If you are considering opening a Shopify store and want to integrate the Shopify cryptocurrency payment gateway, this article is for you!
Shopify has always been a familiar name in the eCommerce field. With the current trend of cryptocurrencies becoming more and more popular, integrating a crypto payment gateway into an online store on this green platform is a smart move that cannot be ignored. Let’s go through my practical experiences when building a payment gateway!
You can read more HERE about the steps to add a crypto payment gateway on Shopify!
Choosing the Right Shopify Cryptocurrency Payment Gateway
There are many options available. However, I recommend that you choose a payment gateway that is compatible with your store’s needs and scale. Don’t forget to check the transaction fees and support services!
Many prominent names such as Coinbase Commerce, BitPay or GoCoin are popular for their ease of use and seamless integration. But how about exploring a bit? I can recommend a new payment gateway that can bring a lot of benefits to businesses – XaiGate! We emphasize that it does not require high technical skills to install, which is especially suitable for small businesses or startups approaching crypto.
In addition, XaiGate has a very interesting feature called “Gas Station” that allows merchants to minimize gas costs on cryptocurrency transactions. This means allowing merchants to choose when or how to make transactions to ensure the lowest possible gas costs. From there, the business’s revenue can increase, especially with high trading volume.
Learn more about XaiGate HERE!
Security Note
Don’t lose your money! Security is super important when you decide to accept cryptocurrency. Whether it’s Bitcoin or Ethereum, they will “disappear” if you don’t protect your cryptocurrency wallet.
Some famous Shopify stores like Overstock or Newegg use cold wallets to protect their digital assets. This is a method of storing cryptocurrency offline, which helps reduce the risk of being hacked. Check it out!
Tip: Set up Two-Factor Authentication (2FA) for your wallet and always be careful about storing your private keys.
Managing Cryptocurrency Transactions
Cryptocurrency rates are always fluctuating. Therefore, managing transactions can be quite difficult.
For example, Shopify has an order management application that supports crypto such as Shopify Crypto Payment. You can know exactly how much money you received, what cryptocurrency was paid, and even how many coins are left in your wallet. Besides, you also need to pay attention to monitoring rates and managing your wallet balance.
Tip: You should consider exchange rate conversion tools to make sure you always get the right value for the transaction. Don’t let the little things affect your profits. It’s the snowball theory where small snowflakes can cause an avalanche!
Growth Potential
With over 15% of US consumers owning cryptocurrency (according to Statista), your store will have the opportunity to attract a large number of customers from cryptocurrency enthusiasts.
I think it would be a great idea if you could create attractive promotions to encourage customers to pay with cryptocurrency. For example, you could offer special discount codes or vouchers for those who choose to pay with Bitcoin, Ethereum or other cryptocurrencies. Especially, on holidays like Christmas or Black Friday, you also can add some vouchers to please your customers!
Or to enhance your customer relationship in the long term, build a loyalty program specifically for those who pay with cryptocurrency. This means that anyone who pays with crypto will receive special reward points, which will be converted to vouchers, discount codes or even free gifts when they reach a certain amount!
For example, a Shopify store could create a rewards program like this: “Pay with Bitcoin and get 10 loyalty points. Collect 100 points and you can get a 30% off voucher for your next purchase.” Sounds like a good deal, right?
These ideas not only encourage customers to pay with cryptocurrency, but also create opportunities for them to return for repeat purchases. Make sure your programs are easy to understand!
SEE MORE: 5 REASONS Why Your Small Business Needs a Crypto Fiat Payment Gateway for Growth
Integrating a Shopify Cryptocurrency Payment Gateway now!
Integrating a crypto payment gateway for your Shopify store is a great customer outreach strategy! You can see this as a golden opportunity to attract new customers who love technology.
A study from PwC shows that more than 40% of large businesses in the US have considered accepting cryptocurrency as part of their payment strategy. As events progress, crypto is no longer a trend but a part of the present. As an entrepreneur, you should know which direction is good to go with the flow. Whether it is security or transaction management, as long as you understand the strategies and take note, accepting cryptocurrency will no longer be a concern. Cryptocurrency is booming, so why not mine it now?
If you haven’t started yet, click here to learn more and get started! With XaiGate, the relationship with customers does not stop at completing transactions. We always accompany and support customers at all times!
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