If you're running a business, you already know that accepting credit card payments can be pretty expensive. You usually have to cover the fees, which can add up to several percent of your total sales. Cryptocurrency offers a much cheaper alternative. And if you've been thinking about accepting crypto payments on your site, here are some things you need to know:

Should You Accept Crypto on Your Site?

Cryptocurrency is a digital currency that is not backed by any bank or government. Instead, it is backed by cryptography, which ensures that transactions are secure and anonymous. Cryptocurrencies are used for peer-to-peer transactions between people without an intermediary (like a bank). They have been around since 2009, but they've only recently become more mainstream. In fact, there are now over 2,000 cryptocurrencies available.

For You: Cryptocurrency Survey Template

Why Should You Accept Cryptocurrency?

Cryptocurrencies offer several benefits when compared with traditional payment methods like credit cards:

  1. Security: Cryptocurrencies are completely secure because they use cryptography to ensure that transactions are secure. This also means that you don't need to worry about identity theft or data leaks because all transfers are anonymous and secure.
  2. It's anonymous, so you don't have to worry about your customers' personal information being compromised.
  3. Customers tend to pay more for products if they're able to use crypto since they value the anonymity and security of this form of payment. 
  4. If you already have a website with an e-commerce platform in place, it's easy to integrate Bitcoin payments into the existing system.
  5. Cryptocurrencies are becoming increasingly popular and have been gaining traction since their inception in 2008 when Bitcoin was invented by Satoshi Nakamoto (which means "central leader").
  6. Cryptocurrencies are global currencies that aren't governed by any government or central authority. So they can be transferred from one person directly over the internet without having to go through an intermediary like PayPal or Venmo. With this, you can sell products online internationally without having to worry about exchange rates between different currencies.
Try For Free: Payment Information Form Template

Countries Where Crypto Trading is Not Allowed

  1. The United States of America is a country that has banned the use of crypto trading on its territory and is also planning to ban the use of crypto as a payment method.
  2. Japan also banned crypto trading, but there are no plans to prohibit the use of crypto as a payment method.
  3. China has banned both crypto trading and its use as a payment method.
  4. Thailand also banned transacting with cryptocurrencies.
  5. Vietnam- Buying and making payments with Bitcoin is illegal in Vietnam.
  6. Nepal where cryptocurrencies aren't recognized as legal tender.
  7. India where Bitcoin isn't recognized as legal tender.
  8. Bangladesh where cryptocurrencies aren't recognized as legal tender.
  9. Nigeria where Bitcoin isn't recognized as legal means of payment.
Use This: Flutterwave Business Payment Form Template

The Benefits of Accepting Bitcoin on Your Site

  1. It's cheaper than other payment options because there's no third party involved (like PayPal or Stripe). There are no fees for receiving or sending money, just a small fee for processing transactions.
  2. Transactions are irreversible, so there's no risk of chargebacks or fraudulent purchases. The only way someone can take their money back is if they have access to the private key that corresponds with that transaction ID.
  3. It's easy for customers who want to pay using cryptocurrencies because they don't have to enter any sensitive information into websites; instead, they just need to copy/paste an address into their wallet app.
  4. Faster transactions: Because Bitcoin isn't connected to the banking system, it's much faster than other payment methods.
Try For Free: Stripe Payment Order Form 

The Drawbacks of Accepting Bitcoin on Your Site

  1. The fees associated with processing payments through Bitcoin are higher than those associated with credit cards.
  2. You'll need to hold some amount of bitcoin as collateral for each purchase made using the currency.
  3. Bitcoin is not always anonymous. Although Bitcoin transactions are not linked to names or addresses like traditional credit card transactions, they can be traced. If you’re selling something legal, this may not be an issue. But if you’re selling something illegal, or even legal products or services in a country where Bitcoin is banned (like China or Russia), this could be a big problem.
  4. Crypto can be volatile. Since there is no central bank controlling the value of Bitcoin and other cryptocurrencies, its value fluctuates wildly. This makes it an unreliable way to receive payment for goods and services because you don’t know how much money will be coming in at any given time.
Try For Free: Paypal Business Payment Form Template

What You Need to Accept Bitcoin and Cryptocurrency on Your Website.

1. Wallet: First, you will need a wallet for storing digital currency. There are several types of wallets available, including online wallets like Coinbase or software wallets for desktop devices.

