Do you want to start accepting Bitcoin at your eCommerce business but don’t know how to do it? If so, here’s a guide to help you do it.
If you run an eCommerce business, you probably know that credit card payments are pretty expensive. That’s because you have several fees to cover, which add up to a significant percentage of your earnings from the total sales. On the other hand, once people send you Bitcoin, you may use a platform like the bitql to earn money through trading.
Bitcoin offers a cheaper alternative for a business with a tight budget. But how do you accept Bitcoin payments at your eCommerce business? This article explains how your online store can accept BTC payments. But first, let’s look at the advantages of taking Bitcoin payments at your store.
Advantages of BTC Payments
You can enjoy several advantages by taking Bitcoin payments for goods or services. Here are some of them.
- Tapping into a New Market:By accepting Bitcoin, you’ll open up your business to a new market of potential customers. People who hold Bitcoin spend it on things they can’t find anywhere else. So, if you start taking BTC payments, you may see an influx of new customers.
- No Chargebacks or Fraud: Bitcoin payments don’ have chargebacks or fraud. Once a customer pays you in BTC, the transaction is complete. Thus, you don’t have to worry about fraudulent chargebacks as you do with credit cards.
- Low Fees:Transaction fees are also lower with Bitcoin than with traditional payment methods. When you accept BTC payments, you’ll only have to pay a small fee for each transaction.
- Fast Transactions:Bitcoin transactions are also quick. In most cases, you will receive the funds in your BTC wallet within a few minutes. Bitcoin transactions are faster than bank transfers, which can take processing days.
Now that we’ve seen the primary advantages of taking BTC payments, let’s look at how you can get started.
How to Accept Bitcoin Payments
You can start taking Bitcoin payments in different ways. Here are the steps to start accepting Bitcoin at your eCommerce store.
- Set Up a Bitcoin Wallet
The first thing you’ll need to do is to set up a Bitcoin wallet. A Bitcoin wallet is where you’ll receive and store your Bitcoin funds. There are many different wallets available. Therefore, research the market extensively to find one that’s right for you.
- Create a Bitcoin Address
After setting up a crypto wallet, create a Bitcoin address. And this is what people will use to send funds to your wallet. Depending on how you wish to receive crypto payments, you can have several Bitcoin addresses. For instance, you can create one address for each transaction.
- Get a Bitcoin Merchant Account
There are a few different ways to accept Bitcoin payments, but the easiest way is to use a merchant account. Many companies offer these accounts, and they can provide a Bitcoin address and allow you to accept payments directly into your wallet.
- Install a Bitcoin Payment Processor
Another option is to install a Bitcoin payment processor on your website. This option will allow customers to pay using their Bitcoin wallets. In return, the processor will send the funds to your merchant account. Since the current market has many processors, research the options carefully to find one that suits your needs.
- Start Accepting Payments!
Once you have set up a wallet, created a Bitcoin address, and chosen a payment processor, you’re ready to start accepting Bitcoin payments. Also, let your customers know that you now support crypto payments. You can display a Bitcoin logo on your website or in your store.
With these tips, you’re ready to start accepting Bitcoin payments for your eCommerce business. Remember to do your research and choose the suitable options for you.