In the era of digitization, if you are not accepting digital currency, you might be lagging behind in the business. Cryptocurrencies are one of the kinds of digital currencies that are trending around the world. Among all the cryptocurrencies, bitcoin is the most famous one in the world. In this blog, we will guide you on how to accept crypto payments in the Shopify Store, tap the untapped customers, and bag some extra profit. Let’s first understand what cryptocurrency is and what the benefits of using crypto payments in your Shopify Store are.
What is Cryptocurrency and How Does It Work?
Cryptocurrencies are digital or virtual currency backed by cryptographic technology. They enable safe online payments without the need for third-party intermediaries.
Blockchain technology is key to Bitcoin and other cryptocurrencies' attractiveness and functionality. As the name implies, a blockchain is essentially a collection of linked blocks of information on an online ledger. Each block comprises a series of transactions that have been independently verified by each validator on the network.
Cryptocurrencies are fungible, which means their value remains constant when purchased, sold, or traded. Cryptocurrency is not the same as non-fungible tokens (NFTs) with varying values. For example, one dollar in cryptocurrency will always remain one dollar, whereas one NFT dollar's worth is determined by the digital asset to which it is tied.
Examples of Cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, and Dogecoin.
Does Shopify Accept Crypto Payment?
The answer to this question is, yes, Shopify accepts crypto payment.
It all started way back in 2020 when Shopify partnered with Bitpay, Coinbase, and CoinPayments. This cooperation provided Shopify vendors with new, creative digital payment options.
As a Shopify seller, you can use these cryptocurrency platforms to easily accept over 1,800 different cryptocurrencies as online payment for your products.
Offering cryptocurrency payments to your clients makes complete commercial sense for Shopify businesses. According to Statista, global eCommerce sales will reach $5.69 trillion.
In such a competitive and growing market, you don't want to turn away clients because you don't accept their chosen payment option. So, if you want to accept Bitcoin or any other digital currency payments on Shopify, here is how you can do it.
Steps to Accept Crypto Payments in Shopify
To avoid complications during the work process, before taking cryptocurrency assets as a means of payment for goods and services on Shopify, it is crucial to thoroughly research the legal framework of the nation where the company is registered. Certain governments throughout the world impose varying limits and prohibitions on the use of cryptocurrency assets for financial markets or payment transactions. It is critical to ensure that the firm will be able to deal with a specific cryptocurrency and execute any type of transaction freely, both locally and internationally. For Example, India charges 30% of profit earned on cryptocurrency whereas El Salvador made bitcoin as legal tender. Hence, you need to go through the legal aspects thoroughly before trading in cryptocurrency. Now, let’s quickly jump on to the steps of how to accept crypto payments in the Shopify Store
Step 1: Create an account (wallet) with one of the cryptocurrency payment platforms supported by Shopify.
Some of the crypto payment solutions available with Shopify are mentioned below:
Solana Pay: It accepts USDC and includes an integrated loyalty program for your consumers. Solana Pay completes transactions in less than a second for a fraction of a cent. For assistance, see these setup instructions.
Crypto.com: It accepts more than 20 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. For further information, see these setup instructions.
BitPay: It takes 14 cryptocurrencies, including Bitcoin, Bitcoin Lightning, Ethereum, and Dogecoin, which are settled in USD. For further information, see these setup instructions.
DePay: It accepts tokens with liquidity on decentralized exchanges for multiple blockchains, including Solana, Ethereum, Polygon, and Base. DePay is a peer-to-peer payment gateway that employs smart contracts for real-time conversion. For further information, see these setup instructions.
Lunu: It takes Bitcoin, Ethereum, USDT, USDC payments in USD, EUR, GBP, and more than 70 additional fiat currencies. For further information, see these setup instructions.
Bit2Me Commerce: It accepts numerous cryptocurrencies, including Bitcoin, Ethereum, Tether, and others. For further information, see these setup instructions.
