Accept Bitcoin payments in the online store
Accept Bitcoin payments in the online store
How to accept Bitcoin payments in your online store. In this article, we explain how you can accept Bitcoin and Lightning payments in your online store. Accept Bitcoin in your online store now.
If you already run your own online store and accept credit card and PayPal payments, you can easily offer your customers Bitcoin payments as an additional payment option. There are a large number of Bitcoin payment providers and it is not easy to find the right provider for your needs. In this article, we present the various criteria for choosing the right Bitcoin payment provider. In a separate article, we present the 10 best Bitcoin payment providers in more detail. With the knowledge from this article, it will then be easy for you to choose the right Bitcoin payment provider for your individual requirements. If you already run an online store, we will explain which payment modules you can use for simple technical integration. Whether you should also accept other cryptocurrencies in addition to Bitcoin and which providers allow sales to be credited to your own Bitcoin wallet or to your bank account. Which payment providers you should avoid, how high the fees usually are and how the transactions are recorded in your own accounts.
YouTube Video: Accepting Bitcoin payments in the online store
There is a German-language video on the Coincharge YouTube channel entitled. Accept Bitcoin payments in the online store.
Accept Bitcoin payments on the Internet
Anyone running a website can accept Bitcoin payments by donation, have invoices paid, accept payments on site via a Web-Point of Sale or offer digital content.
We want to focus here on the operators of their own webshop, who usually sell physical goods that are sent to the customer by post after successful payment.
Accept Bitcoin in the online store
Do you already have your own online store and already accept credit cards or PayPal? The process for the customer is then as follows: he selects the desired products in the store and places them in the shopping cart. During the payment process, the customer enters their address to which the order will be sent. This is followed by the selection of the payment methods offered, currently e.g. credit card and PayPal. In future, customers will also have the option of paying with Bitcoin.
If you already run an online store, you already have a payment provider for the fiat payment methods that you use to process payments.
Unfortunately, your payment provider will not support crypto, Bitcoin and Lightning payment methods.
You will therefore need to choose an additional payment provider through which you can process your Bitcoin payments.
Bitcoin payment provider
Let’s take a look at which Bitcoin payment providers are available. We have listed the various providers and their special features on the page: https://coincharge.io/en/bitcoin-payment-provider/ and presented them in more detail.
Here is an overview of the most important payment providers that offer payment processing for Bitcoin and cryptocurrencies.
As an online store operator, it’s great to have such a large selection.
Here is an overview of the various Bitcoin payment providers, but how do I choose the right provider for me from this large selection?
There are three questions that online store operators should answer themselves in order to find the right provider.
The questions are:
- Which cryptocurrencies should be accepted alongside Bitcoin?
- Which store software do you use?
- Do you want to keep the Bitcoin or receive a payout to your bank account?
We will answer these questions and check which provider is on our shortlist.
Accept Bitcoin and other cryptocurrencies
Anyone who wants to offer cryptocurrencies in their store will definitely offer Bitcoin. Bitcoin is the most widely used cryptocurrency and anyone who owns cryptocurrencies will definitely have Bitcoin in their portfolio. I don’t think we need to discuss Bitcoin. Bitcoin via the blockchain, called onchain Bitcoin, has some disadvantages for payment processing, such as that a Bitcoin transaction can sometimes take a little longer and can also be expensive. This shortcoming is remedied with Bitcoin via the Lightning Network. Such a Bitcoin Lightning payment is characterized by the fact that it is lightning fast and very cheap. Lightning is perfect for payment processing, as we have already explained several times here on the channel. Accordingly, Bitcoin and Lightning are an absolute must and we can cross off all crypto providers that do not offer Bitcoin and Lightning.
Accept cryptocurrencies
However, the question arises as to whether and which other cryptocurrencies should be offered. I am skeptical about offering additional cryptocurrencies. If you present your customers with a huge selection of different cryptocurrencies on the payment page, you run the risk of confusing and deterring your customers. In the worst case scenario, this could lead to customers abandoning their purchase.
