Now accept bitcoin payments is way much easier & quicker than before.
“Bitcoin”, a very much popular name across the globe, has been providing a highly secure and transparent way of transferring currency for several years.
Every day the value of Bitcoin keeps growing. Nowadays, the pace of growth in cryptocurrencies and the adoption of blockchain technology has sparked a revolution in the financial industry, taking the online payment sector to a new dimension.
Giant corporations are currently INVESTING their capital and resources in Bitcoin. So you can estimate the value of Bitcoin.
It becomes common that many small and large businesses around the world have already begun to accept bitcoin payments.
Now it is time for you to consider accepting bitcoin payments for your business because you have to keep up with the trend.
This will make your presence as you are at the forefront of technological growth, drawing new clients, and keep your business safe from a number of scams.
We know that being an eCommerce merchant you may have a number of questions running on your mind like how can I start accepting BTC payments, will it benefit my business or not, and more.
Isn’t that the case?
However, we are going to cover all the necessary points that you need to know about your business. You will get a clear understanding of BTC payments and more at the end of this blog!
Down below is our in-depth guide to implementing this new payment system for your online store.
SO, let’s hop into…
What benefits merchants can get from adding the bitcoin payment gateway
Using BTC payments on your website helps you to process lower fees payments and receive payments instantly.
This currency is also ideal for sites involving foreign payments, as it is much quicker than bank transfers from one country to another.
Here are the key benefits that every merchant could get.
1. BTC will expand your customer base:
Integrating cryptocurrency payments into your online store checkout will set you apart from your competitors as well as help attract new customers to your business.
Adding another payment gateway will allow your customers to make a payment through. Ultimately, the customers who prefer to make transactions via cryptocurrencies are more likely to go with the crypto option.
You will notice a significant improvement in your sales.
2. It will eliminate chargebacks:
Transaction through credit/debit cards is reversible. That means the merchants get all of the cardholder's sensitive information to drag money from the account.
However, this isn’t the case with Bitcoin. Once the funds have been transferred, the party that sent the payment is unable to retrieve the transferred payment without the merchant's permission.
Every transaction in bitcoin is guarded by the Bitcoin network. That means merchants are able to accept bitcoin payments without having to worry about the threat, fraud, or charges.
3. Provide you the low transaction fees:
Cryptocurrencies are used more often for regular transactions. Merchants may use this to reduce the costs of collecting transactions for their company.
As you already know that Bitcoin is not government regulated. Transactions occur exclusively between the buyer and the seller, so there are no intermediaries who can hold your funds.
More significantly is the fees for processing BTC payments are lower than credit cards.
4. Offering the utmost security:
Bitcoin uses blockchain technology it means blockchain holds the data and is linked to each other. If anyone tries to change a portion of the chain, the entire chain will be alerted and alarmed. That is the level of security.
Speaking of security, coinremitter, a bitcoin payment gateway provides its merchants with multi-layer security.
Therefore, there is no longer a chance of identity fraud or any other security concerns when verifying a transaction.
Criteria to consider when choosing a bitcoin payment processor
So, you have made up your mind accepting bitcoin payments on your store. You can promptly begin accepting cryptocurrencies by implementing a bitcoin payment processor into your existing business platform.
Consider Coinremitter, it works best with the eCommerce platforms.
But BEFORE integrating any payment processor onto your store you must have to check out the following criteria.
1. The transaction fees:
First and foremost you have to check for the transaction fees charged by the Bitcoin payment processors that you are considering.
Bitcoin transaction fees are lower than credit card fees. Coinremitter, however, offers only 0.23% which is the lowest among other gateways.
2. Supported plugins & currencies:
It is advisable to check that the Bitcoin payment processor should support the currencies & plugins that your business requires.
Coinremitter provides all the popular open-source plugins, so you don’t have to look for the other options. Nevertheless, it also offers the most renowned & widely used cryptocurrencies that you can integrate into your store.
You should look for the features of a payment processor that you want to install such as security, digital wallet, multi-currency support, currency swap, etc.
Choose what is best suited to your business requirements. Coinremitter comes with all the features that merchants should need in their business.
4. Customer support:
Last but not least, the payment processors should be available to solve your queries 24/7. This is crucial to your company as issues could hamper your sales processing capability.
Must look at what kind of support is there like is there any live chat support? Or do they offer via mail? Consider those criteria prior to making any decision.
Accept bitcoin payments in just 3 steps
To begin the process,
As we talked above, choose the gateway that suits your business needs according to its features, transaction fees, customer support, etc.
Let’s take an example of Coinremitter for your better understanding.
1. Create your bitcoin wallet:
In order to create your bitcoin wallet, you need to have a coinremitter account. To do that, you can simply create your account by filling your details in the signup form and you’re all set.
After you log in to coinremitter, you’ll have to select a Bitcoin (you can even create other coin wallets too) and then have to fill up the details such as wallet name, password, etc.
Your wallet will be created soon after you fill out the details.
2. Get API key & password:
After successfully creating a wallet, you’ll need to have an API key and password in order to start accepting bitcoin payments on your site.
You’ll get the API key on the wallet page by clicking on the bitcoin wallet. You can consider the API Guide for a better idea.
3. Install a bitcoin payment gateway:
The last you have to do is install the coinremitter on your eCommerce platform.
You can integrate it according to your platform, as coinremitter supports well known open-source plugins, but you can still check before you take a step that your platform must be compatible with coinremitter.
Each platform has a different integration process that you can use to better understand the integration process.
So, you've got the idea of how HELPFUL it is to integrate a bitcoin payment gateway into an eCommerce store.
A nice piece of advice is that you can indicate to your customers that you accept Bitcoin payments.
Just put a button “Bitcoin Accepted Here” next to your PayPal, MasterCard, Visa which can get the attention of your customers.