If you haven’t heard the word, Bitcoin is the hot cryptocurrency taking the world by storm. For the last few years, Shopify and other e-commerce platforms have been integrating with the Bitcoin network providing a new checkout method for customers willing to gamble on the decentralized currency BTC. Shopify now fully supports Bitcoin as a payment gateway. Now before you call up Authorized.net or some other dinosaur payments processor and cut the cord there are some things to consider before accepting crypto in Shopify.
- Not all of your customers have or even understand Bitcoin.
- Checking out with Bitcoin the first time may require they set up a coin wallet (separate website) and
that could lead to poor conversions.
- Bitcoin is a volatile currency meaning it goes up and down in value frequently and sporadically. Your $100 payment tomorrow might be worth nothing.
- Bitcoin transactions need to be settled in your preferred currency and it requires a third party service like Bitpay.com to process it.
- Taxes – while it is still somewhat unclear how BTC payments and income taxes will work it is definately something to consider.
Shopify has also created a page with more information about accepting crypto on Shopify. It’s definately worth a read for anyone considering accepting crypto on Shopify or even just Bitcoin.