How To Accept Bitcoin In Your Online Shop
Bitcoin seems to be established in the market while the range of online shops continues to grow steadily. More and more businesses are installing the Bitcoin payment gateway on their web portals.
In addition, there are already physical stores that allow payment with the most popular cryptocurrency. Is it time for your business to enable BTC payments, too?
Do you know everything about Bitcoin? In the article we will answer these questions and give you instructions for your web installation.
How does Bitcoin Payment benefit a Business?
Today we can’t clearly specify the benefit of paying in Bitcoin yet. Businesses offering the crypto payment option gamble on the price of their products every day. This is due to the fact that the cryptocurrency’s price is still very volatile. There is no real stability yet. However, experts are convinced that Bitcoin’s value is going to live a dramatic increase in the long run.
This means that having a Bitcoin payment processor in your ecommerce or in a traditional store, is more a medium-long term investment than something beneficial in the short term.
If someone is considering having a Bitcoin payment gateway shouldn’t take the price of his product into account, but the accumulation of the cryptocurrency. In the beginning of 2019 the price of BTC was at about 4,200 USD, while in May it reached 8,000 USD again, so it nearly doubled within just a couple of months.
With this data, store owners could consider obtaining Bitcoins as a new way of investing in their own business. What if the discounts on your products were marked by Bitcoin? It seems a viable option, but it can be a risky decision.
Advantages of Bitcoin Payment
- No more high bank fees.
- Returns at the same price will become impossible, so the consumer will have to be very sure of the purchase.
- The transfer at the time of purchase will be immediate.
- The integration of a Bitcoin payment gateway is an announcement of the company to be very innovative.
How to integrate the Bitcoin Payment Gateway?
Currently there are two options to get payment in Bitcoin on a website or in a traditional store. Our recommendation is to hire a payment manager to be able to do it without problems.
You have to take into account customer service and automated management with some tool. The second option is to create our own manager, recommended for people who have extensive knowledge in Bitcoins and its management.
External Bitcoin Payment Service
The truth is that the best option to start working with Bitcoin is an external service. Next, we will give you possible platforms where BTC payment will be easy to use.
Payment in Bitcoins for Online Shops
Bitpay is a manager with a good reputation which doesn’t charge commissions! It is a monthly payment service recommended for businesses with a large volume of transactions. The manager accepts Bitcoins, stores them securely and gives you the option to convert your money into dollars. The application it offers allows you to manage your finances in a transparent and clear way.
Payment in Bitcoins for Physical Stores
Coinkite is an example for a terminal that accepts payment in Bitcoin which is decentralized and absolutely autonomous. It is a model prepared for Android and is capable of printing tickets and invoices. In this case, if you want to transform your BTC into fiat currency you have to use a crypto exchange platform.
Internal Bitcoin Payment Gateway
To be able to self-manage the collections and payments in BTC we have different options. Next, we will show some of the possibilities that the market currently offers.
Bitcoin Payment for Online Shops
Those of us who have an online store with WordPress will find it easier to integrate this option. Plugins always help you to obtain more functionalities in your site, and in this case it will also offer you the possibility to integrate BTC payment option. Here are some plugins for payment in Bitcoins:
Bitcoin Payment Gateway: It is a plugin without monthly fee that only needs a bank account. You can get payments directly into your wallet and you can convert them into dollars or euros whenever you want. It accepts Bitcoins and some other cryptocurrencies (altcoins).
Digital Paybox: This platform will allow you to decide if you want to pay with Paypal, credit card, Bitcoins among other options. Simple to install and a secure option for your payment gateway in Bitcoin.
GoUrl: This Bitcoin payment tool can be integrated in a few minutes. It is free and accepts Bitcoin and a range of altcoins. The conversion into dollars or euros is enabled. The integration of the Bitcoin payment gateway is direct, without the need to open other windows. It works well with WooCommerce.
Mollie Payments for Woocomerce: Another plugin that accepts payment in Bitcoins. One more BTC payment gateway option.
Payment with Bitcoins for physical Stores
The most popular option is Blockchain Merchant. It is a free application for any point of sale that accepts payments in Bitcoin, specialized in catering businesses and merchants. You need to set it up with your Bitcoin wallet and it will automatically be installed. There are no payment fees and it is available in many languages.
Conclusions on Bitcoin Payment Method Integration
At the moment many countries do not have official legislation on payment transactions with Bitcoins. Before starting the financial activity with Bitcoin you should inform yourself legally. Our recommendation is to declare all transactions and be very prudent with economic management. It would be a good idea to have the account manager involved in these very current issues.
We think that in the future the establishments operating with any type of currency will stop offering discounts and will play with its volatility.