We at eComDimes are on a simple mission; help our readers provide well for their families by starting and growing online businesses. Some of the links in this post may be from our partners. Here’s how we make money.
Cryptocurrencies have taken the finance system by storm and very big firms are starting to adopt and accept crypto as a sort of payment. So, you’re looking forward to learning how to start accepting crypto payments on your Shopify store, hum? Luckily, this is what I’m about to share with you!
To enable crypto payments on your Shopify store, go to Settings – Alternative Payment Providers and from there select your preferred payment gateway. If you want the lowest fees and are okay with offering only the most popular cryptocurrencies, Commerce Coinbase is your way to go.
In this article, we will be going through the reasons why you should consider accepting crypto payments on your eCommerce store and the practical step-by-step process of integrating your Shopify store with a popular crypto payment gateway.
So, if you want to follow the lead of big firms and companies who have started to adopt crypto and want to get access to broader markets, this quick illustrated tutorial (with screenshots) could be of great help!
If you find this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there)
Why Accept Crypto Payments [Infographic]
Since you’ve taken it that far, I’m assuming that you’ve already decided to try it out, but want to learn more about why you should start accepting crypto payments on your store, which is great!
The below infographic by DoDropshipping.com shows 5 main reasons why you should add crypto payments to your store.
Besides the fact that accepting crypto on your store makes it look innovative, having cryptocurrency payments on your store gives you access to broader markets, especially since PayPal is not supported in all countries, and not every online shopper has a PayPal account.
If you’re a business owner that leverages PayPal to capture payments from your customers, you would already know that fees are a true nightmare…
Even worse, for some Shopify users, PayPal suddenly decides to shut down and ban the account and hold the amount inside it. Although PayPal is supportive of dropshipping and dropshippers, there are some factors that might raise red flags in PayPal’s eyes and make them ban dropshipping businesses.
This could be easily eliminated with a crypto payment gateway like Commerce Coinbase, and it gives you full control over your collected revenue.
Another great advantage of leveraging a crypto payment gateway is that it will reduce refunds and chargebacks rates on your store. In any business, there are always scammers who want to get things for free! So, they end up canceling their order and opening a PayPal or Credit Card dispute.
In other words, using a crypto gateway is a significant advantage for merchants as it eliminates online frauds that come with Credit Cards and PayPal payments.
However, cryptos are known for their volatility, meaning that their USD value can fluctuate a lot during the day. For some business owners, it’s a risk, but if are willing to accept Bitcoin and other cryptocurrencies on your Shopify store despite the risk, below is the step-by-step process of how to do so…
How To Accept Cryptocurrency Payments On Shopify?
If you think that integrating a cryptocurrency payment gateway on your Shopify store is hard, you don’t have to worry. Luckily, it’s not rocket science and by the time you finish reading this quick illustrated guide, you will learn exactly how to start accepting crypto payments on your eCommerce store.
First things first, the payment gateway that we will be using here is called Commerce Coinbase. You will have to sign up for a Coinbase Commerce account, which you can do here (after clicking the link, select Businesses in the header menu then Commerce – Accept crypto from anyone).
Why this payment provider? Here are some advantages and stats of Commerce Coinbase:
- Very fast integration
- Easy to use API
- Low withdrawal fees
- In-app convert possibility
- No refunds and chargebacks
- No fees to accept payments
- Offers the most popular cryptocurrencies only
After signing up on Commerce Coinbase, you would need to generate an API and place it in the right place in your Shopify payment settings. Here’s how to do it:
After generating your API key, select the cryptocurrencies that you’d like to accept in your store.
Then, just click on “Save”, and your customers will be able to pay with Bitcoin, Bitcoin Cash, DAI, Ethereum, Dogecoin, Litecoin, or USD Coin!
Coinbase Commerce has also made a guide on how to integrate their solution with Shopify, which you can view here.
On the Shopify side, just enter the email you’ve used to sign up to Coinbase Commerce and fill in the generated API Key.
Conclusion
Cryptocurrencies are becoming massively adopted and whether you think cryptocurrencies are here to stay, your customers’ experience, insights, and considerations have to be taken seriously.
According to a study, it is found that over 45 million consumers said that they used or would use cryptocurrencies to make online purchases.
The study also found out that about a quarter of crypto owners are already using cryptocurrencies to buy groceries, restaurants/food delivery, streaming, online gaming, etc.
In this article, you should have learned the basic reasons why you should start accepting crypto payments on your Shopify store and the exact step-by-step process of how to do so.
If you’re looking forward to investing in crypto, this article discusses my top 5 tiny cryptos to invest in today, and this article also discusses how to make a full-time income flipping NFTs.
If you find this post inspiring and useful, share it with your friends, please! (Virtual high fives and hugs to all my sharers out there)
Hand-Picked Articles For You
Cheers,
Odeh Ahwal
