Cryptocurrencies and digital money are gaining a lot of traction in the world. We’re seeing more and more people using them to make purchases online, and many major companies are starting to accept these forms of currency on their websites.
In this blog post, we’ll discuss the best reasons why you should accept cryptocurrency as a form of payment for your website – security, convenience, low fees, and enhanced privacy – just to name a few.
We also go over cover the downsides to accepting and holding crypto on your website.
Lastly, we show our favorite ways to start accepting crypto on your site today.
There are few things to have in order before you start.
Before you decide to integrate crypto payment processing into your website, be sure your hosting provider is secure and offers state-of-the-art features for your site, including SSL for encrypting transactions.
Once you have your site setup in a secure environment, now you can start looking at adding a crypto payment widget to your site.
Reasons to accept crypto payments
Since we are already talking about it, let’s keep on the theme of security.
One of the main reasons that accepting Bitcoin and other forms of cryptocurrency is a good idea for any website owner is because it’s much more secure than using traditional credit cards.
You don’t need to worry about hackers invading your system and stealing credit card numbers.
There are no personal details that you need to enter during checkout, which means your customer has greater peace of mind when they’re entering sensitive information on their computer or device screen.
Believe it or not, accepting crypto on your website is easier than you might think. In 2021, there are some fantastic website tools any website can use to start accepting your favorite crypto today.
Entering your card number manually wastes time every transaction. This is not only a hassle to process, but it also takes up time when you are trying to get your customers on the checkout page.
It’s much easier and more convenient for everyone if they can simply login to their Bitcoin wallet address or scan a QR code instead of entering all that information by hand.
In the future, sending payments will be as easy as sending an email or a text and will be tied to your identity. But right now, you can easily integrate your website to work with exchanges to transact and conduct business with your customers.
Accepting bitcoin as payment also comes with lower transaction fees in most cases; depending on how often transactions happen, you might not even have a fee at all!
Traditional credit card companies charge anywhere from three percent to five percent per swipe if customers use them – but there are usually low or even zero transaction costs associated with crypto payments.
This money-saving perk could be especially helpful for small businesses or start-ups.
Large and growing market:
We’ve heard about Bitcoin skyrocketing in value, but that trend isn’t just good news for investors – it can also be a boon to your business if you accept the currency as payment. The cryptocurrency is steadily increasing in popularity and its value will likely continue to rise, potentially making it an excellent investment.
Transactions are not stored on your website, they are processed in the background. This is a huge difference from traditional ecommerce platforms that store credit card data on your website.
Bitcoin and cryptos are not just a trend, they’re the future of money!
Instant payments into your account:
Crypto funds will be converted to USD and deposited within seconds of receiving payment which eliminates banking delays and costly third-party handling. This could save businesses millions annually in traditional credit card processing charges when compared at scale.
Not all roses and sunshine
As many benefits as there are for accepting crypto on your website, we need to point out there are still some drawbacks and it’s important you pay attention if you care at all about protecting what you earn.
Making money can sometimes be easier than keeping money and it’s especially true in a volatile asset class like crypto.
The potential to earn great profits also means you are vulnerable to massive losses.
Cryptocurrencies are volatile and can change in value unpredictably. This could be an issue for businesses who accept cryptocurrency on their website but experience a major devaluation of the currency before they convert it to fiat.
We can also expect that people are more likely to spend their crypto while prices are appreciating in a bullish market and less inclined to spend if they are losing value or waiting for a certain price point.
How to accept crypto on your site
You can easily share your crypto wallet address to accept payments from your site and manually handle the transactions.
You can also use the Coinbase website widget that is free and can be a great solution for those who want to accept cryptocurrency payments on their site. There is still some manual configuration needed and it’s not recommended for beginners.
This is what we have been recommending lately to all web developers that want to accept crypto. Our favorite tool is a website widget to accept cryptos that integrates with Coinbase, is completely hands off and runs seamlessly on your website.
The app/widget calculates the price of your items then sends request to web visitor to make payment in form of chosen accepted cryptos.
As soon as payment is made, your website triggers notification to complete the purchase and funds are deposited into your account.
Are you accepting crypto on your website yet? If not, why not? It may seem far fetched now but eventually it will be as common as using an email.