In ancient times, it was complicated to find the products from the local area because we had no internet connection and no business was using the internet for marketing. But now, it is straightforward to find and purchase any product or service you desire that will deliver to you without taking your time. You know, there are a lot of payment gateways these eCommerce stores are using, such as PayPal, Online Banking, NEFT, Debit/Credit cards, UPI, Wallets, etc. Still, many businesses are taking advantage of the competitive e-commerce industry by accepting bitcoin trader site , and popular crypto coins such as bitcoin, Ethereum, dogecoin, litecoin, bitcoin cash, etc.
Why is it vital to accept bitcoin for eCommerce stores?
So the question is genuine, why do e-commerce stores accept bitcoin or other crypto coins as a payment option although they accept easy fiat payment methods with high security. You know that a constant thing cannot grow, and it is a universal principle which means you always have to change no matter in which field you are involved. So the movement is vital with the time and trend of people because after a specific period, the demand, trends, desires, and technology change. If you could not change yourself or your business with the movement, you die in competition. So many vendors are shifting from trading stores to eCommerce stores and selling products and services, and everyone is doing the same process. But suppose you add something new in your marketing strategy that is trending, for instance. In that case, everyone is using different payment methods in domestic currency, but if you start accepting crypto like bitcoin, it will boost your business.
Merits of Bitcoin to eCommerce stores
There are many benefits given below that how an eCommerce store grows by accepting it as payment:-
- Irreversible:- Bitcoin transactions are irreversible, and it is the most significant merit to the vendors. In the other centralized payment gateways, the system staff supports the buyers, and they can refund the buyer without the seller’s consent. So it mostly happens on the PayPal system, and many people commit fraud by sending payments and taking refunds by complaining against the seller. Once the payment is received from the bitcoin users to the vendor’s wallet, the buyer cannot make a refund without the merchant’s permission.
- Low transactional fees:- The most significant loss that the most the merchants incur are the international transaction fees via third party systems such as PayPal, which charge three per cent to five per cent in different cases, credit cards charge five per cent to eight per cent per transaction, and every business cannot afford the fees because their profit is already meagre. So this digital coin allows you to take your margin safe without paying an additional fee to the intermediaries.
- Zero cost marketing:- If you started accepting crypto in your eCommerce, then you to announce it on your social media platform, through email marketing, and in your local newspaper, and your existing customers, local news websites, and people will do all the marketing for you, and your business get famous in your local area as well as globally.
- Global Customers: There are no dollar users in India because INR is the currency, but bitcoin has global users. You can reach up to many bitcoin buyers interested in online shopping via crypto. The advertising platforms will help you target your buyer persona that bitcoin users are interested in online shopping in specific product or service categories.
- Easy to setup:- You can hire a bitcoin payment gateway integration firm or company to do the payment setup for your eCommerce store. Otherwise, there are a lot of free bitcoin payment gateway WordPress plugins that are easy to set up, and you can set up without technical knowledge.
Demerits of using the bitcoin for eCommerce stores
You know there are many merits of using crypto or bitcoin for eCommerce, but you have to consider some demerits before taking the decision given below:-
- Suppose you receive one bitcoin worth up to 45,000 dollars for selling a product or service on your eCommerce store, but you thought I would withdraw it tomorrow. And the next day, one bitcoin worth 45,000 dollars became 40,000, which means you lost 5,000 dollars in bitcoin price fluctuations.
- Many people say that you do not need to pay tax to the government because it is decentralized. Still, the exchanges or platforms you use to convert this digital coin into fiat are central systems, which means the government is tracking. So you have to pay or show the report of your profit and loss.
- It is a complicated process to convince the new clients to create a bitcoin wallet, and you have to first take payments in bitcoin and then convert them into your bank balance.
- It takes more than ten minutes in small digital coin payments, which is inconvenient for the bitcoin users and vendors. Sometimes, vendors have to wait for days to receive bitcoin, which delays delivery.
- Most people are not aware of this crypto technology, and they do not like to pay via this complicated method because they think it is complex.