Many online shoppers prefer to pay in crypto due to fast, borderless, and secure transactions. Therefore, many e-commerce store owners are integrating a crypto payment gateway to their platforms. If you are an online store owner and don’t accept crypto payments, you are likely missing out on many benefits. In this article, we’ll talk about the benefits of cryptocurrency payments for e-commerce businesses.
Why Your Online Store Should Accept Payment in Crypto
Global Customer Base
Cryptocurrencies are free from most traditional banking rules. Therefore, they can be operated in the same way in all countries. Customers in any country can purchase products from your store without worrying about currency conversion. With cryptocurrency payments, your online store can easily serve international customers, especially where banking services are limited. An online store with no currency exchange barriers can make shopping faster and easier.
Lower Fees and Higher Profits
Fees with traditional banking or credit card payments are often high. Traditional transaction processing costs range between 3% and 5%. On the other hand, crypto transactions are more affordable. Their processing fees range from 0.5% to 1%. You can reduce transaction costs and increase profits.
If you use CoinRemitter as your primary crypto payment gateway, you pay only a 0.23% processing fee, with a minimal transaction fee. So, you can save up to 50% on transaction costs. You can also reduce fees on some currencies using the Gas Station by this crypto payment processor.
Fast and Secure Transactions
Unlike traditional payments, cryptocurrency payments aren’t centralized. Decentralization keeps crypto payments almost free from intermediaries. Aside from the miner, there is no intermediary in the transaction process. Therefore, transactions get confirmed quickly. Additionally, the absence of intermediaries and cryptographic security reduces the risk of fraud and mischief. If you accept crypto payments for your store, you can receive funds faster and begin delivering products sooner.
No Chargeback Fraud
Online stores frequently face chargeback fraud. However, crypto transactions are irreversible. If you accept crypto payments, such fraud cannot occur. Because cryptocurrency payments cannot be reversed, you must process refunds manually. This reduces fraud refund claims and improves control over funds.
Improved Privacy
Some cryptocurrency payment gateways, including CoinRemitter, allow you to register without KYC. You don’t need to submit your documents when registering on these platforms. This way, you can protect your sensitive information when accepting cryptocurrency payments. This provides online privacy and protects you from risks such as identity theft.
A Few Challenges With Solutions
Complex Crypto Payment Integration
Many online store owners may not be able to integrate crypto payment gateways into their websites due to technical complexity. A higher learning curve and technical barriers may stop them from accepting cryptocurrency payments.
Solution: A variety of solutions, like BTC API, Crypto Payment Plugins, and Widgets, help you select your preferred way of crypto payment integration.
Price Volatility
Cryptocurrency prices are highly fluctuating. If there is a large gap between the price at the time of payment and the price at settlement, online business owners may incur significant losses.
Solution: You can accept payments in USDC or other stablecoins to eliminate volatility risks. Also, gaining control of your crypto funds and converting them to your preferred fiat or stablecoin is an excellent option. CoinRemitter’s Auto-Withdrawal feature can help with faster settlements.
Network Delays and Fee Fluctuations
Sometimes, transactions can process more slowly due to network congestion. Also, crypto transaction fees fluctuate, which can lead to unpredictable revenue for online store owners.
Solution: Relying on a reputable cryptocurrency payment gateway with a transparent fee structure is an effective way to mitigate congestion and fee volatility. Such platforms ensure you pay the stated amount, enabling you to predict your revenue more accurately. Additionally, these platforms keep your funds secure even during network delays. You can also check the average fee on the relevant blockchain explorer and pay a higher fee to increase the chances of your transaction being confirmed quickly.
Conclusion
Cryptocurrency payments will become more popular in the future. If you run an online store and don’t accept payment in crypto, you may lose a large number of customers, especially cross-border ones. Additionally, you may end up paying higher fees and compromising your privacy and security. Therefore, you should accept cryptocurrency payments for your online store. However, cryptocurrency payments present challenges. Crypto payment processors like CoinRemitter address them to make cryptocurrency payments more reliable for online businesses.
