How To Accept Bitcoin Payments In Your Retail Or eCommerce Store

If there was ever time to begin accepting Bitcoin payments in your retail business, that time is now. From keeping up with emerging payment technology, to lower costs, and fraud and chargeback prevention, businesses of all types see the benefits. 

Merchants are experiencing a burgeoning retail market and growing adoption of emerging payment methods. Investing in Bitcoin and buying items using Bitcoin is becoming commonplace for a large part of the consumer market. 

There are many reasons and benefits for merchants to accept Bitcoin payments from their customers. But some of the most important include keeping up with consumer demand and staying relevant to the rest of society. 

Accept Bitcoin in your business to keep up with global demand.

Global adoption of cryptocurrencies is growing at a steady pace. Accepting Bitcoin and using Bitcoin as a form of Payment Processing for goods are enjoying growing global adoption.

Switzerland, known for its banking systems, is the first country to allow their financial system to officially integrate Bitcoin payments. In Japan, luxury cars are purchased using Bitcoin with nothing but the simple scan of a QR code. Microsoft, a global tech giant, allows customers to fund their Microsoft accounts with Bitcoin. And many more businesses of all sizes are beginning to recognize the benefits of accepting bitcoin payments. In fact, a recent poll shows that 39% of SMBs already accept Bitcoin as a form of payment.

Luxury product industry has been one of the first industries to readily adopt Bitcoin as a preferred payment. And the industry remains at the forefront with some luxury eCommerce sites being 100% Bitcoin exclusive. On sites like BitDials and BitLuxuria, consumers can buy everything from luxury watches and jewelry, to high-end spirits, and even luxury cars. And they can only do it using Bitcoin. 

The next generation of consumers will drive adoption of widespread Bitcoin payments 

In America, 49% of Millennials say they are comfortable investing in cryptocurrencies such as Bitcoin, according to a recent Bankrate survey. And younger Millennials and Gen Zs, who largely fuel that number, make up 58% of the crypto population. But they drive 85% of the luxury market's global sales growth.  

So as younger generations age into the market, we can expect acceptance and adoption to continue to grow. 

Tech-savvy Gen Zs are also known for adopting emerging payment methods. They also carry a general mistrust in traditional investments while readily adopting blockchain, digital coins and NFTs. But moreover, it is their belief in the technology and its application that is driving adoption. 

The deVere Group, a leading financial advisory, recently conducted a global poll to measure opinions towards cryptocurrency as salary. When asked, more than 50% of Gen Z and ⅓ of Millennials said they would “welcome being paid in cryptocurrency”. If this is where they will be holding their money, you can surely expect that this is how they want to spend it as well.

Certain business types benefit greatly from accepting Bitcoin.

While all businesses benefit from accepting Bitcoin, certain business types have a lot to gain from adding bitcoin payment options.

International and online businesses have to deal with accepting multiple currencies, slow cross-border payments, and high fees. And there are many online payment systems that are not accepted in other countries. Bitcoin is a global currency that can be used to pay anyone in any country. Because Bitcoin payments are a peer-to-peer payment processing system, payments can be sent to anyone without the need for a third-party facilitator.

International merchants can accept bitcoin payments almost instantly using the Lightning Network.

The reason why Bitcoin payments used to be very slow is because each transaction needed to be validated by miners prior to settlement. The lightning network was created to facilitate transactions off-chain for faster settlement without needing verification from miners. Over the network, they were able to increase transaction speed from 7 to 11 transactions per second to millions per second. 

Not only does the transaction happen faster, you get your money faster. Unlike slow cross-border payments, accepting Bitcoin allows for instant settlement. Credit card payments can take days to fund your account. Checks and wire transfers may take weeks. Payment processing using Bitcoin payments funds instantly. No waiting for your money, which can greatly improve a business’s cash flow.

Businesses who sell very high-ticket items like cars, real estate, and travel can often have limits or caps on sales volume. Super premium brands and high-end products like Rolex, designer clothing, and jewelry have to worry about chargebacks and fraud. 

With Bitcoin payments, the transaction is fast and irreversible. Merchants can accept as many transactions as they want with no limits or caps. And they won't have to worry about any funds being held in reserves. They also can’t fall victim to chargeback filings, whether legitimate or due to fraud.

