A growing number of companies in a variety of industries are using cryptocurrencies, allowing some customers a more convinient way to pay for their goods and services. While still only a few payment gateways (and even fewer POS terminals) process cryptocurrency payments, we are still a long way from the peak of mainstream adoption. This has never been more obvious than in 2021 and we want to help you get ahead of your competition.
Although Bitcoin (BTC) is the most famous cryptocurrency, there are many other types of digital currencies available under the name Altcoin, a generic term used for all alternatives to Bitcoin. Bitcoin is by far the most popular currency. In simple terms, it is a digital currency that is not controlled by any bank or government, but instead uses sophisticated cryptographic techniques that allow it to be exchanged between users for goods and services.
Despite price volatiliy, large companies like Amazon and Facebook (Meta) are investing time and money to adjust their platforms so that they can pay in these currencies. Major e-commerce platforms like BigCommerce, WooCommerce, and even Shopify already support cryptocurrency payments using crypto wallets like Coinbase, BitPay, GoCoin, and CoinPayments.
How Do Crpytocurrencies Benefit Ecommerce Sites?
Let’s see why you might want to add Bitcoin to your website payment options. Using cryptocurrency payment gateways can help your business expand its consumer base between local and international buyers. By this same logic, existing international retailers/brands that start accepting bitcoin can reach more remote buyers and get established in a growing future-proof marketplace.
Adopting cryptocurrency as a payment method will give you access to a whole new market of tech-savvy consumers who have built a community in the cryptocurrency market. This still applies in 2021, but it won’t last forever. As global brands like Etsy, Starbucks, PayPal and others announce the adoption of cryptocurrencies, other companies are forced to compete and move towards cryptocurrencies. If you’re late to the game accepting cryptocurrency payments you will not find yourself attracting a community of followers. In fact, US merchants integrated with PayPal are already accepting cryptocurrency from consumers, and we think you will be able to accept cryptocurrency from customers in the UK soon. It will not take long to get left behind with the current rate of adoption in crpytocurrencies.
You can also make transactions easier for customers by offering more annonymity. Cryptocurrency allows you to make anonymous purchases using encrypted wallet addresses. Unlike credit or debit card transactions that require multiple fields at checkout, customers use their digital wallets to complete cryptocurrency transactions. This could be beneficial for certain goods and services or even for any retailer in the run up to Christmas.
Getting Started with Cryptocurrencies for Ecommerce
One gateway can provide payment options for over 100 cryptocurrencies. It can be tough getting started, so whether you are an e-commerce seller new to cryptocurrency or are convinced of the idea of cryptocurrency payments and ready to accept them, give us a call on 01775 761512 or contact us online.