Cryptocurrencies have revolutionized the way businesses are accepting payments and how people are paying for products or services they wish to purchase. In older days, we had to enter information about our credit card on a website if we wanted to pay for an order. This held some serious security risks, as many websites have been hacked in the past; thus leading to illegal transactions being placed upon the credit cards that have been entered into their databases. With the launch of cryptocurrencies, however, this particular security risk has been voided and we are now able to send Bitcoin payments securely – and even completely anonymously.
Accepting Bitcoin On Your E-Commerce Store
Thousands of businesses who own an online store have already adopted Bitcoin as a payment gateway into their shopping platforms, but there is still a significant number of online merchants who have to implement these solutions into their platforms. Accepting Bitcoins does not only offer a more secure method of receiving payments and, for the customer, making payments, but also reduces the transaction costs for the business owner and allows them to attract more customers who wish to pay with Bitcoin instead of a credit card.
For those who are not entirely sure how they can implement a Bitcoin into their e-commerce store, we have decided to take a look at the most effective solutions that can be utilized for this particular purpose.
The easiest way for an e-commerce store owner to start accepting Bitcoin is to allow for transfers from the customer to their business wallet. In such a case, the business owner can provide a Bitcoin payment option during the checkout of the order, but then place the order in a pending state after the customer has confirmed their order. They then send their Bitcoin wallet address to the customer and, once payment has been received, the order can be processed.
Another option is to use a plugin for the e-commerce system your business is relying on. If you are using WordPress, for example, then CoinGate’s Bitcoin plugin is an excellent option. There are many other plugins for WordPress, as well as for other content management systems and e-commerce solutions that can also be utilized to help you accept Bitcoin on your digital store.
Promoting Your New Bitcoin Payment Gateway
Once Bitcoin has been implemented as a payment option, it is important to consider the fact that this can provide your business with a huge advantage – millions of people are looking for stores that accept Bitcoin. Thus, it is important to place a banner or button on your online store that promotes the fact that you are now accepting Bitcoin as a payment option. In addition to promoting this factor on your website, you should also promote your new feature on other sources – such as your social media profiles. You could also write a blog post about your new payment gateway, as well as distribute a press release.
Conclusion
Bitcoin has made it extremely easy for online stores to accept cryptocurrencies, a revolution in how people send and receive money. This revolution has provided e-commerce stores a fast, effective and easy way to accept payments for their services or for products they offer, and also reduces the transactions fees that are usually tied to payment gateways significantly. Unfortunately, not all e-commerce store owners are aware of how easy it can be to implement this payment methods into their website. We have provided a complete overview in this article to simplify the steps of accepting Bitcoin as payment on your store in this post.
About Kevin Lee
Kevin Lee is a former tech advisor who cut his teeth in Silicon Valley. He now spends his time sharing his passion for investing in diamonds and jewelry. You can reach Kevin for any comments by using the contact form on this site. Don't forget to sign up for his free "Investing 101 Guide" by clicking on the button at the top right of this website.