Cryptocurrency Payments: What Ecommerce Businesses Should Know

There is a lot of buzz around cryptocurrency these days. The first decentralized cryptocurrency, Bitcoin, was launched more than 10 years ago, and today the list of currently available crypto coins is almost endless. Since new initial coin offerings (ICOs) having their own coins start almost daily, the number of available coins continues growing rapidly.

Image result for Cryptocurrency

Cryptocurrency is turning into a popular means of payment in different industries. When it comes to eCommerce, crypto payments slowly gain traction as most merchants remain uncertain whether to start accepting them at their stores.

Forward-thinking online retailers don’t jump on the bandwagon; they consider all the pros and cons first. To find out more about cryptocurrency payments and learn how to add this form of payment to an online store, read the article.

chargeback fraud is the most common one.

Why? Committing it is as simple as ABC. All that malicious individuals have to do is order a product using a credit or debit card. When the order arrives, they ask the card issuer a chargeback claiming that they never received it, a theft stolen the card, or invent a similar excuse. If the request is approved, the consumer is given a refund.

With crypto payments, an online business will never fall victim to such fraud. In a nutshell, these payments cannot be reversed as they are powered by blockchain. There’s no card issuer able to carry out a chargeback procedure for the customer, making chargeback fraud impossible., e-merchants are charged 2.9% + 30¢ per transaction, and they also have to pay $ 25 every month for using the gateway.

Though cryptocurrency is usually associated with high costs, this isn’t true about transaction fees. For expensive orders, a fee charged by the Bitcoin blockchain for a transaction will be lower than that of a conventional payment gateway as its amount primarily depends on how quickly you wish to complete the transaction.

Note that some cryptocurrency payment providers charge zero fees from e-retailers, while others charge a lot. Read terms on the site carefully before saying “yes” as there may be much more attractive options.

CopPay address this issue by automatically exchanging the received crypto coins to fiat money and sending the full order amount in, say, euros to the merchant’s account, eliminating volatility risks.

CopPay Payment Gateway for Magento.

These modules can be the perfect choice for your online store. For instance, the above-mentioned module allows accepting payments in most popular cryptocurrencies and receive payments either in crypto coins or fiat money.

Aitoc is a young team of passionate professionals delivering robust Magento extensions. Founded in 2001, Aitoc has produced over 100 modules for clients worldwide. The company continuously evolves, now offering a full range of custom eCommerce development services.

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