Once you have created an account, make sure you have the public address that corresponds with your wallet so customers can send cryptocurrency payments to it.

2. Informing Customers: You may also want to inform customers that they can pay with cryptocurrency before they reach checkout. This will help them feel more confident in their purchase and give them an incentive to shop with this option instead of traditional methods like credit cards or PayPal (which often charge higher fees).

3. Platforms and Integrations: There are many platforms available where you can accept bitcoin or other cryptocurrencies on your website. Some examples include Shopify, WooCommerce, Magento2 eCommerce platform; BitPay; CoinGate; Coinbase Commerce

Explore: Credit Card Payment Form Template

What to Look for in a Crypto Payment Processor

  • Security: you don't want to get hacked! Make sure that the processor you choose has security measures in place to protect both your customers' information and your own.
  • You should also consider transaction fees. Cryptocurrency transactions tend to be a bit more expensive than traditional credit card transactions, so make sure that the fee is worth it for you. You might also want to look into whether or not there are any other fees associated with using their service (for example: if they charge based on volume).
  • Customer support. It's important that you can reach someone if something goes wrong with a transaction or if you have questions about how things work. Check out reviews of the company before deciding which one will work best for your business. And remember that it may take some time for them to respond, so try not to get too frustrated if they take longer than usual. 
  • Payout frequency. Payouts happen when money comes into your account after being processed by a merchant processor or gateway provider.

Ways to Accept Bitcoin and Cryptocurrency on Your Website

  1. Bitpay is a popular payment processor that allows you to accept Bitcoin and other cryptocurrencies as a form of payment. The method is simple and easy to use, but the fees can be high.
  2. Coinbase Commerce is another popular option for accepting cryptocurrency payments. Coinbase Commerce is free for merchants, with no transaction fees or monthly costs. You can accept cryptocurrency payments instantly, which means no waiting for funds to be transferred from your bank account into your wallet.
  3. Paypal also allows merchants to accept Bitcoin and other cryptocurrencies as a form of payment. The fees are high, but there are no monthly costs associated with Paypal's service.
  4. You can accept Bitcoin and other cryptocurrencies manually by signing up for a merchant account on a payment processor like BitPay. If you already have a business, this might be the easiest way to get started accepting cryptocurrency.
Use This: Invoice Form Template

How to Embed Payment Forms on Your Website

1. Using a Payment Gateway Plugin: This is the most secure way of collecting crypto payments. You can find many plugins that allow you to integrate Bitcoin, Ethereum, and Litecoin payments on your website. It’s also the easiest way to get started as it takes only a few minutes to install and configure the plugin.

2. Using a Payment Gateway Service: This method is similar to the first one, but instead of installing an app, you will be given an API key for each crypto payment method that you need to integrate with your site.

This means that you don’t have to worry about managing any software or plugins yourself, but there is also more room for error because if anything goes wrong with the service itself or with your account credentials, then all the orders would be lost forever. So it might not be suitable for beginners who are just starting out with their first cryptocurrency project, but it could be worth considering if you’re planning on expanding into other currencies later on down the line

How to Collect Crypto Payments With Formplus

There are many options for collecting crypto payments on your website, you can set up online tools. Unfortunately, Formplus doesn't directly allow you to accept crypto payments. However, with the web app, you can accept payments from Paypal, Stripe, Flutterwave, and Paystack. For more payment options simply integrate your account with Zapier.

Formplus allows you to create beautiful forms that look great on any device and can be embedded anywhere on your site. You'll need an account with Formplus in order to use the software but it's free and easy to set up

  • Go to Formplus and click on “Sign Up.”"signup-formplus-payments"
  • Enter your name, email address, and password in the fields provided, then click “Create account” to continue.
  • On your dashboard click on “Add New Form” at the top of the page.
  • Enter a title for your form and description if desired, then drag and drop any of the form fields to start creating your payment form"create-payment-form"
  • Set up your form on the settings page and share using any of the available options. This will also be where you choose whether or not you want your form embedded into an existing webpage)."embed-form-payments"

Conclusion

If you have an e-commerce site, getting your customers to trust you with their hard-earned crypto can be difficult. And if you're just starting out with crypto, it can be overwhelming to figure out how to even accept payments on your own website. Follow the tips above and you are just one step away from collecting crypto as payment on your website.



  • Formplus Blog
  • on 8 min read

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