- July 25, 2022
- Posted by: DxMinds
- Category: Technology
Bitcoin is one of the most widely used digital currencies. As the world increasingly moves toward digital transactions, it’s no surprise that businesses are looking for ways to integrate Bitcoin payment solutions into their e-Commerce platforms. While Bitcoin is still a relatively new technology, it has the potential to revolutionize the way we make and receive payments. Businesses selling online products can benefit from integrating bitcoin payment solutions into their e-Commerce app.
By integrating Bitcoin into your eCommerce platform, you can take advantage of the benefits of this new technology and make it easy for your customers to pay with Bitcoin.
Benefits of Bitcoin payments
Bitcoin payments offer several benefits over traditional payment methods. These include:
- Simplicity: Bitcoin payments are simple and easy to use. BTC transactions are similar to those made with credit or debit cards, except using wallet software; you only need to enter the payment amount and the vendor’s public key (their email address).
- Security: Bitcoin payments are secure and confidential. It is secured with the same degree of protection employed by banks, the military, and virtual private networks (VPNs) to encrypt their systems: the 256-bit SHA hash algorithms.
- Speed: Bitcoin payments are processed quickly and easily. Many variables, including block duration, size, transaction fees, and network traffic, can impact transaction speed.
- Convenience: A population without access to conventional banking systems, credit cards, or other payment methods might conceivably use Bitcoin since users can send and receive bitcoins using just a smartphone or computer.
How to Integrate Bitcoin Payments in Your Ecommerce App?
As you explore ways to integrate Bitcoin Payment Solutions into your eCommerce app, you’ll first need to understand the essential components of a bitcoin transaction. Bitcoin payments are a transfer of value from one user to another through a blockchain network. Bitcoin payments are usually processed and transferred through an e-commerce app. The e-commerce app must be integrated with the blockchain network to process bitcoin payments and then transfer that value to the e-commerce business in their local currency. To integrate Bitcoin Payment Solutions into your eCommerce app, you’ll need to build or integrate these components into your app. You’ll also need to choose a payment processor to facilitate these transactions between your app and the blockchain network.
Make your app compatible with bitcoin wallets.
When integrating Bitcoin Payment Solutions into your eCommerce app, you’ll need to ensure that your app is compatible with cryptocurrency wallets. These are the digital “accounts” where users store their bitcoin. During checkout, your eCommerce app will need to be able to communicate with the cryptocurrency wallet to transfer the bitcoin from the customer’s wallet and into your eCommerce business’s wallet. To ensure that your eCommerce app is compatible with cryptocurrency wallets, you’ll need to integrate a software development kit (SDK) that is compatible with wallets. If you’re building an app from scratch, you’ll want to make sure that you integrate an SDK that is wallet compatible from the very beginning of your development cycle.
- Utilize a third-party integration service
You may consider using a third-party integration service if you’re looking to integrate Bitcoin Payment Solutions into your eCommerce app. As you research, you may notice that many different technical aspects are involved. It may include server configuration, creating wallets, setting up accounts, integrating wallets with those accounts, and more. That’s a lot for your in-house development team to handle. To simplify, you can partner with a third-party integration service that will handle all the heavy lifting. These services will help you implement a bitcoin payment solution in weeks. These third-party solutions are also constantly evolving to keep up with the latest trends in the eCommerce industry.
- Create your backend integration
If you’re a more significant eCommerce business looking to integrate Bitcoin Payment Solutions into your eCommerce app, you may want to create your backend solutions. When you look at third-party solutions, you’ll notice that they mainly target smaller eCommerce businesses. These smaller businesses operate on leaner budgets and lack the resources to build their backend solutions. Large eCommerce businesses often have their development team in-house. They have the resources to build solutions up to their specifications. If you’re going to make your backend bitcoin payment solutions, we recommend partnering with a development team that will help you design and develops it.
- Add a fully-featured BTC payment processor.
If you’re looking to integrate Bitcoin Payment Solutions into your eCommerce app, you may consider incorporating a fully-featured BTC payment processor. Partnering with a fully-featured BTC payment processor may be the best solution for businesses that don’t have the internal resources or budget required to build out their backend solutions. Before partnering with a BTC payment processor, ensure they are fully PCI compliant. This will ensure that your customers’ data and payment information are secure. These payment processors will help you create and manage wallets, process transactions, and handle everything related to your bitcoin payments. Depending on the payment processor, you may get marketing and branding support to help you drive more customers to your site.
- Use a Bitcoin Escrow Service
If you’re worried about fraud or chargebacks, using a Bitcoin escrow service can be an excellent way to protect yourself. These services act as middlemen, holding onto the buyer’s Bitcoin until they confirm that they’ve received the goods or services they purchased.
As you’ve seen in this article, there are several ways to integrate Bitcoin Payment Solutions into your eCommerce app. When implementing bitcoin payments, choosing a solution that will work best for your business is essential. These five ways to will help businesses of all sizes and budgets.
Businesses that have yet to embrace the potential of Bitcoin have been left behind. Integrating Bitcoin payment solutions into your e-Commerce app is an opportunity to expand your customer base and give your users more purchasing options. The best part is that you do not have to understand how Bitcoin works. BitPay’s e-Commerce payment software does all the work for you. It handles all the technical details, including accepting the payments and transferring the funds to your bank account. By incorporating this, you can attract a larger audience of potential customers leading to increased sales and a boost in revenue.