Is it really possible to accept crypto payments on Shopify? Yes, it really is! More and more eCommerce merchants are coming to understand and accept cryptocurrency as a legitimate method of online payment, and Shopify is not an exception.
While everyone who uses cryptocurrencies should be very happy about this, it has left a lot of Shopify vendors confused about how to accept cryptocurrency payments. You’ve come to the right place if you want to learn how to accept crypto payments on Shopify in your online store.
Does Shopify really allow crypto payments?
Shopify collaborated with CoinPayments, BitPay, and Coinbase Commerce in 2020. Due to this relationship, Shopify businesses now have access to cutting-edge, new digital payment solutions.
You may use these cryptocurrency platforms as a Shopify seller to quickly accept more than 1,800 different cryptocurrencies as online payments for your goods. For Shopify retailers, accepting cryptocurrency payments from clients makes perfect financial sense. According to Statista, global e-commerce revenue in Europe is forecast to exceed 1.2 trillion U.S. dollars by 2025.
Advantages that crypto payments provide to merchants on Shopify
Crypto sounds great and everyone loves trendy innovations, but let’s take a look at the list of the exact pros for Shopify merchants if they start accepting crypto payments on Shopify.
Fast transactions
Unlike regular payment processors, which can often take a few days, crypto payments are immediate and sent in real-time. Crypto does not have bank holidays either. It all comes down to cash flow!
Low processing fees
Compared to conventional payment processors, cryptocurrencies charge lower processing fees. Higher gross profit results from lower processing costs. What a simple way to save money! A helpful tip is to compute your profit margin utilizing the various processing costs and then compare the resultant margin to determine how much you may save.
No chargebacks
Dealing with consumer complaints and chargebacks can be time-consuming and cost your company money. Chargebacks are not a thing in the world of cryptocurrency because they are irreversible.
Local and international transactions
Customers from all over the world can submit payments with ease using cryptocurrency without the need for additional intermediaries like banks and payment organizations. More markets equate to more consumers, and more consumers equate to more revenue.
Payment conversion to any fiat currencies
As a seller you may want your money to come to your account in a specific currency, for example, not in US dollars, but Canadian dollars. Crypto payments can be automatically converted to your preferred fiat currency, whatever it is. For example, you can accept Bitcoin payments on Shopify but receive the funds in CAD.
3 steps to accept crypto payments on Shopify
If you are already convinced by the advantages, now you may ask “How do I enable crypto payments on Shopify”. Let’s take it step by step.
Time needed: 15 minutes.
3 steps to accept crypto payments on Shopify:
- Activate
In your profile find Settings > Payments, press “Add Payment Method” and then “Search by provider”. Choose the preferred one, for example, Coinbase Commerce. Install it, then press “activate”.
- To link it directly to your Shopify
To link it directly to your Shopify store sign in to your Commerce account and make a test transaction just to make sure it all works fine
- Uninstall the old API-key-based integration
Uninstall the old API-key-based integration. To do this, remove your API key from the alternative payment networks page.
Congratulations, now you’re all set!
What are the fees?
Third-party transaction fees
These fees depend on the provider you’ve chosen. For example, Crypto.com Pay features zero transaction fees and 0.5% settlement, but as a bonus, new Shopify merchants using Crypto.com Pay don’t pay settlement fees for one month. Coinbase charges a flat 1% transaction fee on all cryptocurrency transactions. You can find out more accurate information about providers here.
Shopify fees
There are standard fees that Shopify applies to crypto payments, you can choose a plan from $29 to $299 per month. Find out more about the platform’s fees here.
Conclusion
More online retailers are looking to embrace cryptocurrency as a payment method from clients as cryptocurrency payments increase in popularity. Ultimately, you have to meet the requirements of your customers as a Shopify merchant.
If you want to accept crypto payments on Shopify, it is definitely a wise move. It is simple to activate them on your Shopify and you may easily and rapidly give your clients a new payment option that can increase your revenue.
FAQ: Accepting Cryptocurrency on Shopify
Shopify accepts crypto as a payment method. This implies that as a Shopify merchant, you can enable one or more cryptocurrency payment processors, such as Coinbase Commerce, Crypto.com, Strike, BitPay, DePay, and OpenNode, in order to accept cryptocurrency payments from your clients.
With the help of Coinbase Commerce, BitPay, and CoinPayments.net, Shopify merchants can accept 300+ digital currencies, including Bitcoin (BTC), Bitcoin on the Lightning Network, Ethereum (ETH), Bitcoin Cash (BCH), Shiba Inu (SHIB), Litecoin (LTC), Dogecoin (DOGE), Ripple (XRP), Dai (DAI), Wrapped Bitcoin (WBTC), stablecoins Gemini USD (GUSD), USD Coin (USDC), Binance USD (BUSD), and many more.
If you are a merchant and are willing to accept Ethereum (ETH) or other crypto coins on your Shopify account, you must enable one of the crypto payment providers, such as crypto.com or Coinbase. You can find detailed instructions with pictures in this article.
1. Go to Settings > Payments > Add Payment Method > Search by a provider. Choose Coinbase Commerce. Install it, then press “activate”.
2. To link it directly to your Shopify store sign in to your Commerce account and make a test transaction just to make sure it all works fine
3. Uninstall the old API-key-based integration. To do this, remove your API key from the alternative payment networks page.
Yes. Shopify does accept Dogecoin, or DOGE (as well as other popular cryptocurrencies) if a merchant installed one of the crypto payment providers to receive payments in crypto. Most crypto payment providers do accept a coin DOGE as a payment method.
Yes. Shopify does accept Shiby Inu, or SHIB (as well as other popular cryptocurrencies) if a merchant installed one of the crypto payment providers to receive payments in crypto. Most crypto payment providers do accept a coin SHIB as a payment method.
1 Comment
Arthur Pridgen
Shoify is a very forward-thinking platform, I really like them for that