Crypto payments have made a significant impact on the online payments sector, challenging conventional transfer systems and giving users a swifter, more affordable solution. The growing popularity of crypto payment options has persuaded numerous businesses to adopt decentralised coins within their payment flows, allowing them to cultivate brand-new revenue streams.
Naturally, Bitcoin remains the clear-cut leader in this movement, with over 15,000 businesses adopting it as the primary means of crypto payments.
If your business has any digital presence, you will undoubtedly face a simple yet challenging question - “should I add Bitcoin payment to website? And if yes, then what’s the process behind this adoption?”
Today, we will answer both of these questions, outlining the practical benefits of integrating Bitcoin as the primary payment option and providing a summarised guide on how to do it swiftly.
Bitcoin and the Future of Digital Payments
The crypto industry has achieved a tremendous feat of globalisation in a very short period, managing to come back from the brink of a crisis not once but twice. As of 2024, crypto has thrived as a viable alternative to fiat investments, trading marketplaces and retail payments.
To nobody’s surprise, Bitcoin still stands tall as the go-to cryptocurrency for all purposes, leading the field in stability, reliability, transparency and investment potential.
In the current climate, Bitcoin’s potential remains untapped in many respects, including the digital payments sector. As the fiat payment methods become more and more cumbersome every year, the general public is searching for a strong and reliable solution to cut costs, save time and optimise their monetary flow.
This is true for businesses and individuals alike, tired of prolonged and inefficient traditional systems. Despite the latest controversies and several close calls, cryptocurrencies have made a significant comeback in 2023–2024, re-establishing the industry as a logical successor in this vital issue. But why Bitcoin specifically? In an industry populated with diverse and feature-rich coins, is adopting Bitcoin still a good idea over other solutions? Let’s discuss.
Why Bitcoin Still Dominates the Field
As the cryptocurrency to start it all, Bitcoin has been around since the very beginning of the blockchain industry, leading the market in victories and enduring some tough losses through the years. Despite uneven success, Bitcoin remains the most reliable choice due to its 15-year track record, flawless compliance, and transparency.
While other cryptocurrencies have emerged with more advanced features, more decentralised characteristics and innovative utilities, none have managed to maintain the level of stability and consistency like Bitcoin. While this impressive streak of Bitcoin can be attributed to its early market entry, there are several practical reasons why Bitcoin remains the best.
Transparency, Reliability
As an organisation, Bitcoin has remained completely transparent and compliant with industry standards and regulations. It is no secret that the crypto’s regulatory landscape is still developing, and crypto coin companies must endure a long wave of new laws and regulations.
As a payment option, a crypto coin needs to be completely reliable on the regulatory side. Failure to comply with legislative bodies might lead to a severe devaluation of the coin, with some companies becoming unable to accept Bitcoin due to particular laws.
Moreover, the lack of organisational transparency might scare off investors and motivate them to invest elsewhere, which will decrease the efficiency of the crypto coin as a payment option. In the current climate, Bitcoin is still by far the best bet to avoid these complications in the long run, giving users peace of mind related to the currency’s stability and viability.
Safeguards Against Volatility and Market Downturns
The second most relevant topic is the everpresent and inherent volatility of crypto. Even with all regulations in place and complete transparency, the value of cryptocurrencies remains largely unstable. There are many reasons behind this ongoing volatility, including the young age of the entire industry, the lack of standardised practices and the decentralisation factor itself.
Unlike conventional fiat systems, crypto exchanges and fund pools are secluded from each other, and there is no effective means to stabilise the money flow between them. As a result, there are no mechanisms to control the severe price fluctuations in practice. While the volatility factor will surely decrease in the future, with additional regulations and standard practices being implemented actively, the current landscape is still quite unstable.
In such circumstances, Bitcoin is still the most reliable choice, as it can withstand the most volatility in the market. While other currencies might go below the liquidity line or even lose their total value, Bitcoin will be the last currency to suffer from heavy losses. This is because even if the market suffers heavy losses, most investors will revert to Bitcoin investments before they completely exit the market. So, Bitcoin will remain steadfast even during the worst-case scenarios.
Ways to Add Bitcoin Payment to Website
Now that we have established why Bitcoin is still the go-to choice for businesses to accept payments let’s go over the technical side of this process. Adopting Bitcoin payments on your website would have been a very complex task, even a couple of years ago. The absence of streamlined solutions and service providers made the entire task technically challenging and time-consuming.
In the modern environment, integrating Bitcoin as a payment method is much simpler. However, if you wish to accept crypto payments, you still have to go through a comprehensive and detailed integration process that is demanding in its own right. Let’s explore.
Familiarise Yourself with Crypto Regulations
As discussed above, the crypto regulatory landscape is still in its infancy, with numerous laws and legislations being modified frequently. Since Bitcoin and cryptos, in general, are entirely new brands of currency, it is difficult to classify and monitor them with conventional means. As a result, each country has devised unique rules on how to accept crypto payments. So, it is imperative that you understand your local and international requirements before adopting cryptocurrency payments.
