How to accept Bitcoin payments?
Cryptocurrencies such as Bitcoin are not accepted in the most popular e-commerce marketplaces such as Amazon, which refused to accept Bitcoin in 2014. On the bright side, it only increases the chances of new e-commerce platforms taking over in the future.
What is Cryptocurrency Commerce?
Crypto commerce is essentially the same as an e-commerce platform, but cryptocurrencies are used instead of regular currencies, so merchants can accept bitcoin payments. The point of crypto commerce is to free the world from unnecessary fees paid to the banks. You already pay so much for taxes, why spend more on third-party fees?
It’s not only that, cryptocurrencies move much faster than regular currency like dollars or euros. Everything happens instantly, so the transferred funds could not be put on hold for weeks.
Cryptocurrency payments are also less fraudulent. According to Forex News Shop, retailers lost around $7 billion in 2016, which could increase to $31 billion in 2020.
It all happened because of chargebacks, from the fees taken by the third parties. This won’t happen with crypto, because there are no hidden fees, that could be charged back later.
Stores that accept Bitcoin?
One of the biggest e-commerce platforms, that accepts cryptocurrency payment is OpenBazaar. They are the most advanced platform in crypto commerce, improving every day. It’s like eBay or Amazon, but with crypto. You can sell products for bitcoin there, such as a used phone or a bike, it works the same as the giants mentioned earlier. But sellers will accept bitcoin rather than fiat currencies like USD or EUR.
How to add Bitcoin payments in your store?
One of the easiest ways is to use our platform, a payment processor – Wunderbit Commerce. The payment gateway of Wunderbit allows you to accept bitcoin.
You’ll find a 3-step tutorial in this link, but basically, all you need to do are these 3 things:
- Create a WunderBit Business Account
- Build a Sales Flow
- Accept Bitcoin from customers, receive Bitcoin BTC or Fiat!
Wunderbit is not only a commerce company, but also operates a cryptocurrency exchange, where you can buy bitcoin as well as other cryptocurrencies with a credit card, bank account transfer, or Skrill at the best rates and lowest commissions. You can also sell bitcoin and get euro to your bank account through a bank transfer.
How does Crypto Commerce work?
Once you get paid in Bitcoin, you’ll receive an invoice. That invoice is tied to the price in Euros. The amount of Bitcoin paid will be automatically exchanged to Euro based on the current exchange rate. Registration to the platform is the same as anywhere else, just a few minutes and you’re good to go.
Merchants can also choose to accept Bitcoin. In that case, bitcoin transactions will go straight to their bitcoin wallet address.
Is Crypto Commerce safe?
It is much safer than using regular payment systems. These transactions are untraceable to e-commerce thieves, who could steal your credit card credentials. The same goes for the retailer, they won’t get in any trouble due to online thefts. It can never happen, because of blockchain technology. Therefore, it is super safe.
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