5 Bitcoin Integration Benefits for eCommerce Growth

Combining crypto development with your e-commerce is a game-changer that can keep your business ahead of the curve. Bitcoin, for example, has become a popular investment option and means of conducting transactions that allow you to cater to your customers more efficiently.

1. Expands Global Access to Your Business

Using Bitcoin for your purchases can open up your e-commerce business because of its accessibility to anyone with an internet connection. With Bitcoin as your payment method, you grant your business access to international markets. There’s also an opportunity to engage the expanding group of technology-proficient customers who favor Bitcoin for their internet purchases. 

With cryptocurrency’s financial inclusivity, your customers can easily buy Bitcoin on Kraken and use it to make purchases on your e-commerce business whether they are unbanked or underbanked.

2. Reduces Operational Costs

Credit card payment methods and payment apps like Stripe or Square subject your business to fees as high as 3% to 5% on each transaction requiring you to build these fees into the store prices for your e-commerce site. This means selling your commodities at a slightly higher price to cater for the processing fees. 

Integrating Bitcoin for your customer’s purchase transactions offers the benefit of peak transaction fees as low as just $40 per crypto transaction because the payment is processed directly between the buyer and seller with no need for an intermediary like credit card companies or banks. This low-fee advantage can help your organization save a lot of money while offering competitive prices for your commodities compared to e-commerce businesses that don’t accept Bitcoin.

3. Enhances Transaction Security

Using Bitcoin for your e-commerce can ensure a secure environment for your transactions and lower the risk of fraud and data breaches because of its decentralized and encrypted blockchain technology. With Bitcoin, your e-commerce can experience:

• Little to no chance of funds being withdrawn from your Crypto wallet without your explicit permission.
• Trust with customers who are concerned about the security of their personal and financial information when making online purchases

Without a middleman such as a bank, Bitcoin transactions can reduce the chance of your payments being rescinded, refunded, forged or fraudulently charged back from your e-commerce. It can save you time dealing with disputes and eliminate the risk where a customer disputes a transaction and the funds are forcibly taken back from you leaving you with chargeback fees.

4. Strengthens Brand Positioning and Customer Experience

With Bitcoin, you can offer incentives like Bitcoin-based discounts or rewards, to boost customer experience and add a new dimension to customer loyalty programs. Adopting Bitcoin can also position your e-commerce business as a leader in technological adoption boosting your brand image while also appealing to a market that values innovation.

5. Offers Fast and Efficient Transactions

Using Bitcoin can allow your transactions to be processed instantly without the need for approval from third parties like banks, or credit card companies. This means that you can receive payment for your products or services almost immediately without the need for manual verification thus improving your e-commerce’s cash flow while reducing delays.

Endnote

Integrating Bitcoin into your e-commerce platform allows your business to embrace the future of digital transactions. While it may come with its set of challenges such as the need to navigate Bitcoin’s volatility and regulatory considerations, it can offer your e-commerce significant benefits that overshadow the cons. As the digital currency landscape continues to evolve, adopting and adapting to these changes like integrating Bitcoin is sure to have your e-commerce business experience substantial growth and success in the digital marketplace.