The pandemic crisis led people to limit physical interactions. Moreover, the self-imposed social distancing put the brick and mortar retail virtually on hold. In the wake of a tumultuous 2020, the world saw an accelerated growth of eCommerce with a shift in consumer preferences. Likewise, cryptocurrency topped the list of buzzwords in the same time frame.
After reaching $50,000 in the stock markets, it has been all the rage, making it the world’s no.1 digital asset. If you go by a poll conducted on LinkedIn, more than 70% of respondents see cryptocurrency becoming an inherent part of the transportation and supply chain market. Surprisingly, experts predict it to reach $57 million by 2025, making it the major disruptor in the world of eCommerce.
Not only male counterparts but even women entrepreneurs also take on the new challenges presented in the wake of the pandemic. So, unless you are doing your business under a rock, you will likely hear the chatter around Bitcoin (one of the most popular cryptocurrencies).
Understandably, it might have prompted you to ask a few questions:
- Why should you start accepting bitcoin payments?
- Will it be fruitful for your business?
This article is a short guide to help you get a solid understanding of bitcoin to give you a clear picture for better bottom-line results. Let’s begin!
Bitcoin For Your Ecommerce Business: Why Should You Opt For One in 2021?
While bitcoin offers a variety of benefits, when it comes to eCommerce stores, it provides the following advantages.
Bitcoin Transactions are Irreversible
With all the payment methods available, such as credit cards/ debit cards, there is always a window of time to file for a dispute. Unfortunately, the window is for about 60 days if they purchase through their credit card.
Contrary to that, if a merchant uses a bitcoin payment gateway, it puts the power back into his/her hands. In layman’s terms, once the party makes the payment, they can’t retrieve it back without the merchant’s consent. Thus, allowing business owners to eliminate the chargeback costs. Thus, making it even more difficult for cybercriminals to commit any eCommerce fraud.
Processing Fees is Lower Compared to Credit Cards
Since any government or financial institution does not regulate bitcoin, it puts the middle man on hold. In other words, the transactions take place directly between the buyer and the seller. Most importantly, even if there is any form of processing fees for BTC payments, it is far lower than that of credit cards.
As per the experts, an eCommerce site can look for a BTC processor that charges as low as 0% if there are low volume sales and a maximum up to 1% if the sales increase. Specific reports suggest that bitcoin or other cryptocurrencies will, in fact, become the primary driver for eCommerce in the undeveloped marketplaces of Asia and the Middle East.
Enables You to Expand Your Customer Base
A growing number of customers use BTC to purchase goods or services, thanks to such a more comprehensive network of bitcoin ATMs. They use a bitcoin ATM locator to find the ATMs near their location to complete their essential tasks. So, if you also start accepting digital currency, it will set you apart from your competitors.
Some experts even suggest that by offering a Bitcoin ATM, you can establish yourself as a reputable brand in sync with the future.
Allows You to Conduct Business Easier Internationally
It won’t be an issue for people living in developed countries to find a bank or services like PayPal. However, it might not be the same if you wish to expand your business internationally, especially in developing countries.
With bitcoin being a peer-to-peer service, all the payments reach their destination safely and securely. This allows even marketers from this part of the world to take part in online commerce. And since it’s free, secure, instant, and scalable, and most importantly, accessible from anywhere in the world, why will you ignore this fantastic opportunity?
Now that you know how using a cryptocurrency can help you with your business, the next step is “how to get started?” Please scroll down to learn more about it.
How to Accept Currency on Your eCommerce Site?
Since you already have an eCommerce site, you won’t have to wait for long. All you need to do is integrate it with a BTC payment processor. Depending on the type of business, you must do your research and look for the options.
Since all the eCommerce platforms already have integrated this option, it won’t be much hassle for you. You can even opt for Flexepin vouchers for your eCommerce site.
But do you know how to evaluate different BTC processors?
You need to keep in mind a few factors to see what will work the best for you. For instance, you need to ask for the transaction fees charged by the processors. Opt for the one that has rates as low as 1%.
Further, you must look for the frequency of the payouts. Some promise to initiate payouts daily, while others say it might take as much as three days. Once you sort these elements, you must look for all the payout currencies that you prefer.
Ideally, most bitcoin processors allow merchants to withdraw payments in US dollars and GBP. But if you are looking for something else, make sure to ask the provider for that.
Other than these, you can also look for options like custom integrations, payment buttons, and others for a hassle-free shopping experience for your customers.
With so much happening around, adopting new trends is the only way to stay competitive. You will be surprised to know that cryptocurrency or BTC is working hand-in-hand for effective movement of goods by simplifying the supply chain management and tracking commodities from point A to B.
And since the information is readily available, even the average consumer or merchants quickly adopt and adapt to this trend. So, why not use the same to navigate the challenges you face amidst the growing pandemic scare?