A Guide on How to Accept Crypto Payments on Website
Many of us are wondering how to accept crypto payments on the website as cryptocurrencies become more popular. But, should your website accept Bitcoin payments? Well, it’s entirely up to you, and once you’ve decided, setting up the payment processing is simple, but first, you must determine if crypto is appropriate for your business.
Despite the enormous growth of the cryptocurrency market, opinions remain strongly controversial. For every crypto enthusiast, there is an influential critic arguing against it. Despite all the positive discussion, you’ll hear famous people say they believe Bitcoin is worthless the very next moment.
Deciding to accept cryptocurrency payments on your website can be disturbing if you are unfamiliar with the complexities of how it all works. Thus, we have the most reliable methods for taking cryptocurrency payments.
6 Best ways to accept crypto payments on your website
BitPay is one of the best choices for websites that lets you accept crypto payments on website.
It provides a variety of payment options for your customers, including payment buttons, hosted checkouts, and embedded invoices, in addition to a vast array of plugins and integrations. All of these are simple to set up, so you can start accepting Bitcoin payments right away.
BitPay’s Zero Price Volatility function and daily bank deposits also help to protect you from volatility. This is a very appealing offer for a 1% transaction fee.
One of the largest online payment providers, PayPal, has recently entered the cryptocurrency market.
If you are one of the millions of PayPal merchants, US crypto asset holders will be able to buy their preferred cryptocurrencies automatically. The cryptocurrency will be converted to your fiat currency (e.g., US Dollar) at the point of sale, and you will be paid as usual.
While it does not incorporate crypto as fully as the other options, it is a simple way to accept Bitcoin payments on your website.
Coinbase makes it simple for websites to begin accepting Bitcoin payments. You can accept cryptocurrency immediately with a fantastic app and amazing compatibility with many e-commerce platforms.
It’s a secure way to guard against currency fluctuations and convert cryptocurrency into fiat money quickly, plus it comes in a range of pricing options to suit any business’ budget.
NowPayments is a popular low-cost, incredibly simple processing option to accept crypto payments on websites. It enables you to accept over 100 crypto assets and effortlessly convert them into your preferred currency.
NowPayments works well with the major e-commerce platforms, has some excellent plugins, and has an extremely good point-of-sale solution. It provides great value for money, with a maximum fee of 1%.
Since 2013, CoinPayments has been a leading platform to accept crypto payments on websites. It has been assisting businesses all over the world for quite some time. In addition, the platform offers payment processing services to both offline and online users and is supported by several crypto platforms.
This plugin is compatible with almost all top digital stores, including Shopify, OpenCart, Magento, WooCommerce, and others. Moreover, the 5% processing fee (although more than others on the list) represents excellent value for money.
6. Accept Bitcoin and Crypto Manually
In order to facilitate direct payments between users, Bitcoin and similar cryptocurrencies were created. It is now simple to communicate with your buyer and arrange your payment thanks to this.
This will take place in the customer’s wallet, where they will simply facilitate a payment.
They only need your “address,” which is an alphanumeric string (you can also generate a QR code) in your wallet.
When your customer has your “address,” they can send payment right away and finish the transaction.
Pros & CONS
Pros of accepting crypto payments on website
Many people are truly interested in marketing, and it is widely assumed that marketing revolves around approaching the right individuals with the right message at the right moment. It is likely that once you do this, sales will begin to increase.
If your customers are interested in cryptocurrency, why not incorporate it into your message?
Accepting Bitcoin on your website helps to strengthen your brand identity. Interestingly, in some customers’ eyes, it will illustrate that the company is technically advanced and is not afraid to adopt emerging innovations.
This is where you should consider your audience. People who appear to be promoting crypto are largely males in their mid-twenties to forties.
So targeting the over-60 demographic and accepting Bitcoin may not be at the top of a business plan. However, if your target audience is enthusiastic about cryptocurrency and it fits your brand image, you may start to accept crypto payments in-store. Especially if you’re selling something expensive.
Take a look at some of the major corporations like Microsoft, NameCheap, and WholeFoods which are now accepting Bitcoin. You can see how crypto appeals to its target audiences, who are young, alternative, and tech-savvy.
If you decide to accept Bitcoin on your website, it can be financially rewarding as well. When compared to traditional payment methods, cryptocurrency typically has very low transaction fees. Most bitcoin transactions cost between 0% and 1%, whereas the average credit card transaction fee ranges between 1.5 and 5%.
Cons of accepting crypto payments on website
Accepting cryptocurrency payments has been met with scepticism from some due to the market’s extreme volatility. Website owners may feel uneasy about accepting Bitcoin and other cryptocurrencies due to the volatility of their value from day to day.
The fact that Bitcoin’s value has dropped by as much as 25% in a month at some time isn’t exactly what you need to know as a business owner.
