Online shopping has never been so advanced as it is today. Every day more eCommerce retailers recognize and accept cryptocurrencies as a valid form of online payment.
While this is excellent news for everyone who uses cryptocurrencies, it’s left countless Shopify merchants unsure of how to accept crypto payments.
If you want to learn how to accept crypto payments in your online store, you’re at the right place. Even if you are new to using cryptocurrencies or accepting crypto payments on Shopify, we can help.
Here is all the information you’ll need to quickly and easily allow payment with these new currencies in your store.
Does Shopify Allow Crypto Payments?
Yes, Shopify accepts crypto payments.
In 2020, Shopify partnered up with CoinPayments, BitPay, and Coinbase Commerce. This partnership meant new, innovative digital payment options were made available to Shopify vendors.
As a Shopify seller, you can harness these cryptocurrency platforms to effortlessly accept more than 1,800 different cryptocurrencies as online payments for your products.
Offering crypto payments to your customers makes perfect business sense to Shopify vendors. Statista reports that globally eCommerce sales will grow to 5.69 trillion dollars.
In such a competitive and growing industry, you don’t want to turn customers away because you refuse to provide them with their preferred payment methods.
When you do, you give customers a bad experience and they won’t quickly return to your shop.
Even with crypto payments, you can still reconcile all your Shopify payments and continue to enjoy fantastic marketing benefits.
So if you need to know how to accept Bitcoin payments on Shopify or other cryptocurrency payments, here’s how you do it.
Steps To Accept Crypto Payments On Shopify
Shopify has made accepting crypto payments quick and easy. Here’s how to add crypto payments to Shopify.
Before customers can pay in cryptocurrency, you’ll have to activate your preferred payment provider. You can find the Payment Provider page on your Shopify admin dashboard.
You’ll need to enable one or more of the following cryptocurrency payment methods from the Payment Providers page:
- Coinbase Commerce
Once you’ve enabled a payment method that supports cryptocurrencies, you will be able to accept Bitcoin, Ethereum, Litecoin, or any other digital currencies now available for online payments.
Choosing a new payment option to accept cryptocurrency payments will not impact your current payment options. Your other payment gateways and facilities will remain unchanged.
Remember that each cryptocurrency payment gateway has its dedicated support channel for any issues which may arise.
You’ll need to contact them directly if you need any assistance or want to learn more about how the platform works.
Why Should I Accept Cryptocurrency Payments On Shopify?
If you’re a Shopify vendor, it is essential to start accepting cryptocurrency payments on Shopify as soon as possible.
Cryptocurrencies are quickly growing in popularity. They offer a reliable, secure, and convenient way to pay for goods online.
Since merchants and consumers use cryptocurrencies for payments, you don’t want to be left behind.
When you restrict the payment options on your eCommerce store, you risk turning customers that are willing to pay you, away.
Catering for all globally acceptable payment options is a wise decision for every eCommerce merchant that wants to thrive in a growing industry.
If eCommerce sales are expected to rise considerably this year, accepting crypto payments on Shopify makes good business sense.
When consumers and merchants use crypto for payments, they incur low transactional costs. Moreover, payments also take place instantly worldwide.
Shops that accept crypto payments will gain access to all the benefits of using a decentralized currency.
Using any of the Shop[ify-approved crypto payment platforms to satisfy your crypto business needs is a great choice. You’ll find that it’s easy to set up and activate these platforms on Shopify.
Thousands of Shopify merchants use these payment platforms, including small businesses. This is because it can improve the customer experience and build customer loyalty.
You won’t be turning customers away by accepting crypto payments online. You may even save on transaction fees and enjoy improved security.
Nobody wants to turn money away.
As a Shopify merchant, you must cater to your customers’ needs. When you do, you improve their loyalty and give them an experience that’ll make them come back, time and again.
Accepting crypto payments is an intelligent decision. Activating them on your Shopify is easy. You can quickly and effortlessly offer your customers a new payment option that’ll help you make more money.
So now that you know how to accept crypto payments on Shopify, you are on your way to improving sales by catering to the different payment needs of your customers.
Remember that you still need to reconcile your Shopify payments. The better you understand your business, the easier it becomes to make excellent business decisions.