With the crypto marketplace becoming increasingly important online, you’ve probably been wondering if it’s time you started accepting crypto payments on your own site.
At the end of the day, it’s your choice whether you want to accept crypto as a new payment method, but if you do it’s important that you’re putting things together in the right way.
Should You Start Accepting Crypto Payments on Your Website?
Despite its ever-growing success, crypto is still a bit of an enigma. A lot of people are not sold on the idea. There are some influencers out there claiming that it is the way of the future, and others warning against putting too much faith in the concept.
It’s worth doing some research of your own and deciding whether this is an avenue that can provide value for you – and your customers – or not.
- Attracts customers that are embracing cryptocurrencies
- Popular among 25 to 44-year-old demographic
- Already accepted by large companies that operate online, including Microsoft, AT;T, Paypal, and Wikipedia
- Seen as forward-thinking and innovative for your brand, particularly in certain markets
- Low transaction fees
- Not attractive to all demographics
- The currencies are volatile
- May cause questions from your audience
How Do You Start Accepting Cryptocurrency on Your Website?
Fortunately, it’s not too complicated to get yourself set up and start accepting cryptocurrency payments, but there are a few things that you need to do to be properly prepared.
You will need to have a crypto “wallet” which will allow you to buy, hold, and sell the various forms of cryptocurrency that you want to trade with, like Bitcoin or Ethereum. Your wallet is essentially an app, and it will come with a unique key that allows you to access your crypto, keep it secure, and link it with other apps.
For any purchases that are made using crypto on your site, the money will eventually come to your wallet.
You will also need to make your target audience aware that you are making this change. Let people know that you are offering a new and exciting opportunity, and how it adds value for them as customers.
How Do You Integrate Crypto into Your Platform?
The platform that you are hosting your site on will make a big difference in exactly how crypto payments are integrated. Fortunately, the majority of popular platforms (like WordPress, Shopify, and Magenta) have convenient and easy plugins that you can use.
If you can’t find a plugin for your platform, then don’t worry. You can always tell customers to contact you directly for crypto payment options.
Which Crypto Payment Processor Should You Use?
What you are looking for in a crypto payment processor is great value. You want low transaction fees, a high level of security, good customer support, and availability in as many countries as possible.
Some of the most popular cryptocurrency payment processing services include:
- Coinbase Commerce
It’s worth having a look through exactly what these different services offer, so that you can decide which is right for your business needs.
Can You Accept Cryptocurrency Manually?
Part of the appeal of crypto payments is that you have the option to cut out the middleman entirely, and have your customers pay directly to your wallet.
All they need is your crypto address: a long string of numbers and letters that is also available as a QR code. The payment can then take place as a direct transaction between the customer’s wallet and your own.
Summary: How to Set Up Your Website to Accept Crypto Payments
It is surprisingly easy to start accepting cryptocurrency payments on your website if that’s something that you want to do.
There are many simple and effective plugins that are available for the major platforms, and you can even accept crypto payments manually.
If you’re looking for a way to innovate and expand what you offer, or you want to appeal to a modern customer base, then crypto might be the next step to take.