How to Accept BTC Payments on Your Online Store

Blockchain and cryptocurrency have been receiving notable press for the past few years and for good reason. It’s a payment method that can be fast and offers added privacy, though crypto is not anonymous and, like anything, carries risks. What’s not to consider?

If you are looking to reach an ever growing new market of consumers, look no further than cryptocurrency users. According to market data provider, Statista, it was revealed that at the end of the first half of 2019, the number of blockchain wallet users had reached well over 40 million. This is a staggering leap from 2016, with less than 8 million users. The numbers do not lie. Merchants should give serious consideration to this massively growing market.

More Reasons To Accept BTC Payments In Your Online Store

Sure, nothing is without some risk and BTC is no exception. Between the bad press and its volatility, BTC is still largely misunderstood.

The most important thing to do is to get educated and familiarized with how they actually work. Once the foundational knowledge is laid, you will be more confident to take the big step.

Here are a few more reasons that accepting BTC payments would do wonders for your business:

• Lower Transaction Fees

This in itself is a lucrative incentive. Card networks typically charge a percentage per transaction. Cryptocurrency can carry lower fees in some cases, since it avoids many traditional bank-related fees, though crypto transactions still involve network fees that vary by conditions.

• Growing Adoption

Cryptocurrency adoption has expanded well beyond early enthusiasts. A range of major companies and financial institutions have explored or adopted crypto and blockchain in various ways in recent years

• Customers Will Demand It

There is verifiable evidence that the number of online carts abandoned is undoubtedly linked to not having the payment method of choice for the customer. Clearly, this translates to a loss of sales, now and in the future.

As cryptocurrency use grows, more customers may look for it as a payment option. Accepting cryptocurrency can make good business sense for reaching that audience.

How You Can Begin Accepting Bitcoin For Your Business

Getting started is straightforward. If you have an e-Commerce website, you’ll want a crypto payment solution to integrate with your store. Bankful offers cryptocurrency payments as part of its payment software and orchestration.

With its wide-ranging knowledge within the high-risk payment processing industry, it keeps its finger on the pulse of the ever-changing world of cryptocurrency.

Already have a merchant account? Great! Simply apply for cryptocurrency payments through Bankful’s website.

Don’t have a merchant account yet? You can apply for both a merchant account and cryptocurrency payments through Bankful. Approval is not guaranteed and is determined at underwriting; the application process is transparent, and merchants can often receive a decision within about 24 hours.

Begin Taking Bitcoin Payments Today

If crypto fits your customers and business, it may be worth exploring.

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Disclaimer: Bankful provides payment software and orchestration, and in some arrangements acts as the direct payment facilitator (processor of record). Processing eligibility and continued processing are determined at underwriting by the processor of record and its sponsor bank(s) under the applicable terms, which can change.