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How to Accept Bitcoin Payments

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Bitcoin is the main world cryptocurrency. This digital coin is widely used as a means of payment around the world. Many online stores accept Bitcoin to pay for goods and services. However, to accept cryptocurrency payments, you need the appropriate instruments. 

Does it make sense for you to accept bitcoins on your site?

To accept or not to accept Bitcoin is a fairly common question. Cryptocurrency is not needed by all online stores. However, in many cases, it can actually be useful. To understand whether you need to accept payments in cryptocurrencies, it is important to study their advantages and disadvantages.

Benefits of accepting bitcoins on your website

Accepting bitcoin has several important advantages for any online store. The main ones are the following:

  • Low fees for receiving payments. Cryptocurrencies offer much lower transaction fees than traditional payment systems.
  • Higher interest in your brand. Accepting cryptocurrencies is an essential image step that shows that you are an innovative company that is not afraid to make modern decisions.
  • Convenience for the audience. It is important to know that cryptocurrencies are mainly used by people aged 25 to 45 – it’s the most solvent audience. If your store is focused on them, then cryptocurrency will be a good solution.

Disadvantages of accepting bitcoin on your website

However, cryptocurrency is not an ideal means of payment. It also has shortcomings. Before starting to accept crypto payments on your online store, pay attention to the following nuances:

  • Volatility. The bitcoin exchange rate is constantly changing. It can rise sharply or vice versa, fall. This unpredictability does not play into the hands of online stores. You can protect yourself from this problem if you immediately convert BTC to dollars or other fiat currency.
  • Lots of support questions. It is not an obvious problem, but a situation may arise when the support service has to answer questions about cryptocurrencies instead of doing their immediate duties.

What you need to accept cryptocurrencies on your website

In order to successfully work with cryptocurrencies, you must prepare your infrastructure. To accept bitcoins, you will need some tools and the right interaction.

Crypto wallet

To accept cryptocurrency payments, you need to register a wallet. This is a special application that can be opened or installed on a computer or smartphone. There are also online and hardware wallets. You can store cryptocurrency in wallets, exchange it for other digital assets, convert it to fiat currency, etc.

Proper communication

If you consider accepting Bitcoin payments as one of the key tools, good communication is the key. You need to explain to the audience how to pay with bitcoins and what benefits such a solution will bring for them. This is a good chance to demonstrate your own brand and increase its awareness.

Platforms and integrations

The process of integrating cryptocurrency payments largely depends on the platform your site is running on. For example, there are plugins for Shopify, WooCommerce (WordPress), and Magenta. They can be quickly installed and configured. Other platforms use different solutions.

How to choose a crypto payment processor?

One of the most important factors for the stable acceptance of payments and processing of transactions is the payment processor. Choosing the right crypto payment provider will allow you to provide the fastest and most convenient processing. It should be as easy as possible for your customers to make bitcoin payments. When choosing a partner, pay attention to the following aspects:

  • Operating costs. Make sure the fee terms offered by the processor are good for you.
  • Periodicity of payments. Some cryptocurrency payment processors pay out within one day. Some may pay every 3-5 days.
  • Supported countries. Each country has its own requirements for cryptocurrencies. It is important that the processor supports the country where your main audience lives.

For the successful processing of cryptocurrency payments, PayAdmit can be a good solution. It is a one-tap payment provider that supports transactions with bitcoins and other cryptocurrencies. Payadmit provides a reliable bitcoins payment gateway and easy customization with options to fit any store and. Contact our experts to find out more.

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