Cryptocurrency has been a buzzy topic for quite a while now. This digital currency got its start as a niche hobby for only the nerdiest of investors. But in recent years it seems everybody is talking about the latest news in crypto. If you have an ecommerce business or startup, you may want to capitalize on this interest by accepting crypto payments. We’ll help you explore the pros and cons and whether cryptocurrency and ecommerce is a good combo for you.

What is a bitcoin ecommerce platform?

There are many cryptocurrencies in ecommerce, but bitcoin is the most recognizable. A bitcoin ecommerce platform is a platform for online selling that allows you to accept bitcoin payments. You can also turn your website into a bitcoin ecommerce store by using third party developed plugins that integrate with your CMS.

While you may be primarily interested in bitcoin payments, there are many other kinds of cryptocurrency you can look into integrating into your ecommerce website.

When looking at all ecommerce websites, there are not a lot of online stores that accept cryptocurrency. So is it worth the time and effort to set up this payment method for accepting bitcoin?

Should I Accept Cryptocurrency Payments on my Ecommerce Site?

This depends on a few factors like your client base and comfort level with cryptocurrency.

As of November 2021, only 16% of Americans had actually used cryptocurrency. And that number seems to be growing. What demographic is most likely to use crypto? Young men. In this study about four-in-ten men ages 18 to 29 said they had used cryptocurrency.

So if you’re selling to men in their 20’s, setting up crypto payments could be well worth your effort. Not only will your customers actually use it, but it adds to your credibility and “cool” factor. It can be a good marketing move to advertise the fact your store accepts crypto. That’s adding value even if it isn’t used.

To accept bitcoin transactions as payments, you have to have a crypto wallet. So it’s important to be familiar with the world of cryptocurrency and have some experience using it.

Before setting up your bitcoin ecommerce website, get some experience with cryptocurrency. Set up a wallet and go shopping on crypto-accepting websites. Take note of the experience and what tools different websites use. You can get ideas for your own ecommerce store.

How Do I Accept Cryptocurrency in My Online Store?

First, you need to choose a cryptocurrency payment processor if you want a bitcoin accepted ecommerce setup. There’s usually a small processing fee for crypto, about 1%. This is lower than most credit card processors. Make sure to research any transaction fees. And you’ll need to choose a processor that can integrate with your ecommerce platform. Here are a few great options: https://www.uschamber.com/co/run/technology/how-to-accept-bitcoin-payments. And below is a chart to help you find what’s compatible with your online store.

Depending on your platform, you may need to install and configure a plugin on your website. If you already use PayPal as your merchant, good news! You’re already set up to accept crypto payments. As of March 2021, PayPal began accepting cryptocurrency as a payment method for PayPal powered checkouts. The downside is that the crypto is automatically converted to fiat currency. So you will not be accepting cryptocurrency directly into your own funds.

I Need Help Figuring Out Cryptocurrency

There are other factors to consider when you introduce crypto into your business. Taxes can be complicated, and you’ll likely want guidance on how to invest your funds. A trusted financial advisor and accountant can be priceless in this case. Don’t hesitate to contact us at Pioneer Accounting. We have real accountants available in our live chat. Let us help you with all your crypto questions.