Accepting cryptocurrency payments is no longer strange to consumers, especially in e-commerce. Because of cryptocurrencies’ specific benefits to businesses and users, accepting cryptocurrency payments is increasingly expanding and seems to be an economic development. Although there are still many limitations and barriers from the competent authorities in some countries, most businesses in the North American region have accepted and allowed users to choose the form of Payment in cryptocurrency.
Let’s look at some information with Xaigate related to how you integrate and facilitate customers when they shop on your online sales page.
Why accept cryptocurrency payments on your website?
There are several reasons for you to consider allowing users to choose the payment method in cryptocurrency. For example, it is possible to reach a new customer base of individuals who do not have a bank account or do not want to use one. This is thanks to the comprehensive access feature of Blockchain technology, which is gradually improving and providing services to more and more users.
In addition, businesses will reduce some operating costs due to fast transaction speed and not having to go through intermediary steps like conventional banks have been and are doing these procedures.
Benefits of accepting cryptocurrency payments
The most attractive benefit of accepting cryptocurrency payments is that it creates convenience for customers while saving business costs. Some outstanding features of cryptocurrency that attract users are security, privacy and anonymity, anti-fraud, faster transaction speed, reduced operating costs for businesses and transaction processing costs for users.
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Which cryptocurrencies are accepted?
The price of cryptocurrencies in 2024 is very volatile, which also helps investors gain and lose significant profits. According to Bankrate statistics, below are the top 8 cryptocurrencies that are performing best so far.
| Cryptocurrency | Performance YTD |
| Sui | 306.4% |
| Dogecoin | 256.7% |
| Shiba Inu | 164.3% |
| Toncoin | 133% |
| Solana | 115% |
| Bitcoin | 104.6% |
| BNB | 103.8% |
| Bitcoin Cash | 72% |
However, at some e-commerce sites, other currencies such as Ethereum (ETH) and USDT (Tether) are also accepted because of some outstanding benefits. For example, ETH is the second largest cryptocurrency after Bitcoin, and it provides fast transaction times, which is an attractive choice for investors. USDT is a stable currency calculated according to the US dollar and is widely used in the market. In general, this is a stable and highly reliable cryptocurrency.
How to Accept Cryptocurrency Payments on Your Website?
After understanding the benefits of cryptocurrencies, the question is, how can you set up a cryptocurrency payment channel for customers on your website?
Step 1: Choose a payment gateway that suits your needs and start creating your own merchant account on it. The WooCommerce payment gateway is an example of how to integrate your sales page and create a seller account on this application.
Step 2: Integrate the payment gateway
Integrating the payment gateway with your sales information page will follow the Payment Gateway’s instructions for guiding the merchant to connect with it.
Step 3: Display payment options on the website
- Update the website: Make sure your website has been updated with the cryptocurrency payment option. To attract customers, you can add a banner or design a banner highlighting this feature.
- Advertising: Take steps to advertise to attract customers. Inform customers about new features on your website
- Run promotions
- Send marketing information
- Run discounts with other partners when allowing customers to pay with cryptocurrency
Step 4: Withdraw profits
Depending on the regulations of each Payment Gateway applied to the merchant, you need to learn and read these regulations carefully so that the withdrawal of profits is carried out more smoothly and conveniently.
Tips
A few notes to make accepting payments in cryptocurrency more convenient
It would help if you remembered that customer experience is essential. Therefore, design and re-arrange the information on your website to give customers a user-friendly experience. The operation must be simple and fast to create an experience that is beyond excellent, then customers will often visit your website.
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