How to Accept Bitcoin Payments as an Online Retailer

Bitcoin adoption is on the rise, which means an increasing number of people also want to spend their digital currency. That’s why accepting Bitcoin payments is becoming an incredibly interesting prospect for online retailers, especially those who have customers from all around the world.

Read on to learn about the benefits of accepting bitcoin as a payment method and how your business can start accepting the digital currency.

Bitcoin Accepted Here! The Benefits of Accepting Crypto Payments

Before we show you how to accept Bitcoin payments, let’s take a look at the reasons why it (probably) makes sense.

Access to new markets

Accepting Bitcoin payments opens up your business to the world. Traditional payment methods are typically confined to specific regions and are hindered by the challenges of dealing with different currencies. In contrast, bitcoin is a global payment system that allows companies to serve clients in any part of the world.

Gain new customers

Many businesses that start to accept Bitcoin payments end up with a new customer segment that wants to sell the cryptocurrency they hold.

Lower transaction fees

Credit card fees range from 3% to 4%. Bitcoin transactions usually cost around 1%, saving you money. And if you accept Bitcoin payments via the Lightning Network, transaction costs are only a few cents.

Increased transaction speeds

While internal payments via traditional banking rails can take days to settle, bitcoin transactions typically settle between 20 to 60 minutes, regardless of where in the world the payment was made.

Alleviate chargeback fraud

Bitcoin payments are secure and immutable, preventing chargebacks and reducing fraud-related losses. Credit card chargeback fraud is a massive challenge for online retailers, and accepting Bitcoin payments entirely alleviates this risk.

How to Accept Bitcoin Payments: A Step-by-Step Guide

To start accepting Bitcoin payments, you must choose a payment gateway and create a merchant account. This will allow you to start accepting BTC payments, which you can then typically either directly hold on digital currency or have automatically converted into the fiat currency of your choice and transferred to your connected company bank account.

Here’s how it works!

Step 1: Understand Bitcoin regulations in your region

Before integrating Bitcoin payments, understand the regulatory framework governing cryptocurrencies in your region.

Consult your partner payment gateway to ensure compliance with tax and financial regulations.

Step 2: Set up a Bitcoin payment gateway

To accept bitcoin, you will need a reliable Bitcoin payment gateway.

Zypto Pay, for example, makes accepting crypto easy with features like auto-exchanging bitcoin into fiat currency and integrations with various e-commerce sites.

Step 3: Integrate Bitcoin payments into your checkout process

To start accepting cryptocurrency payments on your checkout or deposit page, you will need to integrate your Bitcoin payment gateway. This can be done using plugins, hosted payment pages, or APIs.

Step 4: Inform your customers

To encourage the use of the new payment option, educate your customers about it. Highlight the benefits of using Bitcoin, through clear communication on your website and marketing channels.

Additionally, providing clear Bitcoin payment instructions will also go a long way in getting more customers to pay with bitcoin.

Step 5: Manage Bitcoin volatility

The value of bitcoin can change rapidly which may end up affecting your profit margin. To avoid this, use a cryptocurrency payment gateway that allows for automatic conversion from bitcoin into stable currencies such as dollars or euros.

Conclusion

Accepting bitcoin as an e-commerce merchant can improve your business since it extends your market coverage, lowers transaction costs, and alleviates chargeback fraud.

To fully explore the advantages of digital currency payments, you need to ensure compliance with existing laws, integrate a payment gateway, connect it to your checkout process, and inform your customers that they can now also pay with digital currency.

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• Source: https://www.fintechnews.org/accept-btc-payments/