Since Bitcoin was introduced (in 2009), it has become global payment system commonly used in e-commerce for product purchase and service payments. Bitcoin is a fast, less expensive and secured decentralized digital currency.
However, unlike real currencies, the Bitcoin exchange rate fluctuates. For example, you might end up converting 1 Bitcoin into $1000 or 1 Bitcoin to $1 only. It’s That’s why merchants are still confused whether to take a risk by introducing a new payment gateway or still go with the popular payment options such as PayPal.
If you’re not quite sure, you can also use it as an alternative to your existing payment gateway system. Many e-commerce businesses and online stores are adopting the Bitcoin as an alternate or secondary payment gateway. There are lots of customers who are looking for stores to spend their Bitcoin, so accepting a Bitcoin will help you to increase your ROI.
- No transaction fees – no extra fees may change from vendor to use Bitcoin.
- Safe and secure transaction – no third party involvement and transactions are encrypted with blockchain.
- Fast payment – Bitcoin can be transferred to anyone globally within seconds, which makes it more valuable for international customers.
- Anonymous – it allows a user to keep their identity confidential and also one user can hold as much Bitcoin addresses as he needs.
- Easy to integrate – whether it is Shopify, or Magento or any other e-commerce platform, Bitcoin payment gateways are simple to integrate.
If you’ve decided to accept Bitcoin as a payment gateway or a secondary payment gateway for your e-commerce site, then here’s what you need to know and how you can do it.
Bitcoin Payment Gateways/Processors
In order to accept Bitcoin, you’ll need to use Bitcoin payment processor to processes Bitcoin payments. Few of the Bitcoin payment processors in a glimpse:
BitPay allows retailers to accept Bitcoin as a payment from their customers. A merchant can choose whether they want to convert the Bitcoin into respective currency or leave them as a Bitcoin. BitPay can convert the payment into desired currency and send it directly to your deposited bank account. It offers unlimited transactions for a 1% service fee.
GoCoin processes Bitcoin as well as Litecoin. It lets your customers pay with the currencies they use and you can get the payment in the currencies you want. It charges a flat 1% transaction fee which may be reduced if you get higher revenue per month.
A digital currency wallet – CoinBase allows buying, sending and storing of Bitcoin, apart from accepting Bitcoin as a payment only. It does not charge fees for the first million in sales for the month; afterward, it’s only 1%. It lets you convert your Bitcoin to cash immediately the moment you receive and direct deposit it into your bank account.
Apart from above-mentioned Bitcoin payment gateways, many others are there such as ChainPay, OKPay etc.
Bitcoin Payment Method for Shopify
If your e-commerce site based on Shopify, it’s easy to manage BitCoin payment with Shopify Payment settings. Shopify also supports other payment gateways to accept digital currencies. You just need to enable one or more of the following payment gateways from the Payment page:
The Shopify official manual provides a proper guideline to enable digital payment gateway in your Shopify Payment method.
Accept Bitcoin Payment with Magento
Here are some solutions provided to the merchants who are dealing with Magento platform and want to accept Bitcoin payment method.
- ChainPay extension for Magento
You need to install ChainPay extension to your site to allow the customers to pay with Bitcoin.
- BitPay Magento plugins
BitPay integrates seamlessly with Magento and provides users to have an opportunity to pay in a fast and quick manner via digital currencies.
BIPS plugins allow Magento users to accept the digital currency and to get the best digital experience. Although it costs $67, it enables you to process Bitcoin payments directly on your check out page of the store.
WordPress plugins for accepting Bitcoin
Is your online website is based on WordPress? And you’re looking to integrate Bitcoin payment methods into it? Then check out some WP-plugins which allows you to accept Bitcoins on your e-commerce site.
GoUrl plugins allow you to accept Bitcoin/Altcoins on your site without any monthly charges or transaction fee from 0%. It can be directly integrated into WP website and also support third-party plugins. You may choose any of the four different types of payments – Pay per product, Pay per download, Pay per membership and Pay per view. It is easy to install.
It’s a simple and light widget used to convert BitCoin into multiple currencies. It fetches remote data from bitcoinaverage.com and provides accurate exchange rates.
Bitcoin is an opportunity to get better than you have right now.
Use of Bitcoin payment gateway as alternate to your existing payment gateway lets you increase your income from your eCommerce site. Hopefully, we’ll able to provide pretty much that you need to accept Bitcoin payment method on your eCommerce store.
Setting up it on your site is quite easy, but if you stick anywhere doing that, feel free to contact us email@example.com. You can call us +1 (845) 418-5206 to have a talk with our experienced consultants.