The popularity of cryptocurrencies with e-commerce is rapidly increasing. With some of the world’s most well-known companies, marketplaces, and payment processors announcing their embrace of cryptocurrency, this digital payment method is firmly on the minds of merchants all over the world. While not everyone believes the world is ready for bitcoin payments, it’s becoming increasingly difficult to dismiss the potential impact of cryptocurrencies and the blockchain technology that underpins them on retail.
Whether you’re an e-commerce retailer just getting your feet wet with cryptocurrencies or you’re sold on the notion of crypto payments and looking into how to accept them in your store, it’s critical to stay on top of how this trend is unfolding.
CRYPTOCURRENCY FOR CONSUMER PAYMENTS
Several retailers are accepting cryptocurrencies as official forms of payment, including online travel agency Expedia, which accepts Bitcoin through a Coinbase partnership, high-street beauty retailer Lush, which accepts cryptocurrencies as a form of payment on its website, and millennial/gen-z skincare brand Wake, which accepts crypto on its Shopify-powered store. Furthermore, prominent UK retailers such as Marks & Spencer, Tesco, and John Lewis accept Bitpay gift cards.
BENEFITS OF ACCEPTING CRYPTO IN THE ECOMMERCE BUSINESS
Transaction fees are either nil or little.
Transaction fees for Bitcoin payments are much lower than for other digital payment methods such as credit cards. Because Bitcoin is not regulated by any financial institution, it is a straight transaction between buyer and seller with no middlemen.
As a payment method, it is widely accepted.
To expand their consumer base, thousands of merchants accept Bitcoin payments. A growing number of users are embracing Bitcoin as a payment option because of its simplicity of use for cross-border transactions and better liquidity.
Bitcoin is a non-reversible currency.
Bitcoin transactions, unlike those made with credit cards or through banks, are permanent and cannot be reversed or charged back. When a consumer reverses a payment, it may be disastrous for most firms. In most cases, this is not the case with Bitcoins. The customer cannot reverse the payment once it has been made without the permission of the business. Your chargeback fees have been removed thanks to Bitcoin.
There will be no involvement from a third party.
Because all Bitcoin transactions are peer-to-peer, there is no possibility for a third party to get involved in a Bitcoin transaction. No one can keep your money, tax you, or confiscate your coins. The government or a central bank have no authority over Bitcoin. Users of Bitcoin do not have to worry about paying taxes or incurring additional transaction expenses when purchasing goods and services. Bitcoin is a completely person-to-person transaction.
WordPress, a behemoth of the content management system industry, offers a powerful e-commerce plugin called WooCommerce. WooCommerce, being a popular platform with a big user base, has quickly adjusted to new changes and now accepts BitCoin.
In the field of e-commerce platforms, BigCommerce is another well-known name. BigCommerce uses a software-as-a-service (SaaS) paradigm. To use the BigCommerce e-commerce platform, you must pay a monthly (or yearly) charge. Like WooCommerce, it has a large user base. Vendors are drawn to it because of its large user base.
If you’ve set up a Magento-based e-commerce store, the list of Bitcoin providers in the marketplace may astound you. Magento, like WooCommerce, is an e-commerce platform that supports Bitcoin via a variety of payment modules.