It’s no secret that Bitcoin is the most popular cryptocurrency on the scene. There are various companies such as PayPal, Expedia, Microsoft, and Subway, to name a few, which accept Bitcoins as a payment method. It’s evident that Cryptocurrencies are becoming a more worthwhile addition to any eCommerce venture.
It goes without saying, customers love to have a large selection of payment options available. A general rule of thumb for businesses is to have at least three types of payment options. A great way to asses which which options to run with is to look to your target audience and learn which options they utilize the most.
Check if Bitcoins are legal in your country. Here’s a list to check if Bitcoins are legal in your country of interest.
How to Setup Bitcoin Payments with Plugins
Does your website use WordPress, Shopify, Magento, or WooCommerce as an eCommerce platform? If so, there are plugins available which allow you to easily integrate Bitcoin payments into your shop. All you’ll have to complete now is the standard setup of a Bitcoin wallet and begin accepting payments.
How to Setup Bitcoin Payments with a Third-Party
Third party solutions, such as, BitPay, CoinBase, and GoCoin, will take care of a lot of options connected with being able to accept Bitcoin payments through your eCommerce business. Listed above are some of the more popular third-party solutions, however, there are a multitude of options when it comes to choosing which providers to go ahead with. Each provider has their own unique benefits, but choosing which to implement into your business will require your own analysis in order to figure out which can meet your demands. However, the setup process for each is generally the same. Just create an account with your provider of choice, then follow their given instructions on how to easily integrate them into your website. Upon completion, Bitcoin payments will be exchanged and transferred seamlessly.
Standalone Method of Setting Up Payments
Set up an account on one of your preferred Bitcoin exchange sites. Setup your wallet and generate multiple Bitcoin addresses and proceed to save them on your web server. Once a customer decides to place their order and wish to pay with Bitcoin, you can distribute your receiving address to them. Each customer will receive a unique address to complete a transaction. Do note, this method of approach can require more work, however, it will allow you more control over your funds and spare you the need for third-party services.
In the end, it’s important to remember that your approach to accepting Bitcoin payments in your website depend on your technical ability and the needs of your business. Some small business will find that eCommerce platform plugins paired with an exchange account and a wallet will suit their needs, however, larger businesses might find the integrated cryptocurrency solutions more suitable.