Accepting Cryptocurrency Payments Over a Blockchain network for E-Commerce Merchants
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The e-commerce industry is predominant among internet businesses and it continues to expand with the gaining popularity of online websites.
The concept of selling goods and services online has become quite demanding with the advancement of technology over the years. With the emergence of blockchain network, a rapid shift has been seen in the financial infrastructure of the e-commerce industry.
Blockchain network offers a variety of facilities to the e-commerce industry which comprises of real-time transactions, elimination of middlemen, tamper-proof data storage, transparency by maintaining privacy and low transaction cost. Blockchain network can help the merchants with supply chain management, payment and logistics, permanent storage of records and protection of consumer data.
How to accept cryptocurrencies at your business?
In order to accept cryptocurrency payments at your business, an account and wallet have to be created. The business has to create an interface to receive payments via cryptocurrencies. New addresses are generated to acquire crypto-coins from clients.
There is another much easier way through which e-commerce merchants can use Blockchain Network to facilitate the financial transactions in their organizations. They can integrate cryptocurrency payment processor to deal with payments done in cryptocurrencies. One of the few popular providers of cryptocurrency payment processors is Billbitcoins.
Billbitcoins by California-based blockchain company HashCash Consultants offers the e-commerce merchants easy payment through cryptocurrency by creating “Pay Now” button integrated with top shopping carts such as Woocommerce, Magento and Shopify. Billbitcoins integrate with these shopping carts and e-commerce platform providers to integrate easy cryptocurrency check out buttons. Once the customer selects the option of paying via Bitcoin, Ethereum, HCX, other ERC 20 tokens, or any other cryptocurrencies, they will be taken to a hosted invoicing page where they can transfer cryptocurrencies to the merchant to make payment for the product or service they are purchasing.
The e-commerce merchants go through a sign-up process on the Billbitcoins website to receive the payments made by their customers.
The merchant can access his wallet in Billbitcoins and even choose to either get paid in fiat currency or in cryptos.
If the merchant chooses to get paid in fiat currency, BillBitcoins converts the crypto into fiat by automatically selling the cryptocurrency at an exchange which is offering the best rates.
At the back end, BillBitcoins is integrated with major exchanges such as Paybito, Kraken, Coinbase and Binance. The fiat currency is then transferred to the merchant’s bank account.
Reasons to accept cryptocurrencies as a mode of payment
Few of the most popular advantages of accepting crypto-payments in the e-commerce industry are as follows:
Transparency in the Payment Process
Transactions made via cryptocurrencies will facilitate traceability, faster processing speed, advanced security and radical visibility. Elimination of third party interference can be attained by implementing crypto payments. The Blockchain Network can be used for permanent safekeeping of the financial records.
Cost-effectiveness
One of the benefits of using Blockchain Network and accepting cryptocurrency payments is that it offers zero transaction fees to merchants. Blockchain technology is proved to be a much superior digital payment system as it completely eliminates third-party payment processors. Thus, merchants implementing Blockchain network does not require to give any money for security purpose so as to guarantee the success of any transaction.
Integration of Blockchain Network in the Management Structure
While cryptocurrencies offer a hassle-free mode of accepting payments, Blockchain network can be implemented in a much larger way in any organization. Merchants can integrate Blockchain technology in various parts of the management system. One such example is implementing the Blockchain technology in the management system of a warehouse so as to avoid the supply of fake products.
