In this digital world, businesses are moving from physical existence to digital presence, which is essential for the existing business and a new business. In this cutthroat competition, there is difficult to survive in the market.
When we are talking about an online business, it means an e-commerce store. If there is an eCommerce store, it means you also need a payment method integration. Mostly two types of payment methods that are used in every eCommerce store are the Online Payment method and the Offline payment method.
Online payment method is the most convenient method of every eCommerce store because there are no chances of product return, as the customers have made the payment and cannot get it back. You can earn money only by trading on bitcoin also. There is an exchange where you can make a profit by investing in the Bitcoin News Trader.
The offline payment method is best for local markets if you want to sell products in your local market. You can go with the offline payment method, but it is not smooth and convenient for global shipping, and you cannot expand your business globally.
This article will discuss how you can use the bitcoin payment method if you are running your online business or online eCommerce store.
Benefits of Using Bitcoin payment method for an eCommerce store
There are many benefits of the bitcoin payment method for online eCommerce stores given below:-
- You can accept payment worldwide because bitcoin is a globally accepted currency. Everyone can use it as a payment method, whether in a domestic country or outside of the country.
- Bitcoin will not charge additional fees, unlike other payment methods. PayPal and other payment gateways charge 2-3% commission and more in some cases, which is high compared to the bitcoin payment gateway.
- Bitcoin is decentralized that means no third party is involved or no third party working as a middle man in bitcoin. So you can take advantage of tax-free transactions. No third party means no involvement of the government too. For example, when you purchase goods or services from the buyer selling online goods after clicking on the buy now button, you will be redirected to the checkout page by their default payment method. It automatically includes the tax. It shows the final price of the product by increasing the amount of the tax, which may be 5%, 12%, 18%, or 28% and may vary in different countries. So you have to pay a high amount of tax in the case of other payment methods, but in the case of the bitcoin payment method, you do not need to pay tax which means your transactions are tax-free.
- By integrating the bitcoin payment gateway in your eCommerce or online store, you can expand your business. Many businesses do not know how they can grow their business? When we talk about business expansion, the biggest problem that is faced by many small businesses is accepting payment in other currencies. It is true, Business expansion means globally selling goods and services and receiving payment, but it is not easy. Other payment methods charge a high amount for converting the other currency into your local currency, and small businesses cannot bear the increased charge. So here, bitcoin is the solution for easy expansion of your business without any restriction.
- There is no infrastructure cost required. You do not need any extra infrastructure for making bitcoin your primary payment method. If you have a domain name of your store and a website where you will sell your online goods and services, nothing more than is required, and it will not cost you too much.
- You need few lines of code that will easily make your eCommerce store accept payments, which is the biggest advantage of bitcoin payment methods. Many companies offer the integrating service a few dollars, and every business, whether it is small or medium or large, can afford it.
From the above information, we have learned the benefits of using bitcoin as a payment method for eCommerce stores or online stores. There is a need for a few lines of codes, and many companies offer the service for integrating bitcoin as a payment method into your eCommerce store. There are many benefits of bitcoin, but the major advantage of using bitcoin as a payment gateway is expanding your business worldwide and accepting payment globally.