Bitcoin and other cryptocurrencies have at times been dismissed as a scam – maybe – even a Ponzi scheme – favored by nefarious profiteers and drug kingpins in the deep web trying to circumvent the law.
But there’s no doubt that the era of using cryptocurrency only in the dark web has long gone. Today, many reputable digital conglomerates and online retailers are embracing digital currency and the technology that underpins it.
Microsoft, CheapAir, Shopify, Bloomberg, Expedia, and Intuit are some of the major websites which are accepting cryptocurrency as payment methods. Others like Facebook, Starbucks, and Amazon have also expressed interest in cryptocurrency and the blockchain technology.
So, how can I accept cryptocurrency payments on my website? Here’s how to do it.
Perhaps the most popular platform to accept payments in Bitcoin and recently also in Bitcoin Cash is BitPay.
With BitPay, you can decide whether to keep the amount received in Bitcoin or convert it to the local currency and receive it by bank transfer. Alternatively, there is also the option to make a partial payment in FIAT currency on your account and keep the remaining part in cryptocurrency.
There is also a BitPay mobile app and PC application so that you can use the platform even in retail stores. Commission fees rise to around 1% of the transaction amount.
CoinPayments, available at www.coinpayments.net, is a website that allows you to add and manage cryptocurrency payments within your business website. With this handy plug-in, you can accept payments in over 120 different crypto coins.
With CoinPayments, not only can you get paid in digital currencies, but you can also use it as a wallet for more than 68 cryptocurrencies – to keep payments received safely. In addition, the CoinPayments portal also functions as an exchange, so once you have received your payments in digital currencies, you will also be able to convert them according to your needs.
Coinbase has also decided to enter the world of payments that are related to commercial activities. The well-known cryptocurrency gateway introduced the Coinbase Commerce service, complete with a payment plugin similar to PayPal’s.
As with BitPay, the Coinbase platform will also quickly confirm payments without the risk of chargebacks. Therefore, the chances of being scammed will be drastically reduced. In case of errors or cancellations, it will still be possible to make refunds to users. The platform accepts several cryptocurrencies in addition to Bitcoin, including Bitcoin Cash, Litecoin, and Ethereum.
Furthermore, the Coinbase Commerce will take care of converting cryptocurrencies into real-world currencies and then send them to the bank account associated with the business, all within 2-3 working days. Finally, here too you will find a mobile application.
In addition to being an exchange, CoinGate is also a payment platform that supports several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, DASH, and many other altcoins. It offers the automatic conversion of payments in cash.
The commission fees amount to 1%, and the service offers APIs, plugins, and applications for the major mobile operating systems so that you can take advantage of the system in the store. For all the details we refer to the website.
As with other payments services, BitcoinPay also offers everything you need to integrate into your e-commerce, including an API, a mobile app, plugins and more. The commissions are about 0.8%, and it is possible to receive payments in dollars, euros and other currencies.
It offers a good level of customization and ad-hoc solution depending on the type of service you want to use. Unfortunately, it only accepts Bitcoin.
Adding cryptocurrency as a payment method on your website is a brilliant choice. It lowers the risks of fraudulent payments and takes customers’ privacy to a whole new level. With that said, whether you manage an online or brick and mortar store, you’ll need to notify your customers about an option to pay with cryptocurrencies and that your business website is accepting digital coins.