According to Quinlan & Associates, the cryptocurrency market share, including stablecoins, accounts for a modest 0.2% of the global e-commerce market. Only about 30,000 businesses or online stores accept cryptocurrencies as a payment method. The potential of cryptocurrencies has continued to grow and is increasingly accepted not only in the e-commerce market. The main strengths are stability and support for fast and transparent transactions in the digital economy, especially the growing development of cross-border e-commerce sites.
However, we cannot deny the heat of cryptocurrencies due to some truly outstanding features that Blockchain technology brings. If you are running an online store, and somewhere out there are still many customers who want to use their cryptocurrencies to make purchases. So why don’t you expand your online store’s payment methods to reach this customer base?
Criteria for Choosing a Payment Cryptocurrency for Your Online Store
First, you need to decide which cryptocurrency you want to accept. I suggest you choose the group of potential customers you want to target. See what type of cryptocurrency they use regularly. Make a list of cryptocurrencies that this group of customers often uses.
After learning about your customers, you will start looking for payment gateways that allow you to integrate your online store easily. Check the withdrawal method as well. You should contract with the payment gateway who allow you to withdraw or convert the cryptocurrency simply and conveniently.
Finally, there is the service fee that the payment gateway requires you to pay when there is a conversion transaction. Choose a hybrid payment method, which combines traditional payment options with cryptocurrency payment options, to ensure flexibility and reliability for your customers.
Here are some names of stable cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Stablecoins (e.g., USDT, USDC)
Payment Gateway Selection Criteria
You should focus on a few suggested criteria if you would love to give your customers a convenient option to settle payment when they shop on your store:
- The payment gateway you choose should support the acceptance of popular cryptocurrencies and be compatible with the cryptocurrency you expect to receive or allow your potential customers to pay with. Choosing a popular currency will also help your store attract more customers.
- The integration of a payment gateway and e-wallet must be secure, simple, and user-friendly. You must ensure that the money you receive from your customers is stored securely and easily accessible and that transactions are made.
- Customer experience is important, so ensure that the payment process is smooth, easy to understand, and user-friendly.
- The transaction costs that the Payment Gateway imposes on your store or on your customers are also a factor to consider when choosing a payment gateway. High fees will reduce your profits and make customers not want to choose this option.
- Reliable and 24/7 customer service. Always available to respond to customers and provide professional customer service.
Payment Gateway Provider
XAIGATE is a popular choice for businesses accepting cryptocurrency payments because it is easy to use and offers many features. It is also a good choice for companies new to cryptocurrency because it provides support and guidance to help them get started.
Check out the Cryptocurrency Fees Chart for more information on the fees that apply to this payment gateway.
In addition to low fees and flexible pricing options, XAIGate offers several other features that make it a valuable choice for businesses.
- 9,866+ Supported Coins
- No Monthly Cost
- Low fees
- No hidden fees
- Deposit is FREE
- Supported 3 Network
- 0.2% Transaction Fee
- Easy to Setup
- Security
- Instant settlements
- Global reach
- 24/7 customer support
Use the XAIgate Cryptocurrency Payment API to integrate e-payments into your online store easily. This technology secures payment processing, allowing your customers to make seamless transactions in most countries around the world.
How to Integrate Your Online Store with a Payment Gateway
After selecting a Payment Gateway for your online store, here are the steps of the process to integrate your E-Store and Payment Gateway:
- Get API Key from Payment Gateway
- Install Plugin if available.
- Integrate Gateway via API
- Create a connection between your website and Payment Gateway.
- Implement Payment Gateway features to generate invoices and process and confirm payment transactions.
- Select the cryptocurrency you want to receive. Update cryptocurrency payment options on your website.
- Create automatic payment addresses
- Process payment confirmations
- Test and implement security features
- Do a final check on the entire payment process
- Continuously monitor and update whether or not there is customer feedback
Conclusion
Businesses today have started integrating their online stores with payment gateways to stay ahead of the demands of the e-commerce market. Using a secure cryptocurrency wallet and giving you the option to convert your cryptocurrency to local fiat currency provides flexibility in your financial operations. This helps your business reach an emerging market of customers with cryptocurrency in their wallets but don’t know where to spend it.
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