Every cryptocurrency holder has Bitcoin and therefore the option to pay you, even if you only offer Bitcoin. This is comparable to paying with a credit card. Here you have to offer Visa and Mastercard, but not Diners, American Express or whatever else is available. If you sell your products specifically to Chinese customers, you should offer the credit card UnionPay, which is widely used in China.
This recommendation can also be applied to cryptocurrencies. Monero could be an option for anyone offering products aimed specifically at a group of people with a high need for privacy. And for those who sell their products in countries where the US dollar is widely used as a second currency, a US stablecoin such as Tether is an interesting option.
Hence the recommendation. Monero or Tether can be a useful addition under certain conditions. Bitcoin and Lightning are a must and no other cryptocurrencies, so as not to confuse or even deter customers. But providers who do not support Lightning Payment are out of the question for us. These are eliminated from our selection anyway, so our selection has already been narrowed down somewhat.
Forced registration of customers
We have to exclude three other providers, namely BitPay, Coinbase and Crypto.com. We have already excluded Coinbase and Crypto.com because Lightning payments are not supported for payment processing.
However, there is another important reason why you should not use Coinbase, Crypto.com and BitPay. If you were to offer Coinbase, Crypto.com and BitPay payment processing in your online store, the payers, i.e. your customers, would have to register with Coinbase, Crypto.com and BitPay beforehand. Your customers would not be allowed to pay you if they have not previously registered with Coinbase, Crypto.com or BitPay. This would probably lead to considerable purchase cancellations and this paternalism and customer theft is unacceptable.
Which eCommerce online store system?
When choosing the right Bitcoin payment provider, the store system used also plays a role. There are a variety of solutions on the market with which you can operate your online store. These store systems are operated on their own server, which is hosted by a corresponding internet provider.
These store software solutions are usually open systems with an API interface that can be used to extend the functionality of the store. Such extensions include additional payment methods and the free choice of your own payment service provider.
Unfortunately, there are also closed store systems. These closed store systems are often operated by the internet providers themselves and do not have an open interface. These store systems make it possible to create a store quickly and easily, but only the functions provided by the provider can be used. Unfortunately, this does not include Bitcoin payment processing. If you operate a store with Jimdo, Strato, 1&1 or similar, you will unfortunately have to do without Bitcoin payments for your customers or switch to an open store system.
Payment module / Payment plugin
For payment processing, it is necessary for the online store to interact with the payment system and therefore be technically connected with each other.
This technical integration can take place via an API interface, which is also provided by every payment provider.
A programmer can thus easily connect an online store to a payment provider. But why should every store operator have their own connection programmed? To avoid having to develop a separate connection for each store, payment providers provide corresponding payment modules to enable quick and easy technical integration. Such a payment module, also known as a payment plugin, sits between the store system and the payment system and acts as a kind of bridge between the two systems. Such a payment plugin can also be very easily integrated into an existing store system. When choosing the right Bitcoin payment provider, you should opt for a provider that offers a corresponding payment module for your own store system. We therefore want to take a brief look at the most common store systems and check which payment providers offer a corresponding payment module for this store system. As already mentioned, all payment providers provide an API interface via which an individual connection can be made. However, not all payment providers also provide payment modules.
Accept Bitcoin with WooCommerce
WooCommerce is by far the most widely used store system.
Accordingly, all Bitcoin payment providers that provide their customers with payment plugins offer a WooCommerce plugin.
This means that the operator of a WooCommerce store is free to choose the right Bitcoin payment provider.
Accept Bitcoin with Shopify
The second most frequently used store system is Shopify.
In the overview you can see the payment providers that provide a Bitcoin+Lightning integration.
You can find more crypto providers at Shopify, but they do not support Lightning.
Accept Bitcoin with Shopware
The Shopware solution is strongly represented in German-speaking countries, with four providers offering a payment plugin.
Accept Bitcoin with Wix
The Wix modular system with the integrated Wix Store is also widely used.
There are three providers here that support Bitcoin and Lightning payments.
Accept Bitcoin with Magento
The Magento store system, now part of Adobe, has a larger selection again with eight providers.
Accept Bitcoin with Opencart
If you use Opencart, you will find these seven providers.
Keep Bitcoin or credit to bank account?
