If you’re an eCommerce retailer selling online, adopting cryptocurrency as a payment method can enhance your customers’ journey and expand your consumer base by offering more choices at the checkout.
To get started, here’s are a few reasons to implement this service into your eCommerce business.
Lower Transactions Fees
Credit card companies and payment apps like Paypal charge transaction fees anywhere from 3–5% on each transaction. Many eCommerce companies build these fees into their online store prices. Cryptocurrency transactions often don’t have fees or are as low as 1%. However, there are cryptocurrency conversion fees when transferring cryptocurrencies to national fiat currencies like USD.
Accepting cryptocurrency as a payment method will give you access to a whole new market of tech-savvy consumers who have created a community within the cryptocurrency market. Given the option to pay through a digital wallet or a credit card platform allows you to dip into broader markets and appeal to consumers all around the world.
For Anonymous Transactions and the Bank-Averse
Cryptocurrency allows for anonymous online purchases by using encrypted wallet addresses — it’s basically like using unmarked cash. This allows your clients to purchase items without compromising their personal information and allows you to do business without worrying about any privacy regulations.
Reduce Fraud and Chargebacks
Contrary to popular belief, developers built cryptocurrency’s blockchain technology specifically to reduce fraudulent activity. By accepting cryptocurrency, money is exchanged immediately, it cannot be rescinded and it cannot be forged; therefore, the ability for fraudulent chargebacks or returns is drastically reduced. Unless you’ve been living under a rock, you will have no doubt felt the buzz surrounding blockchain and cryptocurrency. The rise of digital wallets is making way for more convenient and instant payment systems, and as a result, disrupting the way we conduct business. Given cryptocurrency is automatically converted into local currency for merchants when using a payment processor, accepting this form of payment can be pretty seamless for retailers. Despite this, most are yet to get on board.
After a customer completes a transaction with cryptocurrency it becomes difficult to reverse, unless you have the consent of the merchant. This offers retailers more security when it comes to eCommerce fraud, since there is no middle force, such as a bank, that is able to withdraw the funds from your account without your consent.
How to Accept Payments in Cryptocurrency
One secure way to accept cryptocurrency in your eCommerce store is to have an account with a third-party payment processor.
A third-party payment processor, such as Coinbase or YmplePay will handle the entire payment process, just as credit card payment processors do. One benefit of using a third-party payment processor instead of a personal wallet is that they can instantly convert the cryptocurrency into fiat, saving you from any price volatility. Price volatility refers to the changes in value that cryptocurrency is subject to, which can sometimes be quick and extreme. Being protected from this means that you’ll get paid the amount you charge, even if the value of the coin changes mid-transaction. Choosing a wallet and provider is now simple with Metamask or Coinbase.
The Fastest Way to Accept Cryptocurrency on Your Online Store
Rather than spending time searching for the best wallet, or trying to develop something yourself, you can use an eCommerce integration to start accepting cryptocurrency on your online store right away.
YmplePay is a leading payment processor building new feature for people that wants to accept cryptocurrency. Online store owners who use YmplePay can access a very quick integration for their eCommerce store.
If you want to keep your business on the cutting edge, it’s definitely worth it to accept cryptocurrency in your online store. Especially since crypto processors can protect your business from price fluctuations, so your business won’t risk losing money due to changes in coin value. You can appeal to crypto-enthusiast customers, and boost your brand visibility, with minimal risk.