers have access to the payment methods they need and want. By enabling crypto payments on your website, you can give them more options and reduce the pressure on your traditional payment systems. Plus, you will be able to benefit from lower fees and quicker transactions.
If you are considering enabling crypto payments on your website, make sure you do your research and understand all of the options that are available. From which coins to accept to finding the right crypto payment gateway, these are decisions that you should not take lightly. Get it right and you could open up a whole new world of opportunities! Good luck with your crypto payments journey! 🚀💰✨
Frequently Asked Questions
What is the best way to accept cryptocurrency on my website?
The best way to accept cryptocurrency on your website is to use a payment processor or payment gateway that supports cryptocurrency payments. This will allow you to accept a variety of different cryptocurrencies and provide customers with an easy way to pay for goods and services.
What are the benefits of accepting cryptocurrency on my website?
There are a number of benefits to accepting cryptocurrency on your website. These include lower transaction fees, faster payments, fewer chargebacks, and the ability to acquire new customers from the crypto world. Plus, it can also help to improve your website’s security and reduce fraud.
Are there any risks associated with accepting cryptocurrency on my website?
There are always risks associated with any form of payment processing, and cryptocurrency is no exception. You should make sure that you understand the technology behind cryptocurrencies and use a reliable payment processor to ensure your customers’ funds are secure. You should also make sure you have the right legal framework in place to protect your business.