Crypto Payments on Your Online Store: One of the most prominent offerings over the last decade, cryptos have re-defined the world of finance. But interestingly, these digital assets have evolved a lot over time, moving ahead of the world of finance and making their way into new and better industries.
Despite the recent volatility, cryptos are a part of more prominent eCommerce providers like Shopify and BigCommerce. Therefore, if you’re also an eCommerce provider that has already started using cryptos or wants to soak their feet in the payment platform, this might be the blog for you!
Continue reading as we explore some of the primary reasons you should start accepting crypto payments for your online store.
Cryptos & eCommerce: A Powerful Combination
Contrary to popular belief, cryptocurrencies and the eCommerce industry complement each other in the best possible way. The internet is the backbone of these technologies, and both rely on tech-savvy users.
Currently, eCommerce retailers are offering many efficient payment methods to their customers. This crypto is nothing more than adding another option to that list. This little effort can help enhance the growth of your business you never imagined before.
Cryptos eliminates the need for your customers to go to banks to deposit or withdraw money. Also, customers do not need to enter their credit or debit card credentials every time while making a payment. So offering the alternative of crypto payments can help you enhance customer experience and reach a more extensive crypto-friendly customer base.
Why Should Your eCommerce Business Consider Accepting Cryptos?
Apart from enhanced customer experience, there are many other reasons why your eCommerce business needs to accept cryptos. Some of these reasons include;
Efficiency is the favorite keyword of this tech-savvy generation. Everyone is busy on their devices, and nobody wants to spend forever placing a simple order. So the faster your payment methods are, the better it is for your eCommerce business.
Unlike conventional transactions, crypto transactions are processed in an instant. This helps your customers complete their ordering processes efficiently while giving you instant access to funds. This will also help you streamline the cash flow of your business.
E-commerce businesses are no strangers to security threats posed by hackers of various degrees. No matter how secure your platform might be, someone will always have the means and reasons to breach its security.
Fortunately, this becomes much less of a concern when accepting crypto payments. Once your customer is done with the transaction, it is almost impossible to reverse it. Besides that, eliminating middlemen, such as banks, further reduces e-commerce fraud risk. You have both blockchain and cryptography to safeguard your cryptocurrencies to top it all.
Access To a Larger Customer Base
You need to consider accepting cryptos because it gives you access to a new market. You need to keep in mind that this is a potential market that has remained neglected by mainstream businesses for a very long time.
This allows you to take your offerings to the tech-savvy and ever-growing crypto community. The number of crypto users is growing by the day, and so is this community. Thus, leveraging this opportunity can be a game-changer for your e-commerce business as long as you take the right approach.
One of the most significant challenges e-commerce businesses face with conventional digital currencies are fees. You will always need an intermediary to facilitate the transaction with traditional digital transactions. Unfortunately, these middlemen take advantage of this situation to charge excessive fees to businesses and customers.
Consequently, this also drives up the overall cost of products and services. But this is barely a concern with crypto transactions. However, the fees can always be based on the fact that you are accepting crypto on your wallet or a third-party provider. Yet it is inevitable that even the fees charged by any third parties will be significantly less than other payment gateways and banks.
Currently, there are many ways your eCommerce venture can start accepting crypto payments. For instance, if you don’t want to spend on a custom approach, you could opt for payment processors like Coingate where you can accept payments through the Prestashop module!
Thanks to such platforms, users can now easily transact using the Prestashop plugin. Besides that, you can even use your crypto wallets to accept payments instantly. Therefore, evaluate all the benefits your e-commerce business gets with crypto payments and use them to your advantage.
Now You Know!
So that’s a wrap on the several reasons you should accept cryptos as a legal tender for your products and services. Looking at how things are, remember, it is always a smart move to accept more than just big projects like BTC or ETH. All the best!