With the new developments we see in the blockchain network now and then, investors can now buy bitcoin and spend it with ease. At the same time, one of the biggest challenges with cryptocurrency a few decades ago was liquidating it. Only a handful of exchanges made it easy to liquidate crypto. But today, several merchants now accept crypto as a payment method. Even Shopify, one of the most extensive networks of merchants globally, now accepts bitcoin payments. With Shopify now accepting crypto payments, crypto investors can shop for anything they want, from groceries to furniture, clothing, etc. Apart from the benefits Shopify integrating crypto gives investors, store owners will also benefit significantly from it. If you wonder what benefits Shopify store owners stand to benefit from integrating crypto payment, keep reading.
How do web store owners benefit from Shopify accepting crypto payments?
As a shop owner on Shopify, it’s time you take advantage of the Shopify crypto payment. If there is anything you need to know about crypto, it is that many people buy bitcoin and other cryptocurrencies. So, accepting crypto payments as a Shopify store owner can help you grow your business. Below are five ways store owners can benefit from Shopify from accepting crypto payments.
Unlimited and new horizons opened
First and foremost, accepting crypto payment as a store owner on Shopify opens the doors to a new market. Thousands of merchants worldwide accept crypto payments, so why shouldn’t you? Crypto allows funds to be sent across countries with ease. Hence, investors can buy bitcoin or any other crypto to buy any product on Shopify without converting it to fiat first. If you previously sold products locally, with Shopify now accepting crypto, you can expand internationally. In other words, cryptocurrency allows you to expand your customer base. And having more customers as a business owner means that you make more money in the long run.
Another reason business owners should integrate crypto payments to their store on Shopify is because crypto transactions are faster. When you only accept fiat on your store, it takes a couple of days for the payment to clear. During this period, customers have to wait while the payment is verified. And if there is anything customers hate doing is waiting too long to get their package. Integrating crypto payment on your Shopify web store will help you better please your customers. It will also help your business grow as you can perform deals instantly.
Reduced transaction fees
One of the significant downsides of using fiat currency on an only web store is the insane transaction fees that come with it. These fees are charged to both customers and business owners. So, everyone is a victim of paying transaction fees. But when you switch to cryptocurrency, you can enjoy reduced transaction fees. Customers can buy bitcoin and use it to purchase items from your store without incurring high transaction fees. Using crypto does not come with high transaction fees because buyers and sellers interact directly. So, there are no third-party fees that can spike the transaction fee.
No more chargebacks
Importantly, when you allow buyers to buy bitcoin and use it to purchase your product on Shopify, you eliminate the challenge of chargebacks. With fiat currencies, scammers and fraudsters use chargebacks to get items from stores for free. But with cryptocurrency, when a transaction is verified, it cannot be canceled or reversed. The only situation a reversal is possible is when both parties agree with it. And let’s face it, guaranteeing that when money is sent to a business, the sender cannot retrieve the money without the other party’s agreement is key to the growth of businesses. In this case, business owners can secure themselves from fraudsters and build a solid and reliable relationship with their customers.
Increase businesses revenue
Last but not least, integrating bitcoin payment or any other crypto in your Shopify store can significantly increase your business revenue. In business, revenue is dependent on how much product you can sell. And the truth is that you cannot sell as much as you would with cryptocurrency as with fiat currency. Cryptocurrency will always take the lead in generating the most customer base. You can sell internationally faster and more securely with cryptocurrency, among other benefits. So, if you are looking to increase your revenue, then it’s time you make it possible for buyers to buy bitcoin and spend it with ease on your Shopify store.