IBEX Pay: It accepts Bitcoin Lightning and has offices in the United States, Mexico, El Salvador, and Guatemala. Payments are settled in fiat the next day. Click here for setup instruction
OpenNode: It accepts Bitcoin and Bitcoin Lightning payments made in Bitcoin or fiat. For further information, see these setup instructions.
Strike: It allows Bitcoin Lightning transactions settled in USD. For more information, see Strike's setup instructions.
Each platform has its own set of advantages and disadvantages, as well as usage trends, to consider when making your decision. In any case, Shopify provides numerous solutions, ensuring that every firm can choose one that meets their specific requirements.
Step 2: Connect this account to Shopify using the following steps:
- In your Shopify admin, go to the bottom left corner and click Settings. Then click on the Payments tab.
- In the Additional Payment Methods section, select Add Payment Methods.
- Search for and select the relevant cryptocurrency payment platform, then click Activate and Connect.
- Enter your account information, then pick the cryptocurrencies you want to accept, and then click Activate to enable the provider.
Note: After you enable a cryptocurrency-friendly payment option, you can accept any cryptocurrency supported by their service.
You may still be charged third-party transaction fees for payments made through these gateways. The amount of fees charged depends on your store's Shopify plan.
Enabling an additional gateway has no effect on your current gateways. If you have problems with registration or payments for a cryptocurrency gateway, you can contact their help channel.
What are the Advantages of Accepting Crypto Payments on Shopify?
Why Accept Crypto Payments in Shopify? Here are some of the benefits that would inspire you to accept crypto payment on Shopify
Lower Processing Fees - Unlike traditional processing fees, crypto charges roughly 1% as an industry standard, rather than the standard 3% plus transaction fees.
International Sales - If you want to sell products without having to convert international currency, Bitcoin and other altcoins are widely accepted around the world.
Convertible to USD - Many merchants still want to be paid in American dollars. With cryptocurrency, you can effortlessly convert currencies into cash in your account.
No Chargebacks - Chargebacks can be a serious concern for merchants, resulting in a merchant account closure. Crypto solves these issues through one-way exchanges.
Quicker Transactions - Instead of passing through many hands, crypto is delivered directly to your coin wallet. There is no intermediary, which means speedier payments.
Better Security: Cryptocurrencies are more secure and do not require third-party authentication. The blockchain system verifies and records every transaction, making it nearly impossible for someone to steal your identity.
Are you curious to know whether any company is accepting crypto payments on Shopify or not? Then here is a list of companies that are companies that accept crypto payment on their Shopify store
Conclusion
An increasing number of online retailers are aiming to take cryptocurrency payments from their clients as they become more popular. Even while it has many advantages over conventional payment methods, you should be aware that there may also be certain hazards and tax complexities, which could make it more difficult to handle.
FAQs on How to Accept Crypto Payment in Shopify
Is it legal to accept crypto as payment?
Crypto payment is legal in some countries while not in some countries. Hence, the legality of crypto payment varies from country to country.
What are the Cryptocurrencies available in the market?
There are several cryptocurrencies available in the market such as Bitcoin, Ethereum, dogecoin, ripple, etc.
Can I Accept Crypto Payments on Shopify?
Yes, you can accept crypto payments on Shopify
Which is the best crypto for Shopify?
Bitcoin is the best crypto for Shopify.
How to accept Crypto Payment on Shopify?
To accept crypto payment on Shopify, follow the steps mentioned below:
- In your Shopify admin, go to the bottom left corner and click Settings. Then click on the Payments tab.
- In the Additional Payment Methods section, select Add Payment Methods.
- Search for and select the relevant cryptocurrency payment platform, then click Activate and Connect.
- Enter your account information, then pick the cryptocurrencies you want to accept, and then click Activate to enable the provider.
Is it Safe to Accept Payment in Cryptocurrency?
Yes, cryptocurrencies are technically safe options to trade with however they possess volatility which can be a cause of concern.
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