The thing is, you don’t have to hold Bitcoin just because you accept Bitcoin as payment. If you don’t want to be exposed to the volatility of digital currencies, you can exchange Bitcoin for your preferred currency right away.
The next Bitcoin downside is one you might not expect: curiosity.
Talking about crypto is popular regardless of whether or not one is a fan. If you accept Bitcoin on your website, you’re a pioneer, and this will awaken people’s interest.
What to look for in a Crypto Payment Processor?
You want to provide the best possible experience for both your customers and your business when you accept Bitcoin payments on your website. It’s vital to weigh your options and ensure you’re getting the best deal because there are many different crypto payment processors available.
Here are some things to think about when picking a payment processor.
How much are you charged for every transaction? Compared to other forms of payment, bitcoin transaction fees are typically very low, but you still need to shop around to find the best deal.
Frequency of Payment
Is it essential for your business that your money arrives quickly? If this is the case, you should think about payout frequency. It can take up to five days for some cryptocurrency payment processors to process your payment, compared to others, which may payout every day. ACH payments are recommended for businesses that require faster business funds.
Crypto is a controversial hot topic. As evidenced by China’s crypto ban, not every country welcomes the use of cryptocurrency.
Due to the various regulations around the world, it’s important to set up a payment processor that supports the nations where you conduct business.
When discussing technology, it’s always important to consider customer support. If you have issues with setup or the service goes down, you need to be able to contact someone right away. Confirm that you have the necessary assistance.
The security of your company and its customers is critical. Make certain that the payment processor you select takes security seriously and keeps up with site maintenance. Make sure you’re installing new updates and creating encrypted backups of your crypto wallets regularly.
Tips to Accept Crypto on Website
It’s not surprising that starting to accept Bitcoin on your website doesn’t require a lot of setups since crypto was created for the modern age.
There are a few fundamentals that everyone will require before deciding on the best way for your website to accept payments.
The Crypto Basics
A “wallet” is required to store cryptocurrency. This is quite close to the “wallet” app you most likely have on your mobile phone, but it is only for crypto.
The crypto wallet enables you to buy, sell, and store various types of cryptocurrency, such as Bitcoin, Bitcoin Cash and Ethereum. You receive a one-of-a-kind private key that helps to keep your coins safe and easily available, and it integrates with other apps to facilitate transactions.
When someone buys something from your website using crypto, the money will eventually reach your wallet. From there, you can exchange it for any currency you want.
Website Platform and Integrations
The platform on which your site is hosted will have a large impact on how you integrate crypto payments. For major platforms such as Shopify, WooCommerce (WordPress), and Magenta, there will be various plugins available for quick setup.
If you are unable to locate the desired plugin, most Bitcoin payment tools provide options including payment buttons, custom integration, and invoices.
While some websites may need custom solutions, in most cases these plugins will work just fine. Don’t worry if you’re having trouble integrating these tools into your website.
You can always invite clients to get in touch with you directly if they want to use Bitcoin as a form of payment since crypto was developed to allow financial transactions between individuals without the need for a middleman.
As with anything in this world, effective communication is key when introducing a new payment method.
Explaining the value proposition to your audience is necessary if you decide to accept Bitcoin on your website. Ensure that they are informed of any changes and highlight how they will benefit from them.
Take advantage of this excellent opportunity to promote your brand. If you communicate effectively, you will find that more people will choose to pay in cryptocurrency, and this will foster greater brand loyalty.
Below are a few frequently asked questions on How to Accept Crypto Payments on Website.
How to accept crypto payments as a business
If it is legal in your country, your business can easily accept Bitcoin. You only need a crypto wallet to begin accepting virtual currency right away.
How do I accept Bitcoin from someone?
All you have to do to receive Bitcoin from someone is give them your “address.” Someone can send Bitcoin directly to your wallet using this alphanumeric code
What are the benefits of allowing Bitcoin on my website?
Low transaction rates, more choices for your users, and brand loyalty are some of the benefits of accepting payments on your website.
What are the drawbacks of allowing Bitcoin on my website?
The disadvantages of accepting Bitcoin on your website include price volatility and the potential for customer distraction.
Conclusion: How to accept crypto payments on website
This article discussed the way how to accept crypto payments on website. Moreover, we discussed how you can make money off of the growing interest in Bitcoin and other cryptocurrencies.
Accepting cryptocurrency payments and immediately converting them to your currency of choice is a breeze with the right plugins. Thus, you can provide a valuable service to your customers without worrying as much about the market’s ups and downs.
You can improve the reputation of your business by allowing Bitcoin purchases on your website. There is a good chance that Bitcoin and other cryptos will help capture the attention of your target audience. If you have any thoughts on the matter, please leave them in the comments section below.
Read more: 8 Best Banks for Crypto of 2023