Shopify is a leader in online eCommerce shopping, and leads the way in accepting crypto currency on checkout.
As of 2020, Shopify started accepting crypto payments as a payment method. This means that as a Shopify seller, you can accept crypto payments from your customers by enabling one or more crypto payment platforms, such as Coinbase Commerce, Crypto.com, Strike, BitPay, DePay, and OpenNode.There are a lot of advantages to accepting cryptocurrency as a payment method. Here are some key ones:
1. Access to broader markets – crypto payments allow customers from every place in the globe to easily send payments with no additional intermediaries like banks and payment institutions. More markets mean more customers, and more customers mean more income.
2. Better experience for customers – as an online seller in the competitive DTC space, you want to provide your customers with the best experience, so they’ll return to your site (and increase the lifetime value (LTV)). Accepting crypto payments provides your customers with greater flexibility, giving them a more delightful experience.
3. Lower processing fees – cryptocurrencies have lower processing fees than those charged by traditional payment processors. Lower processing fees mean higher gross profit. That’s an easy cash saver! Helpful hint: to understand how much you can save, calculate your profit margin using the different processing fees and compare your resulting margin.
4. Faster processing – crypto payments are instant and transferred in real-time, unlike traditional payment processors which can take a few days. It’s all about the cash flow!
5. No chargebacks – dealing with customer disputes and chargebacks can be burdensome and result in revenue loss for your business. With crypto, there is no concept of chargebacks. Only the merchant has the ability to reverse a transaction.
6. Better security – cryptocurrency is more secure and does not need third-party verification. The blockchain ledger verifies and records each transaction making it practically impossible for someone to steal your identity.
7: Guaranteed currency conversion from bitcoin to (GBP) – At the checkout stage Coinbase Commerce, Crypto.com, Strike, BitPay, DePay, and OpenNode calculates and coverts the currency to (GBP) or (USD) to that you the Shopify store holder receives the exact amount of money for the sale item.
If you are a Shopify store owner and would like help with accepting crypto currency payments please contact a member of the Disruptive team