It’s no news that payments have gone global, and nearly every business accepts one form of digital currency or another for goods and services. Cryptocurrency is one such digital payment option that has gained popularity in recent years, especially within the e-commerce industry.
The rise of cryptocurrency payments in online sales can be attributed to the benefits that they offer to both businesses and consumers. For businesses, accepting cryptocurrency payments can provide access to a global customer base, increased sales, reduced transaction costs, faster processing times, and overall improved customer satisfaction. For consumers, using cryptocurrency payments provides a convenient and secure way to make purchases online.
In this article, we will discuss how to increase your online sales with cryptocurrency payments and accept crypto payments on your website. However, it is important first to understand cryptocurrency and how crypto payments work.
Understanding Cryptocurrency Payments
Before the first cryptocurrency was created in 2009, several digital payment methods existed, which were all tied to our traditional banking system via credit/debit cards and many more. However, the case is much different for cryptocurrency.
Cryptocurrencies operate independently of a central bank and use a decentralized, immutable ledger - blockchain to keep accurate records of all transactions. Crypto transactions are processed by decentralized nodes on the blockchain’s network to ensure that no central authority can have power over the network; hence, it is secure and practically impossible for a malicious attacker to penetrate 51% of all the servers around the world at the same time to compromise the system. Like traditional digital payment methods, crypto payments use encryption techniques to secure transactions and control the creation of new units; hence, cryptocurrency transactions are secure, transparent, and irreversible.
There are various types of cryptocurrencies available, with Bitcoin being the most well-known and widely used. However, there are many other cryptocurrencies available, including Ethereum, Binance Coin, USDT, etc.
How To Accept Cryptocurrency Payments to Increase Your Online Sales For Your E-Commerce Business
To accept cryptocurrencies on your website and increase your online sales, the first thing to do is to set up a crypto payment gateway that would allow you to accept several cryptocurrencies without complicating the process for your shoppers. It is important to know that customers love to take the easy route, so you must make it as appealing as possible.
A crypto payment gateway is a service that allows you to accept several cryptocurrencies on your website via a single checkout page. Hence, you don’t need to manually provide payment details to all customers looking to make payment; with a crypto payment gateway, they can scan to pay or get the address and make payments.
CCPayment is a crypto payment gateway allowing you to accept 45+ cryptocurrencies on your website at an industry-low service fee of 0.03%. To accept crypto payments on your website, sign up on CCPayment, set up your account, and generate your API keys and other merchant preferences.
After setting up your crypto payment gateway and you are ready to accept crypto payments for your website, the next thing to do is to set up a marketing campaign around it, which will attract new customers and help increase your sales.
Below are some strategies you can use to promote your cryptocurrency payment gateway:
- Target tech-savvy audiences: The first thing to do when accepting crypto payments is to market products that appeal to tech-savvy audiences. For example, if you have a wide variety of products, you can focus mostly on ones that would be purchased majorly by people who are under 30. Hence, you can meet their needs while offering a payment method that appeals to them.
- Optimize your website: Make it obvious in your website design that you now accept cryptocurrency; it should be visible on the homepage, and you can also use squeeze pages to announce to visitors mid-way through their shopping that crypto payments are now accepted on your website. Also, include clear instructions on how to use your new payment option and highlight the benefits of using cryptocurrency payments.
- Offer incentives: You should consider offering incentives to customers and audiences who would want to use your cryptocurrency payment option, such as discounts or free shipping. This can help encourage people who are on the fence to try out your new payment option.
- Leverage social media: If your business is active on social media, leverage every opportunity and post to highlight the fact that you now accept cryptocurrency. Share updates and announcements about your new payment option, and you can add visual aids on how to execute crypto transactions, perhaps infographics or videos. If you have a huge marketing budget, you can also try out influencer marketing via social media to throw out the word that your brand now accepts crypto payments.
- Highlight the benefits of using cryptocurrency payments: When promoting your cryptocurrency payment gateway, be sure to highlight the benefits of using cryptocurrency payments from the customers’ perspective. These benefits include lower transaction fees, faster payment processing times, and robust privacy and security.
By integrating a cryptocurrency payment gateway into your online store and effectively promoting it with the strategies above and more, you can attract new customers, increase sales, and differentiate your business from competitors who don't offer cryptocurrency payments. Additionally, by accepting cryptocurrency payments, you automatically position your business as a leader in the industry and provide your customers with a convenient and secure payment option.
So, don’t delay. Use CCPayment to integrate crypto payments to your E-commerce website and enjoy industry-low service fees, easy API integration, top-notch security, and a seamless payment experience for customers. Don't miss out on the benefits of cryptocurrency payments – start accepting them today!