In short, this is a huge benefit for merchants because it prevents credit card-related online fraud. Besides, unless the ecommerce merchant decides to do so, the transaction between the merchant and the client cannot be reversed once it has been completed. Chargebacks do not exist with bitcoin payments, unlike credit card purchases. Prevent chargebacksĪnother reason you should know when accepting Shopify cryptocurrency payments for your store is to prevent chargebacks. Thus, this allows you to make more money every transaction as well as expand your company. In fact, this fee will vary depending on the blockchain and payment processor used, but is significantly less than any traditional method. However, all blockchain transactions are subject to a gas fee to execute the transaction. As a result, your transaction fees will be greatly reduced. There are no transaction fees because cryptocurrencies do not require the use of a financial institution to authenticate the transaction. Moreover, compared to traditional payment methods, Shopify cryptocurrency enables you to easily sell your products all around the world and reach a much larger audience. Hence, it allows everyone from anywhere to send money to anyone else without the use of a financial intermediary such as a bank. Payments made with cryptocurrency are not bound by any country or boundary. Reach more new larger marketsįirst and foremost, the most outstanding reason that you need to accept Shopify cryptocurrency for your store is access to larger markets. Why you should accept Shopify cryptocurrency 1. Now, let’s take a look at the benefits and improvements that Bitcoin brought to the eCommerce business. Plus, Bitcoin and Blockchain have laid the groundwork for a new digital payments system, as evidenced by general tendencies in industrial development. It is just a matter of time before all internet retailers accept digital currency payments. At the same time, thousands of people were interested in learning more about Bitcoin. Shopify expanded its reach and was the first to accept Bitcoin payments. The mining community must approve the verification of transactions.Īdditionally, Shopify revealed a Bitcoin payment option for online businesses a few years ago. Moreover, bitcoin is not under the jurisdiction of any institution. This means that all transactions are conducted from hand to hand, or more precisely, from account to account, with no intervention from a third party. In particular, bitcoin’s transactions take place in cyberspace. The transaction is completely safe and secure thanks to blockchain technology. More crucially, it is entirely encrypted. To put it plainly, it is a type of digital currency that may be used for a lot of purposes. “Bitcoin” is a term that is no longer unfamiliar. > Read more: Top best cryptocurrency payment gateways for your ecommerce sites The innovation and importance of Shopify Bitcoin integration Now, let’s read this post of AHT Tech JSC to see how to accept cryptocurrency payments for your Shopify stores. This is the reason why you should consider accepting Shopify cryptocurrency payments for your store. Not only that, approximately a quarter of cryptocurrency users are already using their coins to pay for groceries, online gaming, streaming, etc. In fact, over 46 million people claimed they would use cryptocurrencies to make transactions, according to a research. Hence, no matter what you are thinking about them, you should take them seriously if your customers do. Nowadays, cryptocurrencies as well as ecommerce cryptocurrency are slowly making their way into mainstream payment methods. Dedicated Developers & Testers For Hire.Business & Technology Solution Consulting.
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