More than 18,000 businesses worldwide, including Shopify stores, accept Bitcoin as a payment method and, the numbers grow daily. Unlike what some believe, adopting Bitcoin would not disrupt your existing payment methods.
Instead, it would complement them, offering your customers more options during check-out. Integrating Bitcoin as a means of payment would also ensure faster, secure, and low-cost transactions. However, it would help if you first knew about Shopify and integrating it into your payment systems.
What is Shopify?
Shopify is an online platform that offers its users a wide range of tools to set up and run e-commerce stores. It provides different pricing plans that you can choose based on your budget and business needs. Shopify offers various tools for creating a virtual store, showcasing your products and services and, processing payments online.
Shopify POS enables you to sell your products and services independently, processing sales in a physical retail store or mobile locations. However, you can also use the Shopify online store to interact with customers virtually, executing deals and payments online. Besides, the platform also offers other online channels, allowing you to sell various goods and services on social media.
How to Adopt Bitcoin in Your Shopify Store
Shopify provides three alternative payment methods for merchants that wish to accept payments in Bitcoin and other digital currencies. Those options include Coinbase Commerce, BitPay, and CoinPayments. All the alternatives enable merchants to receive Bitcoin payments directly into their crypto wallets through trusted exchanges or by bitcoin atm or bank accounts. Here’s how to accept Bitcoin as a payment method in your Shopify store.
Similar to Bitcoin, Coinbase Commerce is a decentralized platform, allowing merchants to receive cryptocurrency payments worldwide. That also gives users complete control over their funds. Merchants do not pay anything to accept Bitcoin payments but, withdrawals bear small transaction fees of about 1% to 5%.
One of the benefits of Coinbase Commerce is that it allows you to receive payments in other cryptocurrencies besides Bitcoin. That would expose your business to a broader market and attract several new customers, paying for goods and services in crypto. The platform has an in-app conversion possibility and no chargebacks, ensuring greater convenience without any additional costs.
You can also install BitPay to start receiving Bitcoin payments in your Shopify store. Among its unique features is allowing merchants to convert their Bitcoin payments to a currency of their choice. It currently supports eight currencies, daily settlements, and unlimited monthly transactions. Besides, users can also send the funds directly to their bank accounts. However, some customers have expressed concerns that BitPay usually charges relatively high transaction fees.
CoinPayments also enables you to receive payments in Bitcoin and other cryptocurrencies. The platform supports over 100 cryptocurrencies, with a relatively lower transaction fee of 0.5%. CoinPayments is available in more than 180 countries worldwide and has processed over $8 billion crypto payments since 2013. It also offers the auto-conversion feature, converting your Bitcoin tokens into various currencies, including USD. However, they also have a reputation for higher transaction fees than the others.
Nevertheless, accepting Bitcoin in your Shopify store is an excellent step towards ensuring secure, low-cost, and instantaneous payment processing.