E-commerce changes daily, just like customers’ tastes for payment. Being able to accept crypto payments Shopify opens your doors to the immense, ever-increasing numbers of cryptocurrency-savvy clients. This guide will take you through everything you need to know to start accepting cryptocurrency on your Shopify store, from understanding your options to setting up the integration.
Why Accept Crypto Payments with Shopify?
Here are several reasons you should start accepting cryptocurrencies:
- New Customer Base: Cryptocurrencies are a better choice in the new era of technology-advanced consumers—very attractive to hold compared to conventional and laborious payment means. Accepting crypto would unlock this exponential market and raise the share of potential customers.
- Faster Transactions: If one were to compare, then most of the time, crypto transactions outcompete in swiftness, meaning mostly beneficial in the long run for international payments. Additionally, using a crypto card, like the Bybit Card can result in faster transactions and a smoother checkout experience, which can lead to increased customer satisfaction.
- Lower Fees: Transactions made using cryptocurrency usually involve much lower fees than those from credit card processing. It can go right into maximizing the profit margins for your business.
- Better Security: With blockchain technology behind all cryptocurrencies, it is one of the safest technologies that will forbid fraud.
What You Need To Know About Accepting Crypto Payments On Shopify
There is no native method to process cryptocurrencies with Shopify, but different third-party crypto payment processors can be integrated.
This therefore behooves you as a business to research a good number of providers and compare their results against your needs until you pick out the best one that can fulfill your calls. What you should take into consideration is the list of supported cryptocurrencies, transaction fees, options for payout, and integration ease with a provider. Also, what happens to you when you lose a chargeback?
How to Set Up Crypto Payments on Shopify
Here are the steps to follow after selecting your crypto payment processor:
- Sign Up with Your Chosen Provider: Sign up with your favorite crypto payment processor. You’ll need to provide business information and then submit to a verification process.
- Ensure the Integration Is Enabled in Shopify: Access your Shopify admin area, then go to the “Settings” section. Under the “Settings” menu, click on “Payments” and select “Alternative payment methods.” From there, you can choose the cryptocurrency payment processor you like from the list. For example, Coinbase Commerce, then click on “Activate.”
- Connect Your Accounts: Upon launching, you will be asked to connect your Shopify store along with your account with the crypto payment processor. In most cases, you’ll need to follow the detailed instructions given by the provider of your choice. That’s usually just sending your API key or some other type of authentication data.
- Customizable Settings: Once you are linked up, you will be able to adapt your settings available in the interface of the crypto payment processor. This can range from specific activities, such as the ability to deal only with the cryptocurrencies with which you have an account, setting minimum and maximum amounts for transactions, and the preference for payouts (whether you prefer to get your payouts in fiat or cryptocurrency).
- Test the Integration: Before allowing live payments, do ensure you test the integration severally. Go ahead and make a test purchase from your store using a crypto wallet and make sure the transaction goes through smoothly on both ends.
Relevant Considerations:
- Volatility: Cryptocurrencies are intrinsically volatile, meaning their values can fluctuate big time. Be prepared for some price swings and consider how you will deal with refunds or chargebacks in case the value of a cryptocurrency drops after a purchase. Monitoring the live Ethereum price can help you stay informed about these fluctuations and make better decisions. Additionally, keeping track of SOL to USD rates is crucial for those dealing with Solana transactions, as it provides valuable insights into market trends and helps in making more informed investment and trading decisions.
- Tax Implications: Legislation around crypto tax is still controversial. It would be prudent to get in touch with an advisor on taxes to know how the acceptance of the said cryptocurrencies affects your tax liabilities.
- Customer Education: Cryptocurrencies are not something that everyone is aware of. It would be best if you had clear information, directly on your website, for customer education on using crypto for payments and all the added benefits to them.
This way, you can accept payments in cryptocurrencies on your Shopify store and diversify into the exciting world of cryptocurrency commerce. Be sure to pick the platform wisely and do not forget to explain it to your customers.