How to Use Bitcoin in eCommerce

How to Use Bitcoin in eCommerce

Meta Description: Wondering how you can utilize Bitcoin in Ecommerce? If so, here is how to use Bitcoin in E-commerce.

You've probably heard of Bitcoin (BTC). This digital money cuts out the intermediaries (i.e., governments and financial institutions) and enables parties to interact unless you've been operating under a rock for the past few years. And this makes BTC an appealing payment option for many people, along with the ability to buy products and services anonymously.

And if you're like most e-commerce business owners, all the talk about Bitcoin has made you curious. Should you begin to take Bitcoin as payment? What is your method? What does Bitcoin's future hold?

The eCommerce industry will experience significant changes thanks to the that has begun. This guide will address all of those questions and more. By the time it is over, you will be well-versed in BTC and know precisely how to implement it in your store.

Why should e-CommerceBusinesses be Concerned with Bitcoin?

Although there are many advantages to using Bitcoin for e-commerce businesses, the three largest ones are that it is chargeback-proof, has no or little transaction costs, and attracts particular types of clients.

Zero Chargebacks

Bitcoin transactions are irrevocable, in contrast to credit card transactions. After transferring the money, the payer cannot get them back without the merchant's permission. And this reduces your chargeback expenses and makes it more difficult for customers to engage in e-commerce fraud.

Low Transaction Fees

As was previously mentioned, governments and financial organizations have no control over Bitcoin. Since transactions happen directly between the buyer and seller, no middlemen can impose holds on your money. More importantly, processing fees for BTC payments are typically lower than those for credit cards.

David Cox, CEO & Founder of LiquidVPN, notes, "An e-commerce site can locate a reliable BTC processor, costing as little as 0% for low sales volume and up to 1% for higher volume sites."

BTC Helps in Expanding Your Customer Base

By accepting Bitcoin, businesses can increase their consumer base. Taking digital currency could be the thing to differentiate you from the competition and win them over as more people start using BTC to pay for goods and services.

More precisely, most Bitcoin users appear to be male and between the ages of 25 and 44. But as Bitcoin acceptance increases, we anticipate seeing a more comprehensive range of these demographics.

Go to Your e-Commerce Website

Integrating a BTC payment processor into your store is the most efficient way to start accepting Bitcoin if you already have an e-commerce website. Most e-commerce platforms currently have connectors, which significantly simplifies the process of setting up Bitcoin payments.

Magento-based e-commerce businesses, for instance, have access to services like BitPay, CoinGate, and others. Shopify store owners can accept Bitcoin payments through Coinbase, Dwolla, BitPay, or GoCoin in the meantime.

Discover your options by doing some investigation. Finding a Bitcoin processor for some e-commerce platforms may be as simple as looking for integration in the marketplace for the venue (this is the case for Magento.) In other circumstances, you might need to look through your e-commerce platform's help materials to learn how to take Bitcoin payments (as with the case for Shopify users).

If you're unsure, get in touch with your e-commerce solution provider. Please get in touch with your account manager to get all the specifics regarding integrating a Bitcoin payment processor into your store.

Bottom Line

Regardless of your opinions on Bitcoin and its influence on the e-commerce and payments sectors, no one denies it. At the very least, you should keep yourself informed on the virtual currency's ins and outs whether or not you decide to accept BTC in your business.