With the rising popularity of alternative forms of payment, today’s eCommerce landscape is growing more competitive than ever. In January 2021, the average number of daily Bitcoin transactions reached around 400,000. Because of this, businesses may be wondering how to accept cryptocurrency as a form of online payment.
To start accepting Bitcoin payments online, the easiest path involves integrating with a specialized payment processor. For instance, the Magento platform can integrate with CoinGate and BitPay. On the other hand, those using Shopify can take advantage of Dwolla and GoCoin.
Often, most eCommerce platforms offer integrations with third-party cryptocurrency processors so you don’t have to do the hard work yourself. You can often search the marketplace of your chosen platform to see if there are any options that accept Bitcoin payments.
If this is not an option, get in touch with your eCommerce provider to see what your other options are.
If there are no direct Bitcoin payment solutions that work well with your platform, you may have to work with an experienced web developer to provide a payment solution. Another option is to make use of payment buttons or an invoice generator tool to accept Bitcoin payments.
However, these methods can often end up being more complicated and costly than working directly with shopping cart apps that are constantly updated and come with a customer support team.
When choosing a Bitcoin payment processor to work with, it is best to research any upfront fees, transaction speeds, and other factors that can impact the process.
Read on to learn more about the impact of cryptocurrency on digital payments and browse our other articles on Processing Card!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