Before accepting Bitcoin payments, you must have a firm understanding of the taxation methods, transaction fees payable to any regulatory bodies and other regulatory protocols. Moreover, you must figure out the perfect flow of KYC, KYT, AML or any other vital procedures required by the law. Other considerations include operating licenses for crypto-related businesses and specific approvals that you might have to obtain from your local authorities.
Acquire a Gateway or a Payment Service Provider
Once the legal side is taken care of, it’s time to decide between the two major payment providers—a crypto payment gateway or a payment service provider. Both solutions have merits. Bitcoin payment processors (gateways) are more affordable and can satisfy your specific needs.
Option A - Payment Gateways
Their setup process is quite straightforward, with gateway providers assisting your business from A to Z on the development process. However, payment gateways might require additional technical assistance if your system is not optimised to integrate flawlessly.
Additionally, gateways are limited in their capabilities, only providing a bridge between you and your customers. Everything else is still your responsibility, including the Bitcoin-cash conversion, bank account setups, front-end integration, payment processing and other tasks. If your company does not have a robust payment system, acquiring a payment service provider might be a better option.
Option B - Payment Service Providers
Payment service providers are much more thorough in their service offerings. They can provide additional layers of security, ensuring that the money flow is protected from any breaches. PSPs can also equip you with their native account, allowing you to retrieve your Bitcoin funds much faster and instantly convert them into fiat.
PSPs also take on technical responsibilities, including transaction fees for the Bitcoin network, settlement of disputes related to problematic transactions and any network congestion problems. PSPs accelerate the entire process by handling conversions and network confirmations. As a result, you can integrate a complete Bitcoin payment processing system instead of using the limited bridge offered by gateways.
However, you should note that PSPs are exponentially more expensive than gateways, taking hefty fees for their all-inclusive services. So, your final decision should depend on how much help you require with the setup.
If you have almost zero experience and technical capabilities related to payment processing, it is prudent to connect with Bitcoin payment processing companies instead of gateways. The opposite is true if you simply want to integrate Bitcoin within your website's existing and well-functioning ecosystem.
Set up Your Front-End
With a payment processing solution in place, it’s time to connect your Bitcoin payment method to an existing payment system and front end. In most cases, crypto payment providers will equip you with an API bridge, seamlessly connecting their solution to your system.
In some cases, you might need slight technical assistance to make necessary adjustments like automatic conversions, automated reports for financial purposes and advanced banking tools for multiple accounts. However, this process is manageable and shouldn’t take more than a few days.
The front-end setup is less technical but more challenging in terms of design. It is up to you to decide how to present and market your new Bitcoin payment options. However, it is essential to present customers with a simple and intuitive choice. The general rule of thumb is to create a three-click system where users can move from a check-out to the final payment in no more than three clicks.
Clients should be able to connect their crypto wallet to your website and initiate the payment within seconds. Otherwise, your Bitcoin payment option might need to be more convenient for wide user adoption. The obvious choice is to present a convenient solution in combination with credit card payment options on the pricing page. Other options include single-use clicks to send to your clients, but they might be too limiting for the average user.
Integrate Crypto Options into Your Reporting
While front-end setup is essential, you should maintain the financial side. At first, your crypto payment processor might not yield a lot of revenue, but the channel will grow in volume over time and require proper financial reporting. So, it is critical to set up the financial flow conveniently so that when you start accepting crypto payments, the financial records will be automatically added to your current asset balances.
In most cases, PSPs can help you set up a financial side, with live data flow and automated reports integrated into your reporting system. As a result, you will be able to integrate cryptocurrency payments without any financial discrepancies. Integrating the financials might be a little trickier without PSPs, but most modern reporting systems have API connectivity options. As a result, it should not be too much trouble to sort out the finances in your back office.
Take Care of the Customer Side with Support
Any website with products and services should have a customer portal for technical questions and complications. Assistance portals are even more important when accepting cryptocurrency payments like Bitcoin. Even if your website's payment option is as simple as possible, it is logical to expect numerous confused users who have trouble finalising their payments.
In such cases, it is vital to have a customer support portal with frequent FAQs, chatbots that provide automated answers and live chats with specialists for complex cases. As a result, your website’s shortcomings related to payment processing and acceptance will be sorted out quickly, as customers are sometimes the most accurate assessors of your technical fluency.
Even if your website is completely polished and intuitive, customers will still have questions and complications. So, having a strong assistance portal is vital either way.
Employ BTC-to-Cash Conversion Options
The final and perhaps the most important part is to have conversion options when dealing with cryptocurrencies. Even in the case of Bitcoin, the retrieved funds should be regularly converted into cash reserves if you wish to use the proceeds in your business. In most cases, PSPs offer the cash conversion options automatically.
However, setting up your conversion operation using your company bank account and linking your payment system to exchange order books is also possible. However, consider the uneven commissions and gas fees required to convert your Bitcoin returns.
Final Takeaways - Is Accepting Bitcoin Payments a No-Brainer?
In the modern environment, cryptocurrencies have become a prominent player in the international payment field. So, get ahead of the curve and add Bitcoin payment to the website. Bitcoin is the go-to choice in this process, as it still represents the best offering in the entire landscape. However, you should carefully consider the risks associated with handling Bitcoin, as this flagship currency is still susceptible to volatility and instability in the long term.
