Cryptocurrency in Ecommerce: What you Should Know in 2023

The rise of Cryptocurrency has been nothing short of meteoric, and it shows no signs of slowing down anytime soon. For businesses, this presents both a challenge and an opportunity. On the one hand, you need to be able to accept Cryptocurrency as payment if you want to stay ahead of the curve. On the other hand, you need to be aware of the risks involved in doing so.

According to recent estimates, there are over 300 million crypto users worldwide, with an average ownership rate of 3.9%. This figure is only set to grow in the coming years as more and more businesses begin to accept cryptocurrency payments.

This demonstrates the growing popularity and acceptance of digital currencies as a viable form of payment. With more people and businesses investing in Cryptocurrency every day, it's safe to say that the future of money is digital!

In this blog post, we'll take a look at the benefits and drawbacks of accepting Cryptocurrency as payment on your eCommerce website. We'll also give you some tips on how to go about setting up crypto payments on your site.

Benefits of Accepting Cryptocurrency in eCommerce

1. Attract tech-savvy consumers: As a business, you can stay ahead of the curve and appeal to a younger, tech-savvy demographic by accepting Cryptocurrency.

2. A broader market: By accepting Cryptocurrency, you can tap into a global market that isn't limited by borders or exchange rates.

3. Lower transaction fees: Cryptocurrency transactions are often cheaper than traditional methods like credit cards or bank transfers.

4. Reduce fraud and chargebacks: The decentralized nature of Cryptocurrency makes it very difficult to commit fraud or chargebacks.

5. Anonymous transactions: Many cryptocurrencies offer users anonymity, which can appeal to customers who value privacy.

6. No chargebacks: Once a cryptocurrency transaction is made, it cannot be reversed like a credit card charge. This can help reduce fraud for businesses.

7. Secure payments: Cryptocurrency payments are made using blockchain technology, which is incredibly secure.

8. Eliminate foreign exchange rates: If you accept Cryptocurrency from customers in other countries, you don't have to worry about conversion rates

9. Fast transactions: Cryptocurrency transactions are often much faster than traditional methods

10. Cleaner data: Blockchain technology has the potential to keep both transactional and consumer data cleaner. This increased accuracy is important for retailers' marketing efforts, as it can help to improve targeting and avoid wasted spending.

Drawbacks of Accepting Cryptocurrency in eCommerce

1. Volatility: One of the major issues with Cryptocurrency is that it is incredibly volatile. The value of Bitcoin, for example, has fluctuated wildly over the past year, from a high of almost $20,000 to a low of around $3,000. This volatility makes it difficult for businesses to accept Cryptocurrency as a form of payment, as they can never be sure how much the currency is actually worth at any given time.

2. Less protection for buyers: Another issue with Cryptocurrency is that there is currently no real protection for buyers if something goes wrong. If you purchase something with Bitcoin and the seller never delivers the product, there is no way to get your money back. With customary forms of payment like credit cards or Paypal, there are mechanisms in place to report transactions and get your money back if something goes wrong.

3. Cryptocurrency taxes: One of the other big issues with Cryptocurrency is the issue of taxes. Currently, there is no clear guidance from governments worldwide on how to tax cryptocurrency transactions. This means that businesses who accept Cryptocurrency may be subject to different tax rates than those who don't, putting them at a competitive disadvantage.

4. Sustainability issues: Another potential issue with accepting Cryptocurrency is the sustainability of the currency itself. Cryptocurrencies are currently mined using a huge amount of energy, which is not sustainable in the long term. If businesses start accepting Cryptocurrency as a form of payment, it could lead to even more energy being used to mine the currency, which is not good for the environment.

ECommerce Cryptocurrencies to Be Aware Of

There are tokens and coins which are only dedicated for eCommerce use-case. These coins offer more control and options for the ecommerce business and payment acceptance.

Here are a few of the popular dedicated eCommerce cryptocurrencies:

• Chimpion
• Boson Protocol
• Highstreet
• Zelvin
• Permission Coin
• GoCrypto Token
• Bithao
• Zano
• Sparkpoint
• Shopping

How to Accept Bitcoin and other Cryptocurrency on your eCommerce Site

If you're running an eCommerce site, you may be wondering if you should start accepting Bitcoin and other cryptocurrencies as payment. After all, Cryptocurrency is becoming more and more popular, and there's a good chance that some of your customers are already using it.

Fortunately, accepting Cryptocurrency as payment is relatively easy to do. The first thing you'll need to do is set up a digital wallet. This is where you'll store the cryptocurrencies that you receive as payment. There are many different wallets available, so take some time to research which one would best suit your needs.

Once you have a digital wallet set up, you'll need to provide your customers with a way to pay you in Cryptocurrency. There are a few different options available here.

The easiest option is to use a service like BitPay or Coinbase Commerce. These services allow you to set up an account and then provide you with a payment button that you can add to your eCommerce site. When a customer clicks the button, they'll be able to enter the amount they want to pay and confirm the transaction using their digital wallet.

Another option is to use a plugin for your eCommerce platform. For example, if you're using WordPress, there are plugins available for WooCommerce, Shopify, and Magneto that allow you to accept cryptocurrency payments.

Why Choose ATAIX Pay?

A cryptocurrency payment gateway is a Merchant service provider that enables businesses to accept cryptocurrencies as payments for goods and services.

ATAIX Pay is a cryptocurrency payment gateway that supports 50+ cryptocurrencies and allows businesses to easily accept payments in cryptocurrency and convert to fiat if desired.

ATAIX Pay has transparent and low fees, simple and fast setup, instant settlement, and risk-free rates. In addition, ATAIX Pay is secure and provides irreversible payments (no chargebacks).

Use cases for ATAIX Pay include receiving payments on e-commerce stores, creating pay me buttons or email invoices for freelancers, or creating and sending links to anyone for payments.

Some features of ATAIX pay: 

• No chargebacks or reversible payments
• Low transaction fees of 0.9%
• Instant settlements with no waiting periods
• Super Secure
• No conversion rate risk
• API available for custom integration on any platform or website
• Multiple-use cases

Learn more about how ATAIX Pay can help your business by visiting our website.

Conclusion 

As we can see, cryptocurrencies are here to stay, gradually becoming more mainstream. In the coming years, we can expect to see more businesses accepting them as a form of payment, and we may even start using them to pay for everyday items such as groceries and coffee. Who knows, in a few years, you may be paying for your shopping with Bitcoin! If you're not already using cryptocurrencies, now is a good time to start learning about them and how to use them.