Adding Cryptocurrency as Payment Option in Your Online Store

Cryptocurrency exchange is a revolutionary ecommerce solution of accepting virtual tokens as payments, to ensure the security of online business deals. If you’re into ecommerce as an online retailer, adding cryptocurrency among your payment options is one way to expand your consumer base.

While others look to cryptocurrencies as a form of investment, some companies consider the creation of a proprietary cryptocurrency exchange platform as support for an owned cryptocurrency exchange system. Blockchain developers provide technological services in carrying out projects that tackle developments for cryptocurrency exchange, cryptocurrency wallets and the related mobile apps development.  What you need is a tech professional who focuses on providing ecommerce website development services to set up your cryptocurrency business requirements.

Basic Requirements When Looking to Add Cryptocurrency Among Your Payment Options

First off, you need to decide which of the cryptocurrencies to accept as payments. Since Bitcoin is the most popular, your core choice will likely be Bitcoin or BTC. How the website developer integrates the crypto payment option depends on the ecommerce platform hosting your online store: e.g. WooCommerce, Shopify or Magenta, in light of the availability of plug ins or application extensions for crypto payment features such as buttons and customized invoices

Your ecommerce website developer will inform you of the need to have a crypto wallet hosted by a crypto exchange site. This tool will enable you to accept, hold and send different types of digital money like BTCs.

Important Pointers When Choosing a Crypto Payment Processor

You need to open a merchant account with a Payment Processor that also delves into cryptocurrency transactions. However, it’s important to carefully evaluate the services available to you, including the transaction fees imposed as charges per transaction. This should not be an issue because one of the key advantages of dealing with crypto is the avoidance of hefty charges imposed by traditional financial institutions.

An important consideration when choosing a payment processor is that it’s not banned in some countries. Keep in mind that cryptocurrency works under a decentralized financial system, which means they are not regulated by any government. As it is, China has its own cryptocurrency and does not accept BTCs and other types of crypto money in their blockchain systems.

Choose a payment processor who diligently installs updates and encryption backups to beef up the security of your wallet.

Last, but not of the least importance, is the Customer Support team who will notify you immediately of problems, in case acceptance of cryptocurrency will be temporarily halted. After all, you need to provide your customers with explanations if ever the option is not available at the moment.

Read More