Blockchain and cryptocurrency are two terms that are widely popular all around the world. Digital wallets are providing more convenient and safer payment methods, thus offering smooth business transactions. It also eliminates the third parties involved in the payment transactions. Thus you can use bitcoins to buy goods and services without disclosing your identity. This is what attracts more and more merchants to cryptocurrency.
Ecommerce customers can enhance their payment methods by incorporating cryptocurrency. Providing more checkout options will attract more customers to your business. Let’s discuss in detail how cryptocurrency can help your eCommerce store. Cryptocurrency is rising in demand and many people are interested in investing in it. Investors may choose cryptocurrencies under $1 if they are on a budget as such options are widely available.
What is cryptocurrency?
Cryptocurrency can be defined as a digital currency that uses encryption techniques to bring regulation in the way it is generated and used. It is not controlled by any of the government bodies or banks. All the transactions are verified by the network’s users. To prevent the coin from being used multiple times by a user. Each coin has its own unique features. Some coins offer more privacy and protection than others. As a means of payment, cryptocurrencies are gaining popularity. Cryptocurrency trading is becoming common with more people as well as the trading bots like Chain Reaction. Check Was ist Chain Reaction? here.
How to incorporate cryptocurrency in eCommerce?
Experts believe that cryptocurrency and eCommerce are best suited for each other. eCommerce store owners have to consider cryptocurrency as an opportunity to develop their business. Customers who are looking for more convenient, fast, and safer payment options will be attracted by the cryptocurrency option on the eCommerce stores. Online customers are already demanding digital payment to purchase goods and services.
Advantages of using cryptocurrency in eCommerce
- Fast transactions
Cryptocurrency transactions are easily processed while credit card payments may take a few days to process. Thus cryptocurrency can give you quick access to the payments which ensures a higher cash flow for your business.
- Broader Market
You can attract more tech-savvy customers to your business if you incorporate cryptocurrency into your eCommerce store. Thus you will be able to broaden your market among the community of cryptocurrency users.
- Improved security
Without the merchant’s consent, a customer won’t be able to reverse a transaction that is done with cryptocurrency. Thus retails will be able to prevent eCommerce fraud which usually happens with the presence of a third party in between, like the banks.
- Reduced fees
The transaction using cryptocurrency charges only low fees. There will be changes in the fees according to your decision on accepting the coins to your wallet or using a third-party provider. Still, the payment will be much lower than the ones charged by credit cards or apps like PayPal.
How can eCommerce stores accept cryptocurrency payments?
You can accept cryptocurrency payments either through your personal wallet or by using a third-party payment provider. You will have to create a virtual wallet if you are opting for the first method. If you want a more secure way to store your coins, you can choose a hardware wallet that will use a special hardware drive to store the cryptocurrency.
Third-party providers like BitPay or Coinbase can also be used to handle the payment processes. The most attractive advantage of using a third-party provider is that they can easily convert cryptocurrency to fiat. Thus, you can save yourself from price volatility.