Accepting cryptocurrencies as a form of payment for all goods bought on your e-commerce website has proven to be one of the most beneficial and innovative steps you can take as an online merchant. Accepting digital tokens has now become easy as various companies have developed certain platforms that will ensure that you can quickly start accepting these digital tokens. In this article, we will discuss some of the benefits and ways or platforms that you can accept cryptocurrencies as a form of payment for your online store.
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Benefits of Accepting Cryptocurrencies For Your Business
- Lower fees; you will find it interesting to know that most of these companies and platforms that accept cryptocurrencies charge little or no fee for all transactions. Most of these merchants pay about 2.9% when they make use of credit cards or online payment methods like PayPal, but with if you accept Bitcoin and crypto tokens without converting to a physical or fiat currency, there is no transaction fee.
- No chargebacks; when you accept cryptocurrencies as a form of payment for your goods, you will see that there are no chargebacks. All transactions that are made are protected and with the assistance of the blockchain technology, the transactions cannot be reversed by anyone on the network.
- A global currency; one thing about cryptocurrencies is the fact that it is not limited by borders or geographic locations. They can be used anywhere without having to convert to another country's currency.
- A long list of new customers; generally crypto enthusiasts tend to support merchants that accept cryptocurrencies as a form of payment. This means that as soon as you begin accepting cryptocurrencies, your customer base will increase drastically.
What To Look For Before Choosing A Cryptocurrency Payment Process
To ensure that you get the very best from these platforms and ensure that your customers find it easy to make these payments, you have to look for these features before choosing a payment process.
- Lower fees
- How fast do they approve and execute transactions
- The manner in which you receive your funds
- You have to know how they calculate their exchange rates
- Will my customers find it easy to make these payments
These are some of the features that you must look out for before choosing a payment process.
Recommended Payment Processes
- Bitcoin Internet Payment Process; this one of the best ways to accept cryptocurrencies as a form of payment. This platform has a considerable fee level which is beneficial.
- Coinbase; this is one of the best cryptocurrency exchanges, but it also works as a payment process. This platform is well known for its easy to use interface. It also happens to be one of the best as it offers you the privilege to install plugins on your website.
- Bitpay; this is another good payment process that has proven to be efficient and also less expensive. It has a standard fee for starters which ensures that you do not end up using all your profits to pay for transaction fees.
Great breakdown, I don't have an online business but I have a mate that runs a little store and a basic intro like this would be awesome for him! Might send it his way :)