If a customer has an issue with the product, they have to deal with the seller. Unlike with credit card transactions, where they can just file a chargeback with their credit card company. 

Bitcoin Payment Processing Solution Features

Here are a few of the features that come with our Bitcoin payment processing solution for merchants:

• Payments go directly into your merchant account wallet (not your bitcoin wallet)

From here, merchants can automate what they want done with their profits. Set up the system to automatically transfer the money to the location of choice. Transfer to your business bank account or to another crypto wallet. Most merchants choose to have all or a portion transferred automatically to their bank account daily. 

• Complete Control over funds

Merchants can keep their funds in Bitcoin, convert it to a stable coin, or convert to local currency. They can also choose how much to convert. Keep all or a portion of your funds in Bitcoin, and convert the rest to stable coins or dollars. 

• Automate to protect yourself from price volatility and market fluctuations

Automation allows you to program the transfer of your bitcoin payments at the time of payment. For instance, you can program it to transfer the payment into your wallet in local USD every time you get a payment. Or you can choose to keep half as Bitcoin and transfer half to stable coin. Whatever you choose, this helps to protect your profits from any market fluctuations. Market going up? Let it ride for a bit. You are in control of your own risk tolerance. 

• Works with every kind of bitcoin wallet

Customers from all over the world can send payments no matter what bitcoin wallet they prefer

• Bitcoin payment processing solutions are a low fees way to accept payments

We’ve already pointed out how Bitcoin payments are quicker and more cost effective for international payments. But accepting Bitcoin is a low-cost way to accept payments for all merchants. 

When compared to credit card processing, accepting Bitcoin costs significantly less, especially for high-risk merchants. And fees can be passed on to the consumer, making it a low to no-cost way to accept payments. 

Especially for high-ticket items where crest card fees are significant and high value transactions hit roadblocks. Modern financial systems contain security checkpoints and safety protocols that often create friction in large dollar transactions. This makes things like buying high end products such as luxury cars, jewelry and watches, even real estate a painful process. Cryptocurrency payments, on the other hand, alleviate these headaches and allow high ticket transactions in a matter of seconds. 

• Reduce fraud and chargebacks

Accepting Bitcoin as a form of payment gives merchants more control over refunds and reduces chargebacks. Once a Bitcoin transaction is complete, it cannot be reversed by payor. Customers have to reach out to the merchant if they have a problem with the product and require a refund. This helps to reduce customer chargebacks that ultimately hurt merchants and put their merchant account at risk.

• Quick and simple set up with API integration or plugins

The solution easily integrates with most common platforms used in eCommerce today. Merchants can begin to accept instant global payments within minutes.

• Control everything through an intuitive online dashboard 

Management is simple and straightforward through the merchant’s personal online dashboard. Merchants have 24/7 access to real-time payment status reports. Quickly and easily issue a refund or submit a request for payment. The dashboard includes convenient invoicing and billing features and integrates with Quickbooks. Zapier integration for Quickbooks allows for simple and convenient accounting.

Accept Bitcoin Payments in your retail or eCommerce business

If you’re looking to gain a competitive edge over your competition, accepting Bitcoin may be the answer. Consumers want to pay the way they want. And studies show that more and more younger consumers prefer alternative payments such as Bitcoin. When you offer the payment options that consumers demand, it's easy to remain relevant in your market. 

Accepting Bitcoin payments alongside your credit card processing will help increase your market reach and support your overall success. But emerging payment solutions can be confusing. To make it easier, look for a provider with experience in payments and the laws and regulations binding the industry. 

We’ve been helping customers accept payments for over 20 years. We know and understand BSA and AML laws and all regulations surrounding money transmission. And we built our Bitcoin platform with both security and stability in mind. We’ve thought of everything from simple integration, to speed of transaction, to a frictionless checkout. And made sure that the whole process is easy for merchants to understand. 

At MonerePay, customer service and payment processing with integrity are part of our core values. If you're ready to upgrade your payment processing options, call us today. Our ETA-Certified payments professionals are here for you, and we take your success seriously.