Digital technology, including cryptocurrency, got immense popularity; every ear is well-aware of them. This inevitable fame of crypto has brought significant changes in many businesses’ financial structures. Crypto is more accessible and an instant payment option for your business, especially in online stores like eCommerce.
Cryptocurrency employs payment processors that automate the conversion of crypto to a local monetary system. In view of this approach, businesses and online stores can enjoy an effortless experience of embracing payments.
You can expand your eCommerce business with a tremendous customer base with cryptocurrency. When you offer more choices to your consumers, it leverages the outcomes and positive consequences for your store.
What is Cryptocurrency?
Unlike traditional currencies, cryptocurrency is not controlled or regulated by any bank or governmental body. Instead, cryptocurrency relies on encryption techniques to maintain its use and facilitate its transactions.
Users on a network verify every transaction that occurs, and generally, these transactions become public records. This way, a single user has a restriction to spend the same coin recurringly.
One of the main characteristics of cryptocurrencies is that each coin is unique. There are coins that provide greater privacy and security levels than others.
Cryptocurrency And eCommerce
The two different terms, cryptocurrency, and eCommerce, share the similarity that both of them work digitally. They operate online with different technologies that look familiar. For instance, cryptocurrency works based on Blockchain technology.
If you are an online store owner, it is vital for you to consider cryptocurrency as a supplement for your business growth. With crypto, you employ an extra and seamless option for your customers to buy your services or products.
Plus, online consumers are increasingly turning to digital payments, and cryptocurrency can be the turning point for your store. It enables you to save time and effort of visiting banks or even entering your credit card number online.
Perks Of Cryptocurrency For Online Stores
Though crypto is an excellent alternative for many sections of business, an eCommerce website can enjoy a lot of them. Cryptocurrency can do wonders for your online stores, ranging from lower fees and quick transactions to immense brand visibility.
-
Broader Market
When you embrace crypto payment at your store, you expose your business to an entirely new market of a huge community. This community includes tech-savvy individuals with a remarkable place in the crypto market.
You can expand your market reach and appeal to consumers all over the world by offering the option of using a digital wallet or a credit card platform.
-
Quick Transactions
Cryptocurrency transactions are instant and instantaneous, as opposed to credit card systems, which require several days for batching. As a result, you gain access to your funds much sooner. A quick transaction can simplify the payment process for your business.
-
Low Fees
Payment with cryptocurrency works with low transaction fees. This fee may vary based on your payment modes, like a third-party crypto exchange or your personal wallet. Still, you’ll probably find them considerably less than the fees of other services like credit card providers.
-
Highly Secure
Unless you have the merchant’s consent, it becomes difficult to reverse a cryptocurrency transaction after it has taken place. As a result, the store owners can enjoy immunity from eCommerce fraud.
Enabling Cryptocurrency Payment In Online Stores
When you plan to enable cryptocurrency payments on your online store, you have two options to do so – a personal wallet or a third-party payment processor like Coingate.
Coingate converts cryptocurrencies into fiat instantly and handles all payment processes. This instant conversion is specific to this payment processor since a personal wallet cannot do it, and it will save you from sudden price fluctuation. You will still receive the amount you charge regardless of the changes in the coin value, even in the middle of the transaction.
You can enjoy all the perks of collecting instant payments in cryptocurrency via the PrestaShop addon on your eCommerce website. Coingate provides you with a plugin on your online store that automatically offers checkout options to your customers.
With the PrestaShop addon, the process becomes effortless and automated. It also helps you embrace payments in about 70 plus various cryptocurrencies, including Bitcoin, Ethereum, etc. Click here for more info regarding the plugin and how to add it to your store.
Final Words
Cryptocurrency provides you with the ability to enhance your business gains. If you run your online store, accepting cryptocurrency worth it. Since eCommerce and cryptocurrency are online technology, they provide customers with the convenience they seek while purchasing something.
Moreover, the cryptocurrency gains more value when it can save your online store from any loss, especially during price volatility. You can get this perk with the PrestaShop plugin that Coingate offers for your eCommerce website. It is a fantastic way to appeal to crypto enthusiasts and boost your brand visibility.
