Crypto has been becoming more and more popular recently. This is especially the case when looking at Bitcoin, which has already been used as a payment method by many different companies. Not only BTC can be used to pay for a product nowadays, if you own Ripple you will be able to do this as well for example. If you have an online store it is recommended that you add crypto payments to the website as a new method. This way your customers can pay for your products with their Cardano coins for example. Below are three options you can employ in order to accept crypto payments in your online store.
Coinbase is one of the most-used crypto exchanges. However, it does not only enable users to buy and sell cryptocurrencies using their credit cards and bank accounts, as it offers a merchant service too. You can sign up to Coinbase’s merchant service as a business and you will then be able to start accepting crypto payments in your online store. These payments will go directly into your own Coinbase account. Afterwards you can use the service to convert the coins and withdraw them to your bank account for a 1 percent fee. Besides that, the service is completely free. You could also just keep the crypto you have received from the payments so you will not have to pay a fee for your Coinbase usage at all.
BitPay is very similar to Coinbase. It also enables you to receive crypto payments on your website, while you can again transform them into bank withdrawals for a 1 percent fee. However, there is a clear difference between the two services as BitPay does not function as an exchange as well. Instead, this service is all about payment processing. Because of that, BitPay is seen as a great option, while it has been used by several big companies already. This includes Steam and Shopify for example. Furthermore, it supports a lot of integrations with major platforms, while it is even possible to set up subscriptions with the help of BitPay. On top of that, it takes great care of invoicing and record-keeping for you.
Crypto has several unique selling points. One of these is of course that you do not need to rely on third-party services in order to use Bitcoin and its congeners. Instead, you could just accept crypto payments in your online store without having to use a platform like BitPay or Coinbase. This is a relatively simple process as you just have to generate a crypto address for each sale. Furthermore, you also have to provide instructions for your customers about how they should send the cryptocurrencies. After the payment has been completed, you will receive the coins in your wallet. You are then able to process the order as the transaction has been confirmed. If you decide to use this method, you need to do the invoicing and billing on your own.
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Last modified: July 17, 2021