9 Reasons to Accept Cryptocurrency at Your Ecommerce Store

What is Cryptocurrency?

Cryptocurrency is a form of digital currency that is created and stored electronically in a digital wallet. This is a global currency not backed by any government or central bank, but by other users who exchange their time and resources to create more coins. These users are called miners, and they use computers to solve complex mathematical problems to verify transactions on the blockchain (or public ledger).

These digital currencies can only be spent if you have access to your private key, which allows you to access your funds from anywhere in the world without having any physical money at hand.

Cryptocurrency has been making waves in the financial world for the past decade. With its rise in popularity, more and more businesses are now accepting cryptocurrency as a payment option. From online stores to small businesses, the adoption of cryptocurrency has become more widespread, and for a good reason.

So, why are we, a company dedicated to custom ecommerce plugins, applications, and extensions suggesting you jump into the crypto world? It’s simple, we want to see you succeed, and this is one of the sure-fire pathways to the future.

9 Reasons to Use Cryptocurrency in Ecommerce

1 – Greater Payment Flexibility

Cryptocurrencies can be used to make payments worldwide without worrying about exchange rates and cross-border transaction fees. This makes it more convenient for you as a business owner to accept cryptocurrencies at your ecommerce store because customers won’t have any trouble paying in their local currency.

Accepting cryptocurrency opens up a world of payment flexibility to your customers. With a digital wallet, customers can easily send payments to your online store without needing a bank account or credit card. This makes it easier for customers who may not have access to traditional banking systems to purchase goods and services from your store.

2 – No Need to Handle Currency Exchanges

One of the great benefits of accepting cryptocurrency is that you don’t have to worry about currency exchanges. If you accept payment in USD, your customers must exchange their cryptocurrency for USD. This can be a hassle for them and takes time, which is why many people choose not to use it as an option at all.

With cryptocurrency payments, the exchange rate is handled automatically, making the process quicker and more convenient for you and your customers.

3 – Greater Access to More Potential Buyers

It’s no longer just for tech geeks and hackers. By accepting cryptocurrency at your ecommerce store, you can attract new customers who may not have been able to purchase from you before because of their location.

Cryptocurrency also makes it easier for international buyers to make purchases online without using traditional banking services. These days many people are living abroad who don’t have access to banks but do have access to smartphones (which are often used as wallets). Millions of people worldwide hold cryptocurrency and would love the option to spend it on your goods and services. This could open a whole new market for your business.

4 – Quicker Transaction Settlements

Traditional bank transfers can take days to process, with funds held in limbo until the money clears. Cryptocurrency transactions settle in minutes, making them more convenient for both you and your customers.

This means that settlements can be made quicker, allowing you to receive your payment sooner. This is particularly useful for businesses that rely on a steady cash flow. Having an infusion of funds that do not rely on heavy fees or longer clearing times gives you a solid foundation for operational expenses.

5 – Lower Transaction Fees

The transaction fees for accepting cryptocurrencies are much lower than those of credit cards. The main reason for this is that there’s no third party involved in the payment process, which means you don’t have to pay any processing fees or gateway fees.

In addition to these benefits, cryptocurrency payments are more secure than traditional payment methods because they use blockchain technology and cryptography techniques that help prevent fraudsters from accessing your funds illegally.

6 – No Chargeback Worries

One of the most common reasons to accept cryptocurrency at your ecommerce store is to avoid chargebacks. Chargebacks are a big problem for small businesses, and they can be expensive and time-consuming. If you’re selling online, then chances are you deal with them on a regular basis–and that’s bad news for your business.

With cryptocurrency payments, this risk is significantly reduced. This is because cryptocurrency transactions are immutable, meaning that once a transaction is made, it cannot be reversed. This gives you peace of mind knowing that your payments are secure. You get more control over issuing refunds instead of an automatic process that could result in thousands of dollars of fees due to ecommerce fraud.

7 – Increased Trust

Cryptocurrency is a new form of payment, and it can be a bit daunting to accept cryptocurrency as a form of payment. It’s important that you make the process as smooth and easy as possible for your customers, so they don’t hesitate to buy from you.

With the use of blockchain technology, transactions are transparent and secure, providing customers with peace of mind that their personal information is protected.

8 – Attracts a Younger, More Tech-Savvy Consumer

The younger generation is more likely to use digital wallets and cryptocurrency than any other age group. They’re also more likely to be tech-savvy, meaning they’ll be open to new technology like cryptocurrency payments. As you are an ecommerce-based business, you want customers that understand the value you are offering by buying online.

If you want your store to appeal specifically to the younger crowd, accepting cryptocurrency could be a great way of attracting them.

9 – Opens New Doors to Marketing & Competition

Cryptocurrency is a new technology, and people are interested in it. This means that there’s a whole new market to explore! If your competitors haven’t started accepting cryptocurrency yet, they might begin soon, and then you’ll be left behind if you don’t follow suit.

This could help you stand out from your competitors and give you a competitive edge in the market. You could offer special promotions or discounts to customers who make purchases with cryptocurrency, further incentivizing them to choose your store over others.

More Online Stores are Moving to Crypto

The truth is many retailers are now accepting cryptocurrency as a form of payment. This is good for business owners and customers alike because it helps the cryptocurrency community grow by making it easier for people to spend their coins instead of just holding them in digital wallets or on exchanges.

In addition, accepting crypto payments is easy. All you need is an internet connection and access to some type of wallet software (like Bitcoin Core). Once you’ve set up this infrastructure, all transactions are handled automatically through any of the reputable apps via WooCommerce, Shopify, Magento, or BigCommerce.

Still Nervous About Crypto – How About Opening a New Target Market?

If you’re still a little nervous about accepting cryptocurrency, consider this – having a new market of potential buyers available to your business only exponentially grows your revenue potential.

As for cryptocurrency specifically, don’t worry. We at OPMC have you covered. We have developed a new way to accept payments from a target market if you are not quite ready to jump into the digital wallet space.

Our Alipay Cross-border Payment Gateway plugin for WooCommerce allows you to tap into the highly lucrative Chinese marketplace. This has been gatekept for decades because many payment processors were not allowed or could not secure access to this incredibly valuable consumer base.

With this easy-to-use plugin, you’ll get access to the more than 1.3 billion consumers in the Chinese market securely and sensibly so they can make an easy payment for your products. As you consider whether or not to infuse cryptocurrency into your storefront, make a compromise and start with our plugin first. Once you are comfortable with a new market, it will only be a short skip over to including crypto as well.

Conclusion

As you can see, there are many advantages to accepting cryptocurrency. Whether you’re a small business or an international corporation, the benefits of accepting cryptocurrency at your ecommerce store are clear. 

Hopefully, this article has helped you understand what it means to accept cryptocurrency at your ecommerce store and given some ideas on how it could work for your own business.

Don’t forget, if you want a quick infusion of revenue, start by opening payments to the Chinese market with our custom plugin first!