Crypto for Businesses — Why and How To Accept Crypto Payments on Your Website
Crypto-Marketplace Series: Learn Where & How you can spend Crypto
(5 part series — PART 2)
There is a massive explosion of digital currencies and a huge interest in Blockchain-based technologies. More and more people continue to search the web for its possible uses, and today, internet users rejoice at the news of growing cryptocurrency acceptance by business enterprises.
Over time, there has been a steady increase of merchants and corporations accepting cryptocurrency as a payment option. Some of the big players already accepting crypto include; Microsoft, OKCupid, Tigerdirect, Galactic, Overstock, and Newegg. CoinMap, further lists more than 6200 stores that have welcomed crypto as a payment method, and there could be more out there.
As you can see, Crypto payments are an important addition to all e-commerce stores. Ranging from big corporations to small enterprises like restaurants and coffee shops. As a business owner with an online presence, part of your responsibility is to provide various payment methods for your customers, and integrating crypto payment methods on your website is a great option.
In this article, we shall explore the benefits you stand to gain by including crypto payment methods as well as how you can accept cryptocurrency payments on your website:
Why accept payments in crypto?
Enhanced transactional security
Cryptocurrency payments are supported on a Blockchain platform with a multi-level encryption to ensure that your funds are safe.
Protection from fraud
The problem with wire transfers and credit cards is that they are prone to identity theft. In an error where fraudsters are getting better at hacking business enterprises to steal client financials, using Crypto can shield you from such frauds.
Crypto exclusively works online; there is no third party controlling them, there are no hidden charges, and the terms of service are simple and clear.
Sometimes credit and debit card fee can be a huge cost for business, especially when many transactions are involved on a daily basis. However, since cryptocurrency is decentralized, the transactions fees are minimal. By accepting crypto payments, merchants can decrease their transaction fees to less than 1%.
Protection from consumer chargebacks
Once a crypto payment has been made, the transaction is final. It cannot be reversed by the customer. This will protect your business from the notorious chargebacks.
Quick International Transfers
Cryptocurrency transfers are usually quick; take a few minutes. This is contrary to traditional payment methods such as wire transfers where a payment transaction can take several days.
Furthermore, the decentralized nature of cryptocurrency has made it possible for businesses to open their doors for international customers for whom their products were initially inaccessible. So, how do you integrate crypto payment methods on your website?
How to Implement Crypto Payments on Your Website
First, you will need to select a few cryptocurrencies that you would like to receive as payment. If you check on CoinMarketCap.com you will realize that we have more than 1, 500 cryptocurrencies out there. However, only a few are commonly used for payments today.
The most common ones are Bitcoin and Ethereum. The other crypto coin that may interest you is Syscoin. At the moment Syscoin is soaring due to its low-cost financial transactions and efficiency in providing businesses with a robust infrastructure to trade assets, goods and digital certificates.
Next, create a cryptocurrency wallet through which you will receive and send your crypto coins. You will also need to sign up for an account with a reputable merchant processing service.
One of the popular merchant processing services you may consider here is CoinPayments. The service has great set merchant features that you will find useful, this includes; Point of Sale (POS) interface, shopping cart plugin, invoice builder, and more. For purposes of illustration in this article, we shall use the Coinpayments platform, and by any chance, this is not an endorsement for this platform.
So, let’s delve deeper and explore how you can set up your site for crypto payments in two simple steps:
Step 1: Create Your Merchant Wallet
The first step is to create your merchant digital wallet. Go to CoinPayments official website, click “Get Started” and create an account by simply filling in your details.
Now that you have an account, the next thing you need to do is create a merchant wallet. Since Coinpayments offers both consumer and merchant wallets, be sure to select the merchant option.
Next, select the types of currency you’d want to accept. Your best bet here is the “recommended” option.
You have just set up your merchant digital wallet. Now you need to integrate it to your website.
Step 2: Integrate your merchant Cryptocurrency Wallet to Your Website
Proceed to your wallet dashboard, click “More” and then “Merchant Tools”.
You will see a couple of merchant features such as the ones shown below.
The merchant features to choose here would vary depending on the need of your business as well as your technical skills. While a small business may find e-commerce platform plugins easier to use, big ventures with many transactions may find API’s more useful. In our example, we shall use “Shopping Cart Plugin” option.
Once you select the “Shopping Cart Plugin” feature, you will see a list of shopping cart plugins.
Select a shopping cart plugin of your choice. In this case, we selected WooCommerce.
Next, click “Download” and your shopping cart plugin will integrate your payment page through the WordPress.org website.
Step 3: Website Buttons
Last but not least, add payment buttons on your website (your homepage and product service page) to let your customers know that you now accept cryptocurrency.
CoinPayments offers three types of buttons, namely; Shopping Cart, Advanced and Simple. Once they have been added, the Buttons will look like this on your website:
Congratulations! Your website is now fully set up to receive cryptocurrency payments. And receiving crypto payments is as easy as receiving an email. Just like an email address, your merchant wallet has a public address through which a customer can send cryptocurrency.
Accepting cryptocurrency as a payment method on your website opens up new opportunities for your business. Most millennial consumers have a tendency of shopping using cryptocurrency, and by accepting cryptocurrency you are on your way to creating a new customer base. The good news is that you can exchange crypto back to fiat currency when you want. So, when are you integrating crypto as a payment method on your business website?
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