Today, in the era of information and crypto technology development, classic businesses have undergone major changes, smoothly going digital by adapting and integrating crypto payment solutions into their business processes. Many cloud-based online software platforms for online and retail stores, the most popular example of which is Shopify, now offer the ability to utilise crypto payment solutions to handle payments anywhere at any time.
This article will explain how to accept crypto on Shopify and elevate your digital business.
Does Shopify Allow Crypto Payments?
Shopify is a cloud-based e-commerce platform that gives you access to a wide range of tools to create and run your online business. All tools are combined in one place: online store, inventory control, analytics, CRM, loyalty systems, and multi-channel marketing (selling through marketplaces, social networks, email, contextual advertising, etc.). This platform is the first to offer a highly efficient tool for fully customising every aspect of online business. It uses modern integration solutions and systems, greatly expanding the potential for online trading.
Shopify POS allows you to conveniently sell and keep all your accounting with a dedicated app and hardware. In other words, if you're a Shopify merchant with a physically located store and an online store at the same time, all your data and product inventory will be synchronised, and you can manage your store (or stores) from a single account on any device.
Since 2020, the Shopify platform has made it possible to support cryptocurrency as a method of paying for goods and services within the ecosystem based on the Shopify crypto gateway. Merchants using Shopify to accept cryptocurrency payments are being given access to Crypto.com. According to the company's management, merchants using the Crypto.com Pay feature can allow customers to pay their invoices with cryptocurrency. More than 20 tokens are available for payment. Merchants can also accept cryptocurrency using Coinbase Commerce and BitPay within the Shopify platform.
Advantages of Accepting Crypto Payments on Shopify
Today, the Shopify platform is used by millions of users worldwide, which is a high indicator of the reliability and credibility of this solution that helps develop digital businesses with effective marketing tools. At the same time, merchants who develop and promote their business on Shopify have a number of advantages, as described below:
Rapid Transactions
Accepting crypto payments on the Shopify platform using different payment gateways allows you to benefit from high transaction speeds. By using different solutions to process and fulfil payments in fiat and crypto coins, Shopify allows you to handle many payments per unit of time without losing network bandwidth. As a result, merchants do not lose valuable time dealing with delayed payments, both local and international. In turn, this allows for fast and efficient processing of customer orders to maintain high professionalism.
Low Processing Fees
Working with Shopify crypto payments, merchants have the advantage of low transaction fees, regardless of the payment gateway used. Since the vast majority of modern blockchain networks use innovative protocols for transferring data and processing transaction information, they all offer high-speed payment gateways with minimal fees, both between the same network and between different ones.
With their Shopify business, merchants can also work with other digital payment system providers if necessary. Among the solutions that allow users to pay online without using a credit card are the following: PayPal, Meta Pay, Amazon Pay, and Apple Pay.
No Chargebacks
A chargeback is a refund of a payment officially reported by the cardholder to their issuing bank. Your customer can file a complaint with their financial institution about the order and dispute the payment transaction. This usually results in an immediate refund; for this reason, merchants should be prepared for the risk of chargebacks.
By deciding to accept crypto payments on Shopify, a business gains the advantage of avoiding the hassle associated with claim work based on customer complaints, which, in most cases, are handled favourably, resulting in an instant refund to the buyer. In this case, all payments without exception cannot be returned instantly, but only after studying the reason for the return and direct agreement of the company's management (business).
Local and International Transactions
Using crypto payment gateways in Shopify stores, merchants have a great advantage in conducting both local and international payment transactions. This is not only because the nature of any blockchain is complete decentralisation, allowing users anywhere in the world to make Shopify payments, but also because of the company's worldwide presence and strong customer base. With a business on the Shopify platform, companies can conduct any type of transaction through one of the available cryptocurrency payment gateways, gaining advantages over making payments using traditional payment methods.
Fiat Currencies Payment Conversion
By accepting cryptocurrency payments on the Shopify platform, you can easily convert to fiat currencies if necessary. Each account supports different fiat currencies, the most popular of which are USD, EUR, etc. This allows you to quickly and efficiently operate in multi-currency and multi-asset mode, processing trades or orders using different asset classes.
Main Steps to Accept Crypto Payments on Shopify
Today, any ambitious idea can be realised on the Shopify platform with a variety of marketing tools to promote products and services, sales integration and analytics solutions, and cryptocurrency payment processing services that give access to hundreds of crypto assets for payment based on the Shopify crypto plugin integrated into business infrastructures.
To start accepting crypto payments on the platform, it’s required to perform a number of simple actions, which in sum, make up an algorithm that helps you quickly start working with crypto payments.
1. Study the Legislative Framework of the Country in Which Business is Conducted
Before considering accepting cryptocurrency assets on Shopify as a form of payment for goods and services, it is necessary to study in detail the legal framework of the country where the company is registered to avoid problems in the work process. In certain countries of the world, there are various restrictions and prohibitions related to the use of cryptocurrency assets for the purpose of transactions on the financial markets or for the purpose of payment transactions. It is necessary to make sure that the business will be able to work with a particular cryptocurrency and conduct any kind of transaction freely, both local and international.
2. Open an Account on One of Shopify's Supported Crypto Payment Platforms
After clarifying the legal aspects, you should decide on a crypto payment gateway to accept crypto on Shopify. Today, the platform supports over a dozen crypto platforms and services that offer access to a wide range of crypto coins for internal transactions between different blockchain networks.
Among the available solutions are the following: Solana Pay, Crypto.com, Coinbase Commerce, BitPay, DePay, Strike, Lunu, OpenNode, Bit2Me Commerce and IBEX Pay. Each platform has its own pros and cons, as well as its usage patterns, which you should also consider when choosing. Either way, Shopify offers many options where every business can find one that fits their needs.
3. Add Payment Method in Account Settings
After identifying a suitable payment provider or cryptocurrency payment gateway for making crypto payments and accepting payments, a number of steps are required to connect it to the Shopify platform and then use it. To do this, follow the instructions in the relevant payment options settings of the account on the platform and once connected, select the appropriate cryptocurrency coins to process transactions.
Today the best cryptocurrency for e-commerce is Bitcoin due to its popularity, widespread use and practicality, but among other options can be distinguished ETH, DOGE, SOL, ADA, LTC and more, each of which has its own merits, which deserve practical use as a means of payment.
Conclusion
Today, the Shopify platform provides access to an efficient and practical ecosystem of all the necessary tools for working with digital businesses. In turn, any business can use the opportunity to accept payments using different virtual assets. This expands their ability to interact with the target audience and simplifies the process of working with payment transactions, which creates the necessary conditions for growing sales and increasing the customer base.
