Accepting Cryptocurrency: A Guide For Online Stores

Guest Post

3 years ago

The world has become more receptive to cryptocurrency, and many online businesses around the globe have added the option of purchasing a product through crypto transactions. This trend has especially skyrocketed over the last couple of years:

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The graph above represents the daily number of transactions, so it really shows the increasing interest of e-commerce businesses in customers with access to cryptocurrency. But how do you actually switch on the option to pay with Bitcoin, Dash, and other currencies? Here’s a quick guide with all the essentials.

1. Check If Your e-Commerce Platform Accepts Cryptocurrency

If you’re using a mediator platform to run your e-commerce store, you need to check the Terms and Conditions to make sure it allows accepting crypto. Here’s the full list of e-commerce platforms that allow cryptocurrency transactions:

WooCommerce – has a ton of crypto integration plugins which is a plus and a downside at the same time. If you choose the wrong plugin, it can compromise your store’s security.
BigCommerce – integrates with third-party cryptocurrency service providers but doesn’t provide support for such transactions.
Magento – enables crypto payments through different modules, including plugins, which, however, take a percentage off of each transaction.
Shopify – allows cryptocurrency transactions both through plugins and third-party integrations, provide support but takes a transaction fee.
PrestaShop – offers a variety of crypto modules but doesn’t include support.

This is just a brief overview of the cryptocurrency exchange capabilities offered by various e-commerce platforms. For more information, contact your provider’s customer service.

2. Choose A Cryptocurrency Wallet Service

As we’ve mentioned in the previous section, some online shopping platforms integrate with third-party payment processors. This is a great opportunity for you to protect your money and provide a safe transaction option for your customers. Which integrations do most popular e-commerce platforms allow? For example, Magento connects with BitPay and CoinGate, while Shopify users can take advantage of Coinbase, Dwolla, GoCoin, and BitPay. Some of these solutions can even help you monetize your cryptocurrency in Nigeria despite the ban. However, get more information from your payment processor first. How to choose a cryptocurrency wallet provider? There is a choice between hot and cold storage wallets. A hot storage wallet is connected to the internet. They are free but have security risks. Cold storage wallets, such as Trezor and Ledger, are also known as hardware wallets and are safer than their online counterparts. As an e-commerce shop owner, you will probably work with hot storage wallets. To eliminate any security risks, make sure to integrate with a provider that offers 24/7 customer service.

3. Set Crypto Transaction Requirements for Your Store

You may be familiar with the cryptocurrency exchange process, but it doesn’t mean your customer is. So, to avoid problems and to improve the customer experience at your online shop, make sure you provide transaction rules and regulations. For instance, you can include:

The terms and conditions of accepting crypto as payment for products;
The process of purchasing products with crypto;
The process of resolving transaction issues;
A section with frequently asked questions.

If you have customers coming to your store from around the globe, make sure you translate these rules and regulations to their native languages. For instance, if a big portion of your clients is from China, you can work with a Chinese tutor to adapt the text and make it understandable for the customers. Native speakers will do this job better – they will be more familiar with the terminology and make sure the text is free of confusing mistakes. You can also create a chatbot for your online store or enable live chat if you have 24/7 customer service. If a customer from a different time zone comes to shop at your store and has questions about Bitcoin transactions, a chatbot will provide timely answers and improve the customer experience.

Over To You

As you can see, there are plenty of options for an e-commerce business to start accepting cryptocurrency. Many popular platforms include plugins and integrations to enable crypto transactions. All you have to do is choose the right wallet service to manage incoming payments and store them safely. Make sure it offers around-the-clock support and is transparent. It is also important to let your customer know the specific process of exchanging crypto for a product, so they can do it safely and with confidence. Interested in more crypto world news? Check out our visit! Featured Image Source: Kaspersky

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Ryan is a passionate blogger and writer who likes sharing his thoughts. Now he works as a content editor and internet researcher, you can check his website. He likes to travel and explore new countries.