As E-commerce continues to grow and expand, secure, fast, and efficient payment methods have become a priority for many businesses. In the past, businesses have relied on traditional payment methods such as credit cards, bank transfers, and PayPal. However, cryptocurrency payments on a commercial scale set new precedence as a payment method that combines nearly all the benefits of the existing traditional methods with almost no pros; however, is this true or just media hype?
In this article, we will explore the benefits of cryptocurrency payments for e-commerce businesses and examine whether it indeed offers economic advantages to businesses. But first, let us understand what cryptocurrency is.
Benefits of Accepting Crypto Payments on Your WooCommerce Site
Indeed, many people see cryptocurrency as an investment opportunity to maintain the value of their assets and even gain returns on them. However, at its most basic state, cryptocurrency was created to function as a medium of exchange. Cryptocurrencies are digital assets designed to operate on a decentralized ledger called a blockchain, which makes transactions faster and more secure.
Cryptocurrency has gained popularity in recent years, and with its benefits for e-commerce businesses, it's no surprise that many are beginning to consider it as a viable payment option. Some of these benefits include:
- Cheaper transaction fees: Traditional payment methods such as credit cards and PayPal can have high transaction fees, which can add up to form high running costs and eat into a business's profits. However, with cryptocurrency payments, these fees can be significantly reduced, both on the end of the business owners and the customers.
The customers only have to pay little fees to the miners who process their transactions, and they can even choose from a variety of blockchain networks to use; customers may effectively pay only a few cents to process transactions worth thousands. Similarly, the merchant can also use crypto payment gateways to process transactions for as little as 0.03%
- Faster transaction processing times: Some traditional payment methods can take several days to process, which can be a major inconvenience for businesses and customers alike. With cryptocurrency payments, transactions are processed almost immediately. In fact, on some blockchains, transactions are confirmed in less than a minute, and money is available to spend immediately; this improves cash flow and helps businesses operate more efficiently.
- Increased security and fraud prevention: All cryptocurrency transactions are recorded on the blockchain; hence, all payment records are transparent and immutable. Hence, fraud, chargebacks, and other payment disputes that typically affect traditional payment methods are mitigated with crypto payments
The absence of these payment disputes helps businesses to avoid messy issues that could eat into their business finance, making it cost more to run their businesses. Additionally, because cryptocurrency transactions are decentralized, they are not subject to the same vulnerabilities as centralized payment gateways; hence, it is largely secure.
- Greater accessibility for international customers: Cryptocurrency is borderless; hence, it can be accessed by anyone and everyone, even in restricted jurisdictions. However, traditional payments are limited in their reach to international customers. Additionally, with cryptocurrency payments, there are no currency conversion fees, unlike traditional payments, which could involve additional conversion costs that could eat into the profits of businesses, thereby increasing running costs. And transactions can be processed from anywhere in the world.
These benefits show that, indeed, accepting crypto payments for your website has many financial benefits and can indeed reduce the running cost of your E-commerce businesses. This is corroborated by many big box companies that have integrated crypto payments on their website.
As far back as 2014, before crypto became popular to all generations, overstock.com announced $1 million in Bitcoin sales within three months of accepting the cryptocurrency on their websites. Similarly, many smaller-scale Shopify merchants reported increased sales and customer loyalty; hence, it is safe to say that the benefits outlined above aren’t theoretical but practical, as seen with these examples.
How To Accept Crypto Payments On Your WooCommerce Website
Beyond financial advantages, accepting cryptocurrency payments on your website can be greatly beneficial, and if you haven’t already started accepting crypto payments, you should start now!
To begin accepting crypto payments on your website, all you need to do is integrate the CCPayment payment gateway to your checkout page, making it easy and swift for you to accept crypto payments.
CCPayment offers the following benefits ahead of other payment processors; these include:
- An industry-low service fee of 0.03%
- Easy API integration with existing e-commerce platforms
- Support for 45+ cryptocurrencies
- Compatibility with 70+ wallet service providers, including all major ones.
- Real-time transaction processing
- Security-audited payment gateway.
And many more advantages.
Simply create an account with CCPayment, login, set your preferences, copy API keys for website integration, and you can immediately receive payments from your customers from anywhere in the world!
It is obvious that crypto payments reduce running costs for E-commerce businesses and overall help them to maintain profitability. E-commerce trends continue to grow and evolve, but for now, businesses that adopt cryptocurrencies are ahead of the curve and will continue to see significant benefits in terms of cost savings and improved efficiency.
CCPayment is committed to helping your business take advantage of the benefits of cryptocurrency payments. With CCPayment, you can accept crypto payments from anywhere in the world, spend optimally, and build a global brand. Learn more.