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What You Need to Know About Accepting Crypto Payments on Shopify

Shopify is the most popular eCommerce platform in the world, with over 600,000 small businesses using it. Even if you do not run a store on Shopify, you have likely used the platform as a customer. A payment gateway that will allow users to purchase things in bitcoin has been integrated into Shopify’s platform. Given the explosive growth of cryptocurrency in recent years, it is critical for store owners on Shopify to be familiar with the process of accepting cryptocurrency payments as well as what to do with the cryptocurrency once it has been received.

Having a Shopify store and running a business

Those of you who are new to Shopify’s company operations should know that it is a platform that assists small businesses in creating online stores. It takes care of all of the digital functions for your business, allowing you to sell your items fast and easily online. This includes website creation, domain purchasing, the use of a third-party theme, and online hosting services. User payment processing options are also provided by Shopify for both online and brick-and-mortar businesses. Essentially, if you have a product or a source for a product, Shopify can assist you in getting started with online sales and marketing. If you are a current or prospective seller, or if you have purchased from a shop hosted on Shopify, you must understand how Bitcoin has been integrated into the platform.

So, what exactly is Cryptography?

To put it another way, cryptocurrency can best be described as a digital and decentralized replacement to our traditional currency (fiat currency). This effectively means that cryptocurrency is exempt from the kinds of government restrictions that often affect traditional currencies. This enables cryptocurrency to outperform inflation, deflation, and bank failures. The majority of cryptocurrency owners utilize their cryptocurrency as an investment, but there has been an increasing demand for alternative ways to spend their cryptocurrency. Unfortunately, because bitcoin has only been available since 2009, many businesses do not currently have a mechanism to accept digital currency payments. But this is beginning to change as cryptocurrency payment gateways are being utilized by business-savvy organizations seeking to encourage cryptocurrency users to purchase their products or services.

Accepting cryptocurrency payments on Shopify

Shopify recognizes the growing popularity of cryptocurrency payments, and as a result, they have integrated a cryptocurrency gateway into their user interface. Anyone selling or purchasing on Shopify will find it to be extremely user-friendly as a result of this. If you already have a Shopify store, you can take cryptocurrency payments by enabling CoinPayments in your account settings. To do so, log into your account and modify the alternative payment box. You can begin accepting Bitcoin, Ethereum, and more than 100 other types of cryptocurrency as soon as you enable coin-based payments in your store’s payment system.

This is excellent news for potential customers who own any kind of cryptocurrency, but what does it mean for you as a company owner? First and foremost, even if you have no desire to own cryptocurrency, you should not allow this to prevent you from taking coin-based payments. Your cryptocurrency earnings can be converted back into fiat cash in seconds thanks to the Shopify payment gateway. Alternatively, if you do want to hold cryptocurrency but would like to trade the coin you received for a different type, you can do so through the gateway as well as the exchange.

The Advantages of Being a Shop Owner

Those businesses who accept coin-based payments will be able to take advantage of the many advantages that come with using a decentralized currency, such as faster transactions, fewer costs, and better security. When making an online payment, cryptocurrency is the quickest option because it is instant for all transactions, including those that take place overseas. When making payments using credit cards or bank transfers, you may have to wait many days, if not weeks, to get your funds, especially if you are accepting international payments. Furthermore, the minuscule transaction fees that crypto users benefit from are among the lowest in the business at 0-.5 percent, compared to traditional bank rates that range between 2-4 percent. For those who conduct major transactions regularly, this might save you thousands of dollars. Businesses also benefit from an additional layer of protection provided by cryptography, as payments made using cryptography cannot be reversed or modified once they have been transmitted, which is not the case with traditional payment methods such as PayPal, credit cards, or bank transfers.

Start accepting cryptocurrency payments as soon as possible.

Following your briefing on Shopify’s crypto gateway integration, you will be able to begin accepting cryptocurrency payments in your shop immediately after enabling the feature. As a store owner or as a consumer, you will reap the benefits of Shopify’s simple solution for small businesses looking to increase their payment alternatives. Even though you have the option to sell your cryptocurrency as soon as you obtain it, you may find yourself diversifying your investment portfolio to include a variety of cryptocurrencies. Because of its rapid growth over a short period, cryptocurrency may well be the money of the future shortly.

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cyberspecial.net. Previously, he worked as a security news reporter in a reputed news agency.