Cryptocurrency can be accepted in your eCommerce store in two ways: through your own wallet or a third-party payment processor.
You will need a virtual wallet when you accept cryptocurrency via your personal wallet. You can download most wallets onto your phone or computer or get a hardware wallet. Hardware wallets store the cryptocurrency on a special hard drive and allow you to store a user’s private key on the device.
Another option is to use a third-party payment processor, such as TRU Connect, which will manage the entire payment process. When you use a third-party payment processor instead of a personal wallet, you can instantly convert the cryptocurrency into fiat money, also known as government-issued currencies, saving you from price volatility. A cryptocurrency’s volatility refers to the changes in value that it is subject to, which can sometimes be rapid and severe. Having this precaution means that the amount you charge will be paid to you, regardless of any changes in the coin’s value during the transaction.
Accepting cryptocurrency in your online store is definitely worth it if you want to keep your business on the cutting edge of technology. Particularly since crypto processors can protect you from price fluctuations, your business won’t need to worry about losing money due to changes in coin values. With minimal risk, you can appeal to crypto-enthusiast customers, while boosting your brand’s visibility.
Your online store can accept cryptocurrency payments right away with TRU Connect, while also partnering with an industry-leading payment processor. Contact us to get started.