If you are a merchant running an online store and not accepting cryptocurrencies for payments, you’re missing out on major benefits. These digital currencies have proven to be a game-changer option for several industries, including e-commerce. According to Triple-A, merchants who accept crypto payments saw an average ROI of 327% and gained up to 40% more new customers. With the rise in online shopping, the demand for more fast, secure, and efficient payment options will also increase. This is where the role of crypto payment platforms becomes important.
These platforms allow merchants to accept crypto payments in exchange for goods and services. Let’s look at the benefits that these payment platforms provide to E-commerce businesses.
Benefits of Integrating Crypto Payment Platforms In E-commerce
Crypto payment platforms are increasingly gaining attention from businesses and customers alike. The gateways guarantee security, transparency, and fast transactions. Being an internet-based marketplace where security is a top priority, these platforms ensure that individuals can buy goods or services with crypto easily.
Global Reach:
Integration of crypto payment platforms allows you to accept payments from customers worldwide. Unlike traditional methods, cryptocurrencies operate on a global scale. This means you can attract and serve customers from anywhere without worrying about cross-border payment issues.
Transaction Fees:
Traditional payment methods involve intermediary banks and payment processors which normally charge 3-5% transaction fees on each transaction. This affects the profits of e-commerce businesses. On the other hand, integration of crypto payment platforms eliminates the need for middlemen and charges 1% or below transaction fees.
Security:
Security has often been considered a top priority in the e-commerce industry. IBM published a report that says that the average cost of a data breach was $4.45 million in 2023. Since crypto payments are based on blockchain technology, they are completely secure due to their decentralized and firm nature. This offers more security against fraud and attacks. Besides, without a middleman like a bank, there's little to no risk of funds being taken from your account without your permission.
Increased Privacy:
Protecting customer information from any kind of fraud is important. That’s why cryptocurrencies offer a higher level of privacy. Compared to traditional payment methods, crypto transactions can be done simply with the address of your crypto wallets. This is a specifically attractive option for privacy-conscious customers.
Let’s look at how to integrate a crypto payment platform.
How Crypto Payments Work on E-commerce?
When it comes to setting up crypto payments in your e-commerce store, there are different approaches one can take. Each method has its pros and cons, so you should pick the ones that fit your requirements.
Crypto Payment Gateway
Many businesses choose a third-party crypto payment gateway. These gateways make it easy for customers to buy from your website using cryptocurrencies. Partnering with the best gateway ensures transactions are smooth and secure.
Crypto Payment Button
Adding crypto payment buttons to your online store makes paying easier for customers. They can make quick crypto payments with just one click, skipping long checkout steps and staying on your website. Plus, you receive crypto payments directly into your cryptocurrency wallet.
Final Thought
By integrating crypto payment platforms, online stores can enjoy increased profitability, enhanced security, and expand their market reach. Crypto payment gateways like Coinremitter offer lower transaction fees, global access, and more. Besides easy and secure crypto transactions, the gateway also supports multiple cryptocurrencies and allows users to sign up without KYC.