Customers now have more options for transacting in cryptocurrencies on Shopify, as they can easily activate “Accept Crypto Payments On Shopify” using Crypto.com Pay on their online storefronts. Businesses choosing to utilize Crypto.com Pay will benefit from a seamless integration process with no startup costs. With this system in place, they will gain access to a variety of tokens, including Bitcoin, Ethereum, Cronos, Shiba Inu, Dogecoin, and more.
Does Shopify Allow Crypto Payments?
Shopify Website Marketing benefits from the fact that Shopify does indeed take cryptocurrency payments. In 2020, CoinPayments, BitPay, and Coinbase Commerce entered into a partnership with Shopify. This collaboration has opened up new and cutting-edge digital payment options for Shopify vendors. When you engage in Shopify Website Marketing, you can harness the power of these cryptocurrency platforms to accept over 1,800 different cryptocurrencies as online payments for your goods.
For Shopify vendors, accepting cryptocurrency payments from customers makes perfect business sense. According to Statista, worldwide eCommerce sales will increase to $5.69 trillion. You don’t want to turn away customers because you won’t accept their preferred payment methods in a market that is so cutthroat and expanding.
Customers won’t quickly visit your store again if you do this because they had a bad experience. You can still reconcile all of your Shopify payments and continue to reap the rewards of excellent marketing even when using crypto payments. In order to accept Bitcoin or other cryptocurrencies as payment on Shopify, follow these steps.
How To Accept Crypto Payments On Shopify
The process of setting this up has been made fairly simple to accept crypto payments on Shopify.
From the Payment Providers page, you must enable one or more of the following cryptocurrency payment methods:
Step 1: Create a wallet (account) on one of the Shopify-supported cryptocurrency payment platforms.
Step 2: Next, link this account to Shopify by carrying out the procedures below:
- In your Shopify admin, click on Setting at the bottom left corner. Then go to your Payments tab.
- In the Additional Payment Methods section, click Add Payment Methods.
- Search and choose the relevant crypto payment platform, click Activate, and then click Connect.
- Enter your account credentials, then select the relevant cryptocurrencies you wish to accept, and click Activate to enable the provider.
Now your customers can use this payment method at the checkout, that’s all.
Your current payment options won’t change if you decide to accept cryptocurrency payments through a new payment method. There will be no changes to your other payment methods or infrastructure.
Keep in mind that each cryptocurrency payment gateway has a dedicated support channel for any problems that may occur.
If you require help or want to learn more about how the platform functions, you must get in touch with them directly.
How Will Cryptocurrency Payments Affect Your Finances?
Be aware that when it comes to your financial records, cryptocurrency payments made by your customers are not treated the same as credit card payments.
Despite the fact that the term “cryptocurrency” might lead one to believe it is a form of money, it is not. Due to the fact that it is considered “property” for accounting purposes, you should record it in your books as a capital asset rather than cash.
Your level of customer revenue shouldn’t change, but if you sell the cryptocurrency or use it to make a purchase of another item, you might have to report a capital gain (or loss).
Take a look at an illustration. Consider a $1,000 product you sold on January 1. For this sale, the customer gives you 1 Bitcoin. At this point, instead of cash, record a $1,000 income in your P&L and a $1,000 cryptocurrency asset in your balance sheet. The coin’s cost basis is determined by the amount of your income.
You choose to sell your coin because 1 Bitcoin is worth $1,500 on February 1. 500 dollars worth of capital gains were realized from the sale of the cryptocurrency asset (1,500 less your cost basis of $1,000). The same holds true if, rather than selling your Bitcoin for $1,500, you decide to use it to pay for $1,500 worth of inventory, marketing costs, or even dividends.
Recall that some cryptocurrencies are linked to the USD, so accepting them will shield you from the risks associated with fluctuation.
Why Do I Need To Accept Crypto Payments On Shopify?
Start accepting cryptocurrency payments on Shopify as soon as you can if you’re a Shopify vendor. The popularity of cryptocurrencies is rising quickly. They provide a dependable, safe, and practical method for online purchasing. You don’t want to fall behind since both consumers and businesses are using cryptocurrencies for payments.
You run the risk of losing customers who are willing to pay you if you limit the payment options on your eCommerce store. Every eCommerce merchant who wants to prosper in a developing industry should offer all widely accepted payment options.
When customers and companies use cryptocurrency for payments, they incur low transaction costs. Payments also occur instantly everywhere. Businesses that accept cryptocurrency payments will enjoy all the benefits of switching to a decentralized currency. Choosing one of the Shopify-approved crypto payment platforms to serve your business’s needs is a wise move. You’ll learn how simple it is to set up and activate these platforms on Shopify.
Numerous small businesses and thousands of Shopify merchants use these payment processors. This will promote repeat business and improve customer satisfaction. You won’t be excluding customers if you accept cryptocurrency payments online. Even transaction fees could be avoided, and security could be boosted.
Accept Crypto Payments On Shopify: Conclusion
In conclusion, cryptocurrencies are undeniably gaining traction among businesses and customers alike. It’s evident that online retailers will soon embrace the trend of accepting crypto payments for their stores. Therefore, if you operate an online store and are well-versed in cryptocurrencies, now is the opportune time to inform your customers and enable them to utilize their crypto holdings on your Shopify site. Ultimately, we hope this article has shed light on the importance of embracing the Accept Crypto Payments On Shopify feature and integrating it into your online store’s payment gateway.