Cryptocurrency gets up steam in e-commerce. Figures prove it. Over 30,000 merchants across the globe have already introduced crypto payment options, and luxury names under the LVMH have started accepting crypto to attract tech-savvy audiences.
Businesses that adopt crypto payments prepare for a financial ecosystem that moves beyond borders, banks, and business hours.
Why Does Crypto Make Sense for E-commerce?
Consumer behavior is shifting. More shoppers, especially younger, digitally native ones, are interested in paying with cryptocurrencies. This shift in demand has led many online stores to seriously consider accepting crypto. The benefits are hard to ignore:
- Speedy transactions. Crypto transfers can settle in just minutes. That means quicker access to funds and smoother operations.
- Low fees. Crypto payments cut transaction costs significantly, which helps businesses hold onto more revenue.
- Built-in security. Cryptocurrencies rely on blockchain technology. With encryption and decentralization at their core, these systems are highly secure and less prone to fraud or chargebacks.
- Always on. Crypto networks don’t close. They run 24/7 and offer constant access to payments regardless of time zones or weekends.
- Global reach, fewer barriers. Crypto allows merchants to accept payments from anywhere without worrying about exchange rates, restrictions, or payment declines.
- Inflation resistance. Coins like BTC are viewed as digital hedges against inflation, offering businesses a way to preserve value when fiat currencies weaken.
Among the widely accepted currencies are LTC, BTC, BNB, DAI, and more. However, stablecoins appeal to merchants who prefer less price volatility in their transactions.
How Do E-commerce Platforms Integrate Crypto Payments?
If you’re thinking about enabling crypto payments in your e-commerce store, here’s how to make the transition seamless:
Step 1. Choose a payment processor
Start by selecting a reliable crypto payment gateway. Look for one that supports the digital assets your customers are likely to use, offers crypto and fiat conversion, and complies with local regulations. Companies like CoinsPaid are known for offering user-friendly setups and strong security.
Step 2. Set up a wallet
To receive payments, you’ll need a secure crypto wallet for business purposes. Hot wallets are suitable for everyday transactions, while cold wallets provide offline storage for larger sums. Some businesses create multiple wallets for different currencies or functions.
Step 3. Integrate the gateway
Once you’ve picked your provider, integration is next. Many platforms simplify this process by offering plugins or APIs that work with common e-commerce systems. In this case, the e-commerce platform doesn’t need to rebuild the checkout process from scratch.
Step 4. Make It visible
Don’t hide your crypto options. Display them clearly at checkout alongside other payment methods. When customers see that crypto is available, it reinforces trust and may even encourage higher spending.
Step 5. Manage and convert funds
After each transaction, the gateway routes funds to your wallet. Depending on the setup, a business owner can choose to hold the funds in crypto or convert them into fiat automatically. Flexibility is key here and should align with the financial goals of the company.
Looking Ahead
By 2022, a majority of large-scale online retailers, which generated over $1 billion in annual sales, had already implemented crypto payment options. In the US, over 90% of businesses that accept crypto report seeing tangible benefits, from stronger customer engagement to higher sales.
At the same time, it’s necessary to remember to inform the customers that crypto payments cannot be charged back!
Adopting crypto helps e-commerce platforms stay competitive. And with trusted solutions making the process smoother, setting up a crypto wallet for business has never been easier. As online commerce continues to evolve, embracing crypto could very well be the next smart move for forward-thinking brands.