Keep Bitcoin or pay it out to your bank account? A not unimportant question is whether you should keep the bitcoins you earn or rather exchange them and have them paid out to your bank account. If you accept Bitcoin, you have the best opportunity to obtain Bitcoin yourself. Instead of buying Bitcoin from an exchange or a broker, you receive Bitcoin from your customers.
You can then decide whether you want to keep the Bitcoin in your company or buy the Bitcoin privately from your company.
If the Bitcoin you receive becomes too large to keep in the future, you can sell it yourself at your trusted Bitcoin exchange or broker.
If you want to keep the Bitcoin, you can choose between all providers that offer no exchange or both options.
Here is a selection of providers that offer a payout in Bitcoin.
Especially for larger or non-owner-managed stores, a payout in euros is usually essential. In this case, only providers that allow conversion into your own currency and payout to your own bank account can be considered. It is also important to ensure that the provider in question also offers payment to a European bank account. For a long time, we recommended the American provider Openpay for customers who want to withdraw to their own bank account. Unfortunately, Openpay no longer supports payouts to European bank accounts. Here is a selection of providers that offer payouts to European bank accounts.
Fees
Another selection criterion is the fees charged by the Bitcoin payment provider. As a rule, the fees amount to around 1% of the turnover. Monthly basic fees or transaction fees are not charged by any provider. This means that no fees are charged if there is no turnover. Additional fees may apply when exchanging Bitcoin for a fiat currency and when paying out to a bank account. These can be fees for the exchange, but also transfer fees for the payout to your own bank account. Here you should check with the respective provider, but it can be said in any case that the fees for Bitcoin payment processing are definitely cheaper than, for example, credit card and PayPal. In addition, you get your money faster and there is no risk of chargebacks.
Summary
If you run an online store, you can easily offer your customers Bitcoin and Lightning payments. There is a wide range of Bitcoin payment providers and the difficulty lies in finding the right provider for your needs. However, if you are clear that you definitely want to accept Bitcoin and Lightning payments and use an established store system, you will quickly find the right provider. It can be a little more difficult if you are using a niche solution, but even here you can develop a suitable solution with the help of an API connection. We have now given you an overview of what you should look out for when choosing a Bitcoin payment provider. You can find the right Bitcoin payment provider for your individual requirements on the Bitcoin payment provider page.
Indicate that your online store accepts Bitcoin
Your customers will not be able to pay with Bitcoin if they do not know that you accept Bitcoin. You should therefore indicate in your online store that it is possible to pay with Bitcoin. In the payment and shipping section, you should indicate that you accept Bitcoin in your online store. All payment methods that can be used to pay in the store should also be listed on the store page and, of course, Bitcoin and other cryptocurrencies should not be missing.
Coinpages – The Bitcoin directory for online stores that accept Bitcoin
Coinpages is a Bitcoin directory for stores and online stores that accept Bitcoin and other cryptocurrencies. Here you can find all stores that accept Bitcoin in their online store. If you want to know where you can pay with Bitcoin, you can find all stores in German-speaking countries here. If you accept Bitcoin in your online store, then enter your store in the Bitcoin directory on Coinpages so that even more Bitcoiners can find out that you accept Bitcoin.
Coinpages is a Bitcoin directory of all stores that accept Bitcoin.
Do you want to accept Bitcoin in your online store?
In this article, we have explained what you should look out for when choosing a Bitcoin payment provider. If you would like to accept payments via crypto and Bitcoin in your online store, we recommend the following articles:
Would you like to accept crypto, Lightning and Bitcoin in your online store and would like more information or individual advice? Then arrange a personal consultation with Coincharge.
Accept Bitcoin with Coincharge
Coincharge advises and implements Bitcoin and Lightning payments in your online store.
If you run an online store and would like to accept Bitcoin payments, Coincharge can help you with advice and technical implementation. We select the right Bitcoin payment provider for you based on your individual requirements and integrate the right Bitcoin payment module into your online store.
Arrange a no-obligation consultation so we can discuss all possible options and create the right offer for you. If you already know which crypto payment provider you want to work with, you can order integration into an online store directly at a fixed price.
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