We've put together a handy guide for how your business can (and why it should) start accepting Bitcoin and other cryptocurrency payments for goods and services.
Remember, once your business adds a Bitcoin option, you're welcome to list on Spendabit — so be sure to sign up once you're finished with this guide!
First things first. Maybe you're wondering why your business should start accepting crypto and how it will benefit you? We could go on for days, but the short and sweet version is that you're currently missing out on a huge market of cryptocurrency spenders — more than 100 million world-wide — and as the last decade has proven, crypto isn't going anywhere.
Need a little more convincing? Bitcoin and other cryptocurrencies are secure (unlike your traditional bank account) and don't require personal and private information to be exchanged with every transaction. And because of the way cryptocurrencies and crypto wallets are set up, the chances of fraud are greatly reduced compared to traditional money. It's also a nearly instantaneous transaction process with lower transaction fees than most credit cards, plus there's no opportunity for chargebacks because crypto transactions can't be altered in any way.
Lastly, we'll point out that accepting crypto involves absolutely no third parties. No bank, credit card company, government agency or otherwise that can freeze your account, charge fees and control your money. With crypto, you have 100% control over your money, 100% of the time.
More likely than not, you're here because you're looking to integrate crypto transactions into your existing e-commerce platform, and if that's the case, skip to the next section. But if you're a brand new business or simply new to the e-commerce world, the first step is to set up an e-commerce platform.
Some of the big names you'll hear tossed around a lot are Shopify, WooCommerce, BigCommerce, Magento, PrestaShop — all of these platforms have crypto payment functionality, but there are countless other options out there. Some are free to get started and may offer upgrades for a fee while others follow a paid subscription model.
Do your research before deciding on a platform. Make sure that whichever you choose will work for your business model and that it can be adapted to accept crypto payments.
So once you've chosen an e-commerce platform or if you're an established online merchant, how exactly do you go about accepting cryptocurrency payments? The first thing you'll need to do is decide on a payment processor.
You might consider a big player like BitPay, Coinbase or CoinPayments, or an open-source option like BTCPay Server. There's no shortage of processors out there and more are popping up all the time — even payment giant PayPal is creeping closer to allowing consumer-to-merchant crypto transactions. Just make sure the processor you choose is compatible with your e-commerce platform and that it covers any specific currencies you're looking to accept.
While each payment processor will have its own specific set of instructions, the basic steps follow the same blueprint. You'll start by creating an account with your chosen processor. From there, you'll install the appropriate plugin onto your e-commerce site, link it to your payment processor account and customize the settings to your liking.
Now that your business is all set up to accept crypto, it's time to get your name out there for cryptocurrency users to discover. That's where we come in.
As the original bitcoin product search engine, Spendabit connects consumers looking to spend crypto with merchants that accept it — and not just Bitcoin! We now offer alts support for users who want to spend their Litecoin, Ethereum, Dogecoin, Dash and Bitcoin Cash in addition to Bitcoin.
In less than five minutes, you can create a merchant account and get listed on Spendabit to connect with our users to make the most of your debut in the crypto market.
Shopify is a leading global e-commerce company that provides secure tools to start, grow, market and manage a retail business of any size. Many niche websites today are using Shopify integrations. CoinPayments offers an easy way to integrate with Shopify and accept crypto as a form of payment.
To start accepting Bitcoin, Ethereum, Litecoin and other cryptocurrencies for your Shopify business, follow the below steps:
Full Details of integration are outlined below:
WooCommerce is one of the most popular extensions that you can find when it comes to e-commerce platforms. It is compatible with all WordPress sites and is known as a flexible, open-source e-commerce solution for small- to medium-sized businesses across all industries.
With the CoinPayments integration, you can start accepting crypto payments from anywhere in the world. With a goal of democratizing commerce, WooCommerce and CoinPayments can help you grow your customer base, open new business opportunities and simply make your life easier. You can accept Bitcoin, Ethereum, Litecoin and other cryptocurrencies using the CoinPayments payment gateway and the WooCommerce plugin for your WordPress website.
Follow the steps below to start accepting crypto as a form of payment with your WooCommerce store: