As cryptocurrency continues to gain in popularity we explain how you can accept bitcoin on your website in 2022 without negatively impacting the checkout process.
What Is Cryptocurrency?
A cryptocurrency is a digital or virtual asset that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Small businesses can now choose to accept cryptocurrencies as payment if it is right for their business.
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 and continues to grow in popularity.
What are the advantages of accepting Bitcoin on my website?
There are many advantages of accepting Bitcoin on your website. Bitcoin is a decentralized currency, so it can be used by anyone in the world.
There are no transaction fees when using Bitcoin, so it is cheaper than using traditional payment methods. Bitcoin is also a very secure way to accept payments, as all transactions are encrypted.
Lower Transaction Fees
Most small business owners have to contend with credit card fees on top of fees charged by companies like Shopify (for using other payment providers than the one they offer). International payments have even higher fees associated with them.
However, due to crypto being a decentralized currency, transaction fees are much lower across the board — and international fees are competitive with domestic transaction fees.
For example, Stripe charges 2.9% + $0.20 per transaction, whereas Bitcoin transaction fees are normally around 1%. This makes Bitcoin a much more attractive option for any business that has customers all over the world. Not only are the fees lower, but the transaction time is also greatly reduced.
With Bitcoin, business owners can save money and offer their customers a faster and more convenient payment option.
Faster Transactions
When it comes to working with international customers, one of the biggest headaches can be processing delays for transactions. Bitcoin offers a solution to this problem.
Not only will you save money on fees, but you’ll also receive your payments faster using bitcoin. In most cases, payments made with bitcoin are instant, meaning you won’t have to wait for days or weeks to receive your money.
If you’re looking for a way to streamline your international transactions, bitcoin may be the perfect solution.
No Charge Backs
One of the big issues with some payment providers is chargebacks. A chargeback is a demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.
This can be a big problem for businesses, as customers can dispute charges after they have been made. With bitcoin, there is no possibility of chargebacks, as the transactions are irreversible.
This means that you can be sure that you will not lose any money from fraudulent or disputed transactions.
Secure and Anonymous Payments
Another advantage of bitcoin is that it is a very secure payment method. Transactions are encrypted, so they are safe from fraud and theft.
Bitcoin payments are also anonymous, meaning that the person making the payment does not have to reveal their identity. This can be beneficial for businesses that want to keep their payment information confidential.
On Trend
Bitcoin is becoming increasingly popular, and more and more people are using it to make payments. It is hard to say exactly how many people are using the currency but Coinbase, one of the largest Bitcoin platforms, has over 30 million users.
As bitcoin becomes more and more mainstream, an increasing number of people will use it to make purchases. Accepting bitcoin on your website can help you stay ahead of the curve and attract new customers and getting in early on the trend enables you to build customer loyalty with bitcoin owners before other stores do.
What are the Disadvantages of accepting Bitcoin on my website?
The main disadvantage of accepting Bitcoin on your website is the price volatility of the cryptocurrency. This means that the value of Bitcoin can fluctuate quite a bit, and this can cause problems for businesses that accept it.
For example, if you accept Bitcoin as payment for goods or services, and then the value of Bitcoin goes down, you may end up losing money. However, if you convert Bitcoin into standard currency straight after the transaction, then this disadvantage becomes irrelevant.
What You Need to Accept Bitcoin and Cryptocurrency on Your Website?
If you want to start accepting bitcoin and cryptocurrency on your website, there are a few things you need to do. First, you need to decide which wallet or wallets you want to use. There are many different types of wallets available, so you’ll need to do some research to find the one that’s right for you.
Once you’ve decided on a wallet, you’ll need to integrate it into your website. There are many different plugins and integrations available, so again, you’ll need to do some research to find the one that’s right for you. Once you’ve done that, you can start accepting bitcoin and other cryptocurrencies as payment for goods or services on your website.
Launch Cart and Bitcoin
If the above sounds a little bit complicated, then Launch Cart has the solution.
“Launch Cart is the only eCommerce platform in the world that natively enables sellers to accept Bitcoin with on-checkout bump offers, and multiple one-click post-purchase upsells and downsells for their customers.” Said newly appointed Chief Technology Officer, Tyler Ryan.
With a Launch Cart eCommerce site, you can quickly and easily accept Bitcoin without the need for a wallet.
Utilizing an integration with Open Node you can enable Bitcoin as an accepted payment method for your site, alongside or instead of Stripe and Paypal.
Once you have a Launch Cart store set up, just follow the simple steps in this How To Enable Bitcoin Payments article and you could be accepting bitcoin in a matter of minutes.
Conclusion: Accepting Bitcoin Payments on Your Website
In conclusion, accepting Bitcoin payments on your website is a good way to start accepting cryptocurrencies. By doing so, you can increase your customer base and possibly get more sales.
Additionally, Bitcoin and other cryptocurrencies are becoming more popular and mainstream, so it is a good idea to start accepting them now.
Having different payment options on your checkout page is useful to customers and accepting bitcoin is another tool to help you increase your sales.
FAQ
Why accept crypto payments?
Cryptocurrency payments have several advantages over traditional payment methods. They are fast, secure, and offer lower transaction fees. In addition, they can be used to make purchases anywhere in the world.
Is it legal to accept bitcoin payments?
Yes, accepting bitcoin is legal. Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Transactions are verified by network nodes through cryptography and recorded in a publicly distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
What Is a Cryptocurrency Payment Gateway?
A cryptocurrency payment gateway is a payment processor that allows businesses to accept cryptocurrency payments. Cryptocurrency payments are made using a wallet, and the payment gateway processes the payment and converts it into fiat currency. The gateway then sends the fiat currency to the business’s bank account.
