Cryptocurrency is gaining worldwide recognition nowadays and has been glorified for its potential to usher in a new era of financial inclusion. This increase in circulation of digital currencies has accelerated its acceptance, such that even central banks have stepped up on endeavors to explore and create their own digital currencies.
Concurrently, the onset of the COVID-19 pandemic and ongoing fears of virus transmission have also prompted consumers and businesses to rely more on digital and contactless payment options. This is where cryptocurrencies contradict itself because apparently, its high profile has been derived from its status as a potential investment of value rather than as a means of financial payment. But that disconnect is now deteriorating steadily Trabzon Escort as more online stores and websites are issuing stabilized cryptocurrencies as viable, mainstream methods of payment.
Why Should Your Ecommerce Website Accept Cryptocurrencies in 2022?
With the ongoing trend toward online and in-app shopping, it is no surprise that not only 2022 but even the coming years will reinforce digital adoption like never before. In the future, digital currencies will eliminate the middlemen and allow parties to transact directly with each other. It can make transactions more reliable, efficient, and secure. And with all the buzz around cryptocurrency, bitcoins, blockchain, and NFTs, every ecommerce business owner should at least enlighten themselves with the benefits of cryptocurrency and how it can be used for online purchases.
Several online businesses across the USA and Canada have started to realize the potential of cryptocurrency in ecommerce. Even website developers have started implementing cryptocurrency-based payment in next-gen business websites for 2022. Several retail businesses have begun leveraging the help of web developers in Toronto to create innovative ecommerce websites that accept bitcoin or other crypto payments. Even world renowned ecommerce platforms such as BigCommerce, Shopify, WooCommerce etc, already support cryptocurrency payments and selling with the help of crypto-wallets.
4 Benefits of Using Cryptocurrency in Ecommerce
1. Lower Fees and Simplified International Ecommerce
Accepting cryptocurrency payments can be extremely beneficial for your ecommerce brand if you are doing business in the global marketplace or making cross-border sales. This is because digital currencies eliminate the need for currency conversions to the local currency. Therefore, neither your business nor your customer will have to be concerned about converting payment, whether it’s in dollars, rupees, euros, or another currency.
No matter where you are, the value of a cryptocurrency remains the same and will not change based on geography or location. This can significantly eliminate the cost behind exchange-rate or online transactions, therefore, helping businesses to save a lot of expense.
2. Zero to Low Transaction Fees
Since cryptocurrencies such as Bitcoin are unregulated by governments and financial institutions, there are no middlemen present to charge your funds or to put a hold on it. This is because cryptocurrency transactions take place directly between your business and the consumer. Also, the processing for BTC payments is much lower when compared to those for credit cards, which again reduces transaction fees.
Meanwhile, credit card companies and payments apps charge transaction fees anywhere from 3-5% on each transaction. Most of the customers are unaware of this because the majority of ecommerce businesses integrate these fees into their online store prices.
3. Accepting Cryptocurrency Allows Access to Larger Markets
By utilizing cryptocurrency payment gateways for your ecommerce website, you could actually expand your customer base among both global and local buyers. According to the World Bank, there are almost 1.7 billion adults worldwide who do not have a bank account. This could prevent them from making online purchases as most websites require online payment through banks. Cryptocurrency solves this trouble by allowing anybody, anywhere to use digital currency in order to make payments and buy products. Türkiye’nin en kaliteli alexis texas hd videolarını sitemizden izleyebilirsiniz.
As a result, cryptocurrency would help in the inclusion of more people in the global economy, who otherwise would not have been able to do so. Cryptocurrencies are also becoming more of a trend among tech-savvy customers and by integrating digital currency payments on your ecommerce website, you will be opening your doors to a completely new purchasing group.
4. Transactions Are Completed Quickly and Securely
Since almost all cryptocurrencies, even bitcoin, are based on blockchain technology, it allows businesses to precisely trace transactions. Not only that, but cryptocurrencies provide excellent anonymity with the help of cryptography, as the blockchain blocks are considerably impossible to recreate.
When we compare this to the existing or traditional digital payments, businesses can have several advantages through cryptocurrency. Because, unlike traditional systems, cryptocurrencies have no chance of fraudulent transactions and counterfeit currencies are quite low.
How to Accept Cryptocurrency on Your Online Store
If you already have an ecommerce website for your business, it’s not difficult to integrate cryptocurrency payment methods. But if you don’t own a website then firstly you will have to get the help of experts doing website design in Toronto to build a unique yet appealing site for your store. And in this website you will need a “wallet” to hold your cryptocurrencies. These wallets are similar to online payment apps that you currently use for business transactions.
The cryptocurrency wallet will allow you to purchase, sell, trade, and store many different types of cryptocurrency, such as Bitcoin, Tether, Ethereum, and much more. Along with it, you will be provided with a unique private key that helps to keep your currency secure and easily accessible, and it connects with other applications to help make online transactions easy.
Therefore, when someone purchases something in cryptocurrency from your website, the digital money will be added to your crypto wallet. Since this wallet is accessible anytime, you’re free to exchange it in the currency of your choice, trade, make purchases or do anything you wish.
Crypto Wallets and Platforms
Since cryptocurrencies are built for the modern digital world, it is quite easy to integrate crypto payments into a website. But this integration will primarily depend on the platform your ecommerce website is hosted on. Major ecommerce platforms such as Shopify, WooCommerce (WordPress), and Magento, have plugins that businesses can install to quickly set up crypto payments or wallets. These plugins do an excellent job in creating a crypto gateway, but if it does not work for your website you can always leverage the help of web developers.
Before selecting a crypto wallet for your ecommerce website, do your research to see what the best options are for your online store. Because some ecommerce hosting platforms such as Magento can help you easily search and integrate payment options. Meanwhile, for other platforms such as Shopify it could be a little bit more complicated as businesses will have to analyze website payment documents to learn how to accept cryptocurrency.
Make sure that you evaluate multiple cryptocurrency payment gateway solutions first before coming to a conclusion. Here are some things to consider:
- The amount required for transaction fees
- Payout frequency
- Supported currencies
- Supported countries
- Customer support
Once you accept cryptocurrency as payment for your ecommerce store, ensure to market this new addition to crypto investors and tech-savvy consumers. You may include content or posters emphasizing that cryptocurrencies are accepted on your website. It not only gives your business the opportunity to continue serving your usual customers but also expands your customer base.
Conclusion
Cryptocurrency is the right choice for ecommerce retailers looking to extend their market share whilst offering their customers a quicker and more convenient way to pay for products and services. Although some people are skeptical about the adoption of cryptocurrency and the influence it could have on finance, there are still multibillion-dollar companies like Tesla that have accepted digital payments.
But, even if you are not completely sold on the thought of accepting crypto payments, it is imperative that your ecommerce website stays relevant with the current digital trends and adapt quickly to get ahead of the competition and quickly meet customer demands.
Author Bio:
Cindy Williams is a blogger in Canada. She is working as an outreach coordinator for Web Sharx, a company offering website development in Toronto. She graduated with honors from the University of British Columbia with a dual degree in Business Administration and Creative Writing.
