To allow customers to pay in bitcoin and cryptocurrencies on your website, you need to integrate a bitcoin payment gateway. This involves steps like finding a crypto processor, implementing payment APIs, managing volatility, and optimizing the checkout experience. With proper execution, adding crypto payment gateways can expand your customer base and revenue.
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As cryptocurrencies continue going mainstream, an increasing number of merchants want to accept them on their e-commerce stores. Bitcoin is the most widely-recognized digital currency, so adding bitcoin payment processing can be a savvy move to unlock new sales opportunities. But how do you actually integrate bitcoin and other cryptocurrency purchases into your website?
Accepting crypto requires merchants to incorporate a bitcoin payment gateway through a series of strategic steps. By following best practices for implementation, configuration and optimization, retailers can seamlessly adopt crypto payment gateways as a new checkout option. Let’s explore the process for integrating bitcoin payments into your online store.
Choosing a Crypto Payment Processor
The first step is vetting and choosing a reliable cryptocurrency payment processor that fits your business needs. Top providers include:
- BitPay - BitPay is a popular payment gateway supporting bitcoin and multiple coins. It offers easy integration and converts crypto to fiat currency.
- Coinbase Commerce - Coinbase Commerce allows merchants to accept multiple cryptocurrencies including bitcoin with no fees.
- Btcpay - Btcpay is an open-source bitcoin payment processor that merchants can self-host for free with no third-party fees.
- CoinPayments - CoinPayments supports an extensive list of cryptocurrencies and has additional shopping cart plugins available.
Look for a provider that offers the coins you want, appropriate pricing, shopping cart plugins, solid security, and responsive customer support.
Integrating the Cryptocurrency Payment API
Next you need to technically integrate the payment gateway APIs into your website’s codebase. Most crypto processors furnish plugins, APIs, or modules to easily add into popular e-commerce platforms like:
For custom-built sites, web developers can directly implement the cryptocurrency payment gateway using the available APIs and documentation. Testing rigorously across devices is critical before launch.
Managing Volatility with Conversion
Cryptocurrency prices fluctuate frequently so merchants risk losing money accepting payments directly in bitcoin or other coins. The solution is using a payment processor that instantly converts crypto to fiat currency like USD or Euros to avoid volatility.
Merchants receive the stable fiat amount while the customer pays the equivalent in cryptocurrency at the time of checkout. This allows a painless adoption of crypto payments without volatility concerns.
Optimizing the User Experience
Make paying with cryptocurrency as simple and convenient as possible for customers. Tips include:
- Displaying cryptocurrency payment options prominently
- Succinctly explaining the crypto purchase process
- Offering discounts or rewards for paying with bitcoin
- Accepting a wide range of major cryptocurrencies beyond just bitcoin
- Using a payment processor with small transaction fees
A clean, easy checkout experience will encourage greater crypto adoption among your customers.
As bitcoin and cryptocurrencies become more mainstream, adding a crypto payment gateway enables merchants to attract this growing demographic and gain a competitive edge. A thoughtful approach to integrating bitcoin payments creates a seamless experience that unlocks new revenue streams.