Small companies around the world are beginning to find ways to capitalize on the rising popularity of cryptocurrency. However, since crypto is not yet fully in the mainstream, it’s not always easy to figure out how to begin accepting crypto payments for your eCommerce site. The good news is that there are several options available on the market today.
Using Standard Payment Processors to Accept Cryptocurrency
There are several payment processors that can be used to accept cryptocurrencies online. Stripe, for example, is a decent option to consider as it has a global reach and support for various crypto coins including Bitcoin, Ethereum, Litecoin and more. It is highly versatile, which makes it easy for your company to provide a range of payment options for customers, regardless of which cryptocurrency they prefer. A cryptocurrency converter tool like OKX.com can be used to help your customers determine how much they are spending in terms of fiat currency.
Using Specialist Crypto Payment Brands
There are several small businesses and eCommerce sites today using services like Coinbase Commerce, BitPay, GoCoin, and CoinGate to accept payments in cryptocurrency. These brands are specialists in helping companies easily accept cryptocurrency payments, and they make it easy to integrate the functionality to do this directly into your online store. With these platforms you can accept various different cryptocurrencies as payment for goods and services, offering more flexibility for your customers. Some, such as BitPay, will also automatically convert cryptocurrency payments into fiat currency, allowing you to avoid the high volatility levels.
Choosing Which Cryptocurrencies to Accept
There are several cryptocurrencies that you can accept, and which ones you choose will depend on your business. Some companies might prefer to focus on accepting well-known, popular cryptocurrencies like Ethereum or Bitcoin while others might prefer accepting lesser-known, smaller coins. When determining which cryptocurrencies to accept, there are several factors your business should consider including the liquidity and popularity of the currency, how volatile the currency is, the fees that are associated with processing payments in that currency, and how easy it is to integrate with existing payment processing systems. Ethereum and Bitcoin are good options as they are the two most popular crypto coins worldwide with high liquidity and relative stability.
Finding the Right Crypto Processor
All crypto processors function in the same way, acting as a mediator between your company and the cryptocurrency network. They provide you with the necessary tools to accept crypto payments easily and convert them into your desired currency. One of the main differences to consider when it comes to crypto processors is the fees. Some will charge a flat rate fee for each transaction, while others will charge fees that may vary depending on the currency that is being used. Another factor to consider is the range of cryptocurrencies that are supported by the crypto processor.
If you’re considering payment methods to accept for your eCommerce store, then cryptocurrency might be something you’ve given some thought to. Accepting crypto payments has become more popular, and easier for any eCommerce company to do today.