2020 has been an extraordinary year for online sales. If you’ve been in the ecommerce game for a while, you may have observed a huge spike in orders this year. Due to the pandemic, shoppers have expressed a preference for online shopping that is undeniable. As the rate of customers increases, so do the payment demands of any given ecommerce vendor. More and more frequently, stores are beginning to accept Bitcoin and other cryptocurrencies. This new currency age can be coined the bitcoin era.
There are several cases for accepting cryptocurrency at your ecommerce establishment, and there are a few reasons you might not want to. Let’s discuss!
The first and most obvious advantage of offering cryptocurrency payments is that more customers will be able to spend their money at your establishment. More currencies accepted means more potential sales. In addition to this perk, some customers feel more comfortable using these cryptocurrencies for their purchases (especially those of sensitive nature).
Now, for some downsides. In my experience with crypto, the biggest downfall is time. While some transactions are quite quick, there are others that take quite a while to complete. This isn’t too big of a deal for the most part but it can be difficult for those with small businesses to keep up with orders while waiting on payments to clear.
Another downside of this type of payment is that it isn’t trackable. While this is viewed as a benefit of digital currencies, it can also be troublesome for business owners if they ever need to track down the person who made a purchase.
Overall, though, embracing cryptocurrencies in your ecommerce business is a smart move right now. More than ever, different apps are supporting the exchange of bitcoin and it is only a matter of time before it is ubiqutous everywhere.