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Why you should accept Bitcoin in your Shopify store

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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.

  1. Not all of your customers have or even understand Bitcoin.
  2. Checking out with Bitcoin the first time may require they set up a coin wallet (separate website) and
    that could lead to poor conversions.
  3. Bitcoin is a volatile currency meaning it goes up and down in value frequently and sporadically. Your $100 payment tomorrow might be worth nothing.
  4. Bitcoin transactions need to be settled in your preferred currency and it requires a third party service like Bitpay.com to process it.
  5. 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.

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Kamari Labs Staff

Kamari Labs is an Orange County, California web design and development agency. We specialize in digital marketing, and engaging user experience design for ecommerce. For the past 5 years Kamari Labs has helped Southern California's Shopify merchants launch hundreds of stores. Contact us today to learn how we can help you today!

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