Operating an e-commerce store gives you lots of options that are not available to conventional businesses. One advantage is that e-commerce site owners are in a position to get paid using cryptocurrency - commonly known as digital money. Digital currencies eliminate financial institutions and the government, and allow peer-to-peer transactions.
Lately, the demand for cryptos such as Ethereum and Bitcoin has been on the rise. Nonetheless, the benefits of this technology are not limited to investors only. E-commerce stores have started considering the option of accepting digital currencies as payment for goods and services. If you want to start accepting digital currencies, know what you should do, the currencies at your disposal, and the benefits of collaborating with an exchange platform.
Accepting Cryptocurrency Payments on Your Site: What You Should Do
The latest 2018 blockchain wallet users review projects an exponential increase in the number of people using cryptocurrencies in the world. If you're considering getting paid by your customers in cryptos, you'll have to do a few things to enhance the process.
- Create a customer friendly and easy to use website.
- Integrate your site with exchange platforms.
- Set up terms and conditions, and a platform to answer customers' questions frequently (live chat is a good option).
- Keep it safe and secure.
- Spread the word - tell friends, past customers and display images on your site.
- Taxes - never forget this important legal requirement.
Currencies to Consider
E-commerce site owners have several alternatives they can explore with regard to accepting cryptocurrencies for their business. The following are some of the cryptocurrencies that they can consider. Notably, cryptocurrencies are value driven, so carry some exposure to market volatility.
Bitcoin is one of the most appropriate currencies to use owing to its popularity. Bitcoin has been tested on many security fronts and it is arguably the most secure currency.
Bitcoin Dark is a derivative of Bitcoin and it is designed for peer-to-peer transactions, a feature which could suit some e-commerce business models quite nicely.
Ethereum, based on smart contracts that run on the blockchain. The currency is second to Bitcoin in terms of popularity.
The Need to Collaborate With Exchange Platforms
If you decide to accept digital money in your e-commerce store, you should have in mind an exchange platform to convert the digital coins to a more stable currency. Using a customer-friendly currency exchange platform can give you a chance to change your Litecoin, Ethereum or Bitcoin to standard currencies. A Poloniex review, for instance, shows that users are supported by detailed charts and efficient tools for data analysis making the exchange process easy and fast. Uphold also allows users to convert their cryptos to ordinary currencies such as USD and EUR. These simple online tools help in converting tokens received online from customers to 'ordinary' money.
Most cryptocurrencies have tried and trusted security encryption. Those in charge have promised air-gapped cold storage with a two-factor authentication process. If the reimbursement of funds stolen by hackers in recent years is anything to go by, users are safe. E-commerce website owners can rest safe and enjoy doing business in the way of the future!