In case one would like to expand their payment options, being able to accept Bitcoin on Shopify will make the process easier in terms of connecting with those customers who simply love digital monies. This guide will help you make your Shopify store start accepting Bitcoins, therefore making everything quite easy and manageable to execute.
1. Create a Shopify Store
Before you can start to accept Bitcoin payments, you therefore first need a Shopify store. If you haven’t made one yet, go to the Shopify website and get signed up. After setting up the store and loading your products, you are good to proceed with integrating Bitcoin payments.
2. Choosing a Payment Processor
To enable Bitcoin as a payment method within Shopify, you can use a payment processor that supports cryptocurrencies, such as Cryptomus, Coinbase Commerce, or CoinPayments. These platforms will then subsequently convert the Bitcoin into your preferred currency, reducing the risk of its volatility.
- Cryptomus: This is used a lot for Bitcoin transactions, and it works quite well with Shopify. It will allow you to accept Bitcoin payments and convert them into your local currency automatically.
- Coinbase Commerce: It is another of the reliable options that can help make it possible to accept several cryptocurrencies, including Bitcoin. It connects directly to your own Coinbase account, which does keep the funds management simple.
- CoinPayments: It is simply a cryptocurrency merchant dealing with many different cryptocurrencies. CoinPayments is easy to use and supports varying plugins that make integration with Shopify easy.
3. Add the Payment Processor to Shopify
When you’ve selected your payment provider, you’ll want to integrate it with your Shopify store. Here’s how you do it:
- Login to Shopify: Log in to your Shopify Admin page.
- Go to “Settings” and click on “Payments.”
- Choose Alternative Payments: Scroll down to “Alternative Payments” section.
- Select Your Payment Processor: This allows the user to choose their desired payment processor from the given list.
- Connect Your Account: Follow the steps to connect your payment processor account with Shopify.
- Configure Payment Settings: Under this section, one will be able to change settings related to preferred payment methods, currency conversion, and notification preferences.
4. Payment Process Testing
Before proceeding to this stage’s live version, it shall be very important to test the process of payment to ensure everything comes out nicely. Shopify is going to allow you to run some test transactions using the sandbox mode that most of the payment processors have. This way, you will confirm that indeed, customers can complete transactions without any problem.
5. Promote the Payment Option of Bitcoin
Now that you’ve hooked up your Bitcoin payments, it’s important to announce the new payment option to your customers. Advertise it on your website, through email campaigns, and in your social media updates. Making your customers aware helps them use it.
6. Monitor Funds and Transactions
But once you have started to accept Bitcoin on your Shopify store, you will need some way to monitor those transactions and manage your funds. Most payment processors enable detailed reporting and analytics on payments and conversions for easy tracking.
On top of this, you should also decide whether you want to pick up the risk and retain the Bitcoin received as opposed to selling it into fiat. Some merchants want to retain the idea of the Bitcoin as an investment, while some like the fact that the conversion of Bitcoin into fiat happens automatically, reducing merchant exposure to price changes.
Conclusion
By setting up Bitcoin payments on Shopify, you are opening up to a new section of customers. Just follow these steps and you can easily integrate Bitcoin as payment: a step that will allow both you and your customers a pretty satisfactory shopping experience. Start accepting Bitcoin today and offer your customers choice in payment flexibility.
