How to accept aurpay crypto payment for your Shopify store
Shopify is one of the biggest ecommerce platforms on the online world. Operating your store on Shopify means you will get efficient software, support, and powerful name recognition. Now you can accept crypto on Shopify stores too.
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How do I accept cryptocurrency on Shopify?
Currently, Shopify does not have built-in support for accepting crypto payments. Anyway, there are 3rd party apps like aurpay that permit you to accept crypto payments through your Shopify store.
Why accept Aurpay Cryptocurrency payment on Shopify?
First thing first, accepting crypto payment is not just a substitute to the traditional payment techniques – it is much more than that.
So, let’s get ourselves familiar with the benefits of accepting crypto payments.
⭐ Access to broader markets
Cryptocurrency payments are not bound to any border or jurisdiction i.e., any person anywhere can send payments to any person without the need for a financial intermediary like banks.
This permits you to sell your items worldwide and capture a bigger market that is not that accessible with traditional payment techniques.
⭐ Prevent chargebacks
Unlike credit card payments, there is no idea of chargebacks with cryptocurrency payments. Once the transaction between the customer and merchant is complete, it cannot be reversed unless the merchant picks to do so.
This is an important benefit for merchants as it eliminates online frauds that come with credit card payments.
⭐ Quicker payment processing
With the traditional payment technique, it can take two or three days or even week to process the payment and finally view the amount in your bank account. It can even worse if there are national holidays in between – just wait till the next working day.
This makes a serious cash flow problem among little businesses, which can be solved by accepting crypto payments. Cryptocurrency payment processing is faster and quicker than traditional payment methods.
⭐ Lowest transactions fees
As cryptocurrency don’t involve any financial institution to confirm the transactions, there are no intermediary fees involved in the process. This decreases your transactions fees significantly.
Anyway, all blockchain transactions incur a gas fee to process the transaction, which fully depends on the blockchain it uses and the payment processor you use, but the fee is comparatively lower than any traditional technique. This permits you to book more profits per transaction and grow your business.
Top cryptocurrency to accept as payments
As per CoinMarketCam, there are over 10,000 cryptocurrency in the planet, but not all are perfect to accept as payments.
So, while picking cryptocurrencies to accept payments on Shopify stores, you must consider the following points –
Pick and list only currencies that your focus customers largely use to transact
Transaction fees – since customers have to face the transaction fees, it is highly suggestion to accept only cryptocurrencies with low gas fees.
Price volatility – reject little market cap cryptocurrencies as they are highlight volatile in comparison to big cap coins and might forge a big risk for your business.
Transaction speed – Higher the transaction speed, quicker the order will be processed. So, permit currencies with high TPS so that customers don’t have to wait to verify the transaction.
Wallet compatibility – You don’t want to accept crypto payments that you cannot save in your crypto wallet.
Bitcoin is the primary cryptocurrency that came into existence. It was invented by Satoshi Nakamoto in 2008 and is the most famous cryptocurrency in the market.
Bitcoin process ten transactions per second which is too slow matched to other cryptocurrencies. To overcome this, you can leverage Bitcoin lightning network, its second layer option that gives quicker transaction speed and permits you to process Bitcoin payments quicker and thus improving the checkout experience.
Dogecoin came into the limelight in 2013 based on the famous dog meme of a Shiba inu dog. Dotecoin takes an average of one minute to process a transaction, which makes it quicker than Bitcoin.
Litecoin is a peer-to-peer cryptocurrency, lite edition of Bitocin was created in 2011. It is considered to be the top alternative to Bitcoin payments it can process transactions in almost 2.5 minutes, which is four times quicker than Bitcoin.
Advantages of accepting crypto on Shopify
There are many advantages to accepting Bitcoina s a payment mode on Shopify, in addition to the other types of payment that you may already provide on your e-Commerce website. In summary, transaction rates tend to be lower and transactions are much more safe that bank transfers, governments and banks cannot interfere with Bitcoin transactions and you can simply protect your identify using this payment method.
Here are some of the advantages of crypto payment on Shopify:
⭐ External agencies cannot reverse or interfere transactions
While financial institutions and governments can reverse bank transactions, the same cannot be done for Bitcoin as it is sent on a peer-to-peer basis. Control is completely in the hands of the users in the transaction.
⭐ Identify protection
Transactions are tied to your blockchain address and your IP address is not needed piece of information when you accept or pay payments via Bitcoin.
⭐ Security from hacking
Because bitcoin is a digital currency, it is saved from attacks and hacking and these transactions tend to be safer than typical wire transfers. If you are looking for a safe option, accepting Bitcoin as a payment mode on Shopify is the way to go.
⭐ Better user experience with more payment options
By providing more payment methods, your customers get to pick actually how they want to pay, giving them bigger flexibility. This leads to happier and more relaxed customers who feel that they have control over how they get to shop – an amazing way to get them coming back, mainly if you favor paying using Bitcoin.