Everyone is familiar with traditional payment methods like bank transfers and other digital alternatives. However, it’s no secret that,despite appearing as the ultimate solution to payment processing, their inadequacies sometimes make them undesirable.
Choosing to process transactions via traditional methods leaves you open to paying huge, exorbitant processing fees, long transaction times, and security issues, all of which have left eCommerce merchants and customers alike to seek a more efficient alternative.
Of course, as an eCommerce business owner, you know that a transaction's speed, efficiency, and security can make or break a sale, which can, in turn, affect business turnover. As a result, embracing alternatives to traditional payments is not only beneficial but essential.
Cryptocurrencies like Bitcoin have become game-changers in processing payments in many industries, including businesses, making it easy to run eCommerce businesses, accept payments seamlessly, and speed up the procurement and delivery of commodities. Hence, it’s no surprise that you, an eCommerce business owner, are seeking a means of accepting Bitcoin and other digital currencies to your website
In this article, we will explore the benefits of accepting Bitcoin payments for your eCommerce website and walk you through the steps of setting up a system to accept yours. Let’s get into it!
Why Accept Bitcoin Payments?
Created in 2009 as a global, borderless, decentralized digital currency that is independent of banks and governments, Bitcoin has since gained traction among businesses, investors, and even everyday users.
Although it is mainly used as a store of value to hedge against inflation with its constantly increasing value, Bitcoin was originally created to facilitate transactions via a peer-to-peer system that sidesteps the centralization of governments and financial institutions.
Bitcoin operates on a decentralized technology called the blockchain. Blockchain is a distributed ledger that records all transactions across a network of computers, which makes it possible for Bitcoin transactions to remain secure and transparent, even without a central authority.
Below are some benefits of accepting Bitcoin for your e-commerce business.
Cheaper Transaction Fees
Bitcoin and cryptocurrency, in general, are largely cheaper to process than traditional payment options, both on the customer and merchant ends. Your customer may be able to complete a cryptocurrency transaction with infinitesimal transaction fees, while with a crypto payment processor linked to your check-out page, you can process thousands of dollars, paying only a few cents in fees.
This cost-effectiveness can significantly contribute to your bottom line, enabling you to allocate more resources to other aspects of your business. It also makes microtransactions more feasible, as the overhead costs are minimal, enhancing your ability to cater to a wider range of customers.
Faster and More Secure Transactions
Cryptocurrency transactions are executed on a decentralized peer-to-peer blockchain network, facilitating speed and security. These blockchain networks consist of globally decentralized nodes, making it almost impossible for hackers to compromise the system.
The speed of cryptocurrency transactions is particularly advantageous for ecommerce businesses. Faster transaction processing means quicker order fulfillment, leading to improved customer satisfaction and potentially repeat business. Moreover, the enhanced security features of blockchain reduce the risk of fraud, ensuring that transactions are reliable and trustworthy, fostering customer trust in your business.
Access to a Global Customer Base
Bitcoin, like other cryptocurrencies, facilitates borderless transactions; hence, accepting them opens up your business to a global customer base, helping you reach new customers and expand your business.
This global reach can be instrumental in scaling your business operations. By eliminating geographical restrictions and the limitations associated with traditional currencies, you can tap into markets that were previously inaccessible. This not only diversifies your customer base but also positions your business to capitalize on emerging trends and market demands in different regions.
Potential for Capital Appreciation
By accepting Bitcoin as payment, your business opens up the potential for capital appreciation. As Bitcoin gains wider adoption and experiences fluctuations in value, any Bitcoin held by your business could increase in worth over time. This offers an opportunity for additional revenue and serves as a safeguard against economic uncertainty.
While traditional currencies are susceptible to inflation and devaluation, the decentralized nature of Bitcoin makes it an attractive asset for preserving value. Holding Bitcoin as part of your business assets allows you to benefit from its potential appreciation, acting as a form of investment that could yield substantial returns in the long term. This diversification strategy can mitigate the risks associated with traditional currency fluctuations and economic downturns, providing a valuable financial hedge for your business.
How to Integrate Bitcoin Payments Into Your Website
As highlighted within the course of this article, integrating Bitcoin payments into your E-commerce website is a great way to tap into a global audience, offer your customers more payment options, and enjoy cheaper, faster, and more secure transactions. However, to easily and effectively accept Bitcoin as payment, it is important that you use a crypto payment gateway service to automate the process.
Crypto payment gateways help businesses seamlessly integrate Bitcoin payments with their existing payment systems, making it easy for customers to pay with Bitcoin. Before choosing your preferred crypto payment gateway, here are some important items to check on your checklist.
- Security features
- Cryptocurrencies supported
- Unique features
- Customer support accessibility
CCPayment is one such crypto payment gateway service that provides a secure and reliable way to accept cryptocurrency payments on your website. It allows you to accept Bitcoin and 900+ currencies at a paltry service fee of 0.03%. CCPayment boasts audited multi-layered adaptive security that secures both you and your customers, and of course, our customer care is available 24/7 from anywhere in the world.
To accept Bitcoin payments with CCPayment, all you need to do is create an account, log in, and configure your payment API to be exported to your website hosting platform.
As seen above, CCPayment allows you to set up several preferences to customize your checkout page with your preferred cryptocurrencies, as well as your brand assets and colors.
All of these can be completed in minutes, and in a breeze, you’ll be ready to accept Bitcoin payments on your website.
Bitcoin and other cryptocurrencies offer several benefits for E-commerce businesses, particularly cheaper, faster, and more secure transactions.
More importantly, cryptocurrency appeals to a global customer base, and Bitcoin as the index crypto offers great potential for huge returns.
All in all, a reliable cryptocurrency payment processor like CCPayment is key to seamlessly accepting crypto payments for eCommerce businesses looking to embrace cryptocurrencies. Whether you are a small business owner or a large corporation, CCPayment allows you to easily receive crypto payments while expanding your customer base.
Getting started is easy! Simply create an account, get started, and easily import the API to your website within seconds.