Have you always wanted to accept payments using crypto on your Shopify store? We’ve got some good news.
You can now integrate cryptocurrency as a means of payment for your Shopify store where your customers can pay for products. This is becoming a global sensation and a justified payment method that every Shopify retailer must incorporate into business for efficiency.
Although it is an acceptable payment method on Shopify, some regions still have limitations and bans on the use of crypto, so ensure it is acceptable to trade Cryptocurrency in your area before you select it as a method of payment.
Why You Should Incorporate Cryptocurrency in Your Store?
There are many benefits to choosing Cryptocurrency as a payment method. Here are some of them.
Low Transactional Fees
Accepting payments via crypto can help reduce transactional charges to as 0% to 1%. It is an entirely different case if you were to accept payments via traditional means such as debit and credit payments where the transaction fee is up to 3%.
Also, it also enhances customer experience and lowers the cost of operation.
Accepting payment via fiat currency exposes your business to chargebacks. However, accepting payments via cryptocurrency lessens the chances of experiencing painful chargebacks.
Another reason to accept payment via crypto is that doing so lets you process payments a lot faster. No waiting for days for payments to arrive in your bank account. With Crypto, there are no delays in receiving money. Money is received once it is sent through Crypto, this is another advantage of Crypto over traditional mode of payment.
Cryptocurrency is a global payment exchange that is not limited to any region. It is versatile and is universally accepted. Payment can be made from anywhere, any time irrespective of timezones, and can also be received anywhere and anytime.
You only need an internet connection to accept payments from anywhere in the world. Also, it eliminates the need for a bank, as the transaction information can be read and verified by both the sender and the receiver.
Security & Fraud Protection
Another reason to accept crypto payments is that it can be a lot more secured than safe. As such, you need to take proactive steps to guard against it.
Are you wondering why?
Transactions made using crpto are very discreet as no personal information is needed, this creates a sense of trust for both parties.
Increased Customer Experience
Offering your customers multiple methods of payments will help to boost their shopping experience on your website. Providing multiple methods, especially to buyers purchasing through their mobile devices will leave them satisfied and want to trust your business the more. Making transactions & payments easier for customers will make them want to buy more from you.
What Crypto Payment Gateways Are Best for Your Shopify Store?
There are several crypto payment gateways for Shopify that
Founded in 2014, Crypto.com is one of the best and most popular crypto payment solutions for Shopify. It is the most accepted app to use to buy, sell and make payments with cryptocurrency. Additionally, Crypto.com is fast-growing globally and is accessible in many regions. It is also considered one of the most secure crypto platforms.
Crypto.com currently accepts over 20 cryptos, including Bitcoin, Ethereum, Dogecoin, etc.
What’s more, Crypto.com rewards users with bonuses for using the platform. The more active you are on it, the better your chances of getting rewarded. There is a 5% discount when you trade using a crypto visa card, so why not start using your card to enjoy the benefits.
On top of that, it is easy to set up and you can receive any choice of payment either by cryptocurrency or fiat currencies.
How to Set up Crypto.com Payment Gateway
- Log into Retailer’s dashboard
- On the left menu, click “Developers” then “Plugins”
- Under Shopify, click on “Manage”
- Enter Shopify store name and click the “install & connect” button
- Click Authorise button to install “Crypto.com Pay” in your desired store
- Select your Crypto.com Pay’s Merchant account to authorize the connection to our store
- You will be redirected to the Shopify Admin upon completion
- Click the “Activate Crypto.com Pay” button.
The connection status of the Merchant’s store changes to “Connected” upon successful installation and connection of Crypto.com.
2. Strike Commerce
Strike payment uses its generated API to initiate payment between sellers and buyers. This method of payment takes your business to a global level.
It connects buyers and sellers from around the world.
With Strike, processing payments from your customers is effortless and comes at no extra cost.
How to Set up Strike Payment Gateway
- First, create a Strike account
- Sign up for the waitlist at merchants.strike.me to get your API
- Once you’ve been approved for Strike Commerce, go to apps.shopify.com/strike and add the Strike app to your store.
Once you have done all of those, you are ready to start accepting crypto payments with Strike on your website.
3. CoinBase Commerce
Coinbase Commerce is one of the most used and simplest crypto payment systems, active in over 100 countries. A total of about $309b is traded quarterly on the platform quarterly volume traded.
Coinbase supports several cryptocurrencies including Ethereum, Bitcoin, and Dogecoin.
It has a high-secured vault that is almost impossible to breach, ensuring your money is always safe.
On top of that, transactions of $250,000 and above cash are covered by FDIC insurance.
This makes Coinbase one of the safest crypto payment gateways for Shopify.
How to Set up Coinbase Payment Gateway
- Create a Coinbase Commerce account
- Once Signed in, navigate to the left side of panel and and select API keys section.
- Click on create an API key, as this will generate an API key that will be used to connect yor account to your Shopify store.
- Next is to add Coinbase Commerce to your Shopify store. To do so, log in to your Shopify admin dashboard, navigate to to setting, and then click on Payment providers. Under Alternative payment, select Coinbase Commerce, enter your email address and the generated API key and click “Save”.
BitPay is an all-in-one app where you can buy, sell, store, swap, and trade cryptocurrency. It allows you to convert crypto coins into dollars and vice versa.
What difference does BitPay have from others? It is easy to set up. It makes available buttons for payment, and a check-out page, and can embed invoices for your websites.
BItPay accepts Bitcoins and other cryptocurrencies as a means of payment and there are chargebacks and high fees. It makes payment easy and simple.
There are no discrepancies with BitPay, you get every value of what you charge, and it protects you from price inflation of Cryptocurrencies and Bitcoin.
How to Set up BitPay Payment Gateway
- Create a Bitpay Merchant account
- Log into your account to create an API token
- Add BitPay into your Shopify store
Enabling crypto payments on your website has numerous benefits, as you have seen in this post.
Lucky for you, there are several Crypto payment gateways you can try, and we have shared the best 4 of them.
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