Bitcoin in e-commerce: is it worth accepting them? At what risk?

Adam Sah, co-founder of e-commerce site Buyer's Best Friends, which also accepts Bitcoin payments, complains that he spends more time talking about crypto than the products he sells.

The risk is lurking: cryptocurrencies are not just a payment method, but also a lifestyle, the brand of a community.

For this reason, even if the world of bitcoin and cryptocurrencies in general is far from stabilizing, more and more e-commerce sites are considering the possibility of integrating this payment method into their shopping cart.

Beyond the legitimate interest in a new trend: Are there any practical advantages for the merchant who includes crypto payment? 

It is a convenient and secure payment method? 

And finally: how do you accept Bitcoin payments on your e-commerce? 

Advantages/Disadvantages of Accepting Bitcoin in Your E-commerce

There are obviously pros and cons, which vary depending on the target market and the type of transaction. 

Let's focus on e-commerce.

Benefits

• the commissions charged by intermediaries for Bitcoin payments are much lower than bank commissions; 
• the possibility of fraud is eliminated: unlike credit card transactions, Bitcoin transactions are irreversible;
• Bitcoins attract a certain type of clientele. Several an influencer they talk about it, the online community interested is increasingly large. Also, crypto trading platforms are spreading and thriving (and the listing of Coinbase on the stock exchange is just one example among many);
• Volatility: Often considered only as a disadvantage, the volatility of cryptocurrencies is also what has allowed some traders to make huge profits on long-term deposits, in the face of exponential growth in the value of some currencies.

disadvantages

• Volatility: just search on any trading tool for the performance of the most common cryptocurrencies, from Bitcoin to Ethereum to Dogecoin. Today's transaction with your customer for a pair of shoes could be worth half or double within a week. For this reason, many merchants who accept cryptocurrencies convert them into fiat money as soon as possible;
• Safety: Online Bitcoin wallets are often the target of hacker attacks, because they are a tasty target. You can easily avoid this risk by choosing the right cybersecurity: strong passwords, frequent backups, double authentication and offline wallets where possible. It must be said that wallets are often too secure, and if the user unfortunately loses the credentials, they become inaccessible; 
• Cumbersome refunds: Refunds and returns management is never immediate, but with cryptocurrencies things could get complicated. A transaction with Bitcoin is irreversible, like all transactions with blockchain. It is best to take a moment more to clearly establish the terms and conditions of payment, evaluating whether it is better to refund in bitcoin, legal tender, or find alternatives to the refund.

How to accept bitcoin payments in your e-commerce

The most popular solution to integrate Bitcoin into your e-commerce is to go through an external payment provider, such as BitPay.

Alternatively, some exchange platforms like Coinbase allow payment buttons to be activated. In this case, simply download the Coinbase API and proceed with the configuration. 

If you have a trusted web designer or web agency, this is the most customizable solution that allows for aoptimal integration with the shopping cart and with invoicing.

For the first solution, providers vary depending on your e-commerce platform: 

1) Magento

coingat to, BitPay

2) Shopify

Coinbase, dwola, BitPay, GoCoin

3) Woocommerce 

In this case there are plugins with partially manual configuration, for example Blockonomics

4) Prestashop

Blockonomics.

There is no THE best solution. Some delegate the entire process to a payment provider from checkout onwards, others opt for the payment button.

The importance of putting your e-commerce online

Last essential step, if you have chosen to embark on the cryptocurrency adventure: register your e-commerce in the online network of those who accept Bitcoin. Many consumers who want to spend their Bitcoins often consult these lists before purchasing, and the name of your e-commerce must absolutely appear.

Here are some of the most common:

• Who takes coins?
• Bitcoin.directory
• Spendbitcoins.

Only by doing so will your e-commerce be able to take advantage of the most competitive advantage of those who accept cryptocurrencies: being a small, cutting-edge community.

Still have doubts about your e-commerce?

Maybe you will find some answers in our guide "5 technical tips for a successful e-commerce".