Binance Payīinance Pay is a secure cryptocurrency payment gateway designed by Binance, the largest crypto exchange in the world. NOWPayments is known for its excellent customer experience as they assign an account manager to help your set up an account and provide 24/7 customer support to help you with any issue. Compared to all crypto payment processors, NOWPayments charges the lowest transaction fees, starting from 0.4% + 0.5% conversion fees.įor high flexibility, NOWPayments allows fiat processing in both ways – charge fiat & get paid in crypto and charge crypto & settle in local currency to your bank account. NOWPayments is a versatile crypto payment gateway for Shopify that lets you accept bitcoin, ethereum, and 100+ other coins. To enable crypto payments on your Shopify store, go to Settings → Alternative Payment Providers and from there select your preferred payment gateway.
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How to accept cryptocurrency payment on Shopify?Īt the time of writing, Shopify Payments doesn’t support crypto payments, However, it allows you to accept crypto payments via third-party cryptocurrency payment gateways.Ī cryptocurrency payment gateway enables merchants to accept crypto payments and process them securely, ensuring a smooth transaction process for both parties – merchants and customers. Cryptocurrency payments processing is instant and faster than traditional payment methods. This creates a serious issue of cash flow among small businesses which can be solved by accepting crypto payments. It can be even worse if there are national holidays in between – just wait till the next working day. With the traditional payment method, it can take 2-3 days or even a week to process the payment and finally see the amount in your bank account. This is a significant advantage for merchants as it eliminates online frauds that come with credit card payments. Once the transaction between the merchant and the customer is complete, it cannot be reversed unless the merchant chooses to do so. Unlike credit card payments, there is no concept of chargebacks with cryptocurrency payments.
This allows you to book more profit per transaction and grow your business.
However, all blockchain transactions incur a gas fee to complete the transaction, which entirely depends on the blockchain it uses and the payment processor you use, but the fee is comparatively lower than any traditional method. This reduces your transaction fees significantly. Minimal transaction feesĪs cryptocurrencies don’t involve any financial institution to verify the transaction, there are no intermediary fees involved in the process. This allows you to sell your products worldwide and capture a broader market that is not that accessible with traditional payment methods. Access to broader marketsĬryptocurrency payments are not bound by any jurisdiction or border i.e., anyone from anywhere can send payment to anyone without the need for a financial intermediary like banks. So, let’s get ourselves familiar with the advantages of accepting crypto payments. Why Accept Cryptocurrency Payments on Shopify?įirst thing first, accepting crypto payments is not just an alternative to the traditional payment methods – it is much more than that. However, if you decide to do so, this article is for you. So, should you accept crypto payments on your Shopify store? It is totally up to you. Some of the popular ones are Expedia, Sapna, Overstock, Starbucks, eGifter, and the list goes on. Top eCommerce brands are trying to accomplish their first move by accepting crypto payments online and even via POS. This shows that cryptocurrencies are now not just for computer geeks and techies, but is getting widely accepted as a payment method.
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