Finance & Insurance

How to Set Up A Shopping Cart to Accept Bitcoin?

Cryptocurrency has started to dominate the financial industry, and eCommerce businesses embrace the convenience that this payment option offers. Several primary digital retailers—Overstock and Steam— are beginning to accept Bitcoin too. This means it’s high time for you to reconsider adding Bitcoin to your eCommerce site.

While there is only a few software that helps you integrate Bitcoin to your payment option. It’s vital to understand how the process works. Fortunately, there’s so much to learn when it comes to Bitcoin integration. Some services like SendOwl accept Bitcoin via its Bitpay integration, which enables you to take Bitcoins and transition them to hard currency automatically. 

If you look closely, Bitcoin payments are like accepting regular payment options from your consumers. If you want to have a detailed overview of how you can integrate this currency, you can read and watch this SendOwl review and feature tutorial to help you with the procedure. With Bitcoin as one of your payment options, it opens the door to more opportunities to upscale your site. 

Bitcoin is a peer-to-peer, decentralized network that allows users to send money with each other. It’s a software that will enable you to send or receive online payments from anyone worldwide instantly. 

Why Cryptocurrency Should be Considered In Your Business

Since it’s the first introduction to the world in 2009, Bitcoin has evolved and has been high when it comes to adaptability. 

If you have an eCommerce business, Bitcoin integration has spectacular benefits on your side that you must never procrastinate about.

  • Negligible Transaction Charges
  • Bitcoin doesn’t cut a percentage on your earnings unless used with a third-party processor. You can set up a small fee (in cents) for the network to process your payment.

  • No Chargebacks
  • If you compare payments with credit cards, cryptocurrency payments cannot be reversed. Once the customer transfers the amount to your wallet, it’s impossible to call back the payment without your consent. The process gets rid of possible chargebacks and security against eCommerce fraud.

  • Wider Customer Base
  • Integrating Bitcoin as one of your payment options helps upscale your business and instantly opens the door to a broader consumer base.

  • Easy And Fast Transactions
  • It’s a pretty straightforward approach when it comes to payment options. All you have to do is provide the address and indicate the amount customers need to pay. It takes about 20 seconds for the payment transaction configuration.

  • Investment Form
  • It’s volatile, but the value has tremendously evolved from previous years and will continually evolve with the years to come. 

How To Easily Setup And Accept Bitcoins As An Option For eCommerce Payment

There are three ways on how you can integrate Bitcoin with your shopping cart effectively.

Plug-in & Cash Out

It’s the most straightforward approach to how you can integrate Bitcoin with your eCommerce business. It’s relatively easy with a few platforms such as WordPress, Shopify, and related service platforms.

These channels come with ready-made plug-ins that allow you to integrate cryptocurrency options on your shopping cart. However, every platform is different. Check that whatever platform you select, it’s updated, has a broader user base, and with excellent insights.

Easy Yet Expensive Process

If you want to save yourself with all the hustle and bustle, this process is for you. However, you’ll need to stash some cash along the way. You can integrate the cryptocurrency payment service to your eCommerce/shopping cart. 

It may cost you a little bit more, but indeed it is worth it. For example, Coinbase cuts the same processing charges when you reach a $1 million transaction while BitPay has 1% for every purchase made.

Traditional Process

When it comes to conventional processes, you don’t optimize the eCommerce services from cryptocurrency (Bitcoin) payment providers. 

You’ll set up an online currency wallet that can either be the hot or cold wallet. Hardware or cold wallets are known for their security in support of a more comprehensive array of crypto coins. Keep in mind that various wallets support different currencies. Ensure that you have selected the one that best suits your store currency and what your business only accepts. 

If you choose to accept Bitcoin, monitoring its current to future trends is vital. To convert your coins directly to fiat, you have to create an account for a reputable cryptocurrency exchange platform. 

Conclusion

Integrating Bitcoin payment options with your eCommerce business or shopping cart may cost you any extra, but it’s worth the investment and effort. It’s particularly beneficial to broaden the customer base, eliminate or reduce chargebacks with risks, and decrease transaction charges. With cryptocurrency integration, your business will have a boost and leverage it in no time. 

With the three most effective methods of incorporating Bitcoin with your eCommerce business, you’ll enjoy its advantages and help achieve your goals conveniently and quickly.

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