In the past several years e-commerce has taken a shift and started to change. One of the big changes that we have seen is the newer payment methods that sites are supporting. Years ago Overstock.com started the trend by accepting Bitcoin for transactions on their site. Since then it has spiraled into some of the largest retailers such as Expedia, Newegg, Microsoft, CheapAir, and hundreds more. No longer are coin based payments in the shadows, they have been embraced by some of the largest companies in the world. Have you started accepting coin based payments yet?
Start Accepting Coin Payments
This is where CoinGate comes in. Using CoinGate you can start accepting payments from over 50 different crypto currencies. You can start accepting the most popular coins such as Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Monero, Litecoin, and many more. This widens the market of your potential customers, while having virtually no downside to you, the merchant. There is no monthly fee associated with having Coingate on your site, the module is free. Also, the processing fee is lower than any other major card processing company at just 1% per transaction. These are some of the main reasons you should consider accepting crypto currency coin payments.
Lower Fraud Rates
Consider this, with a typical payment on your website through a major card processor, there is always the fraud risk. Customers can charge back payments made to your site, lie, claim they did not receive the goods, and you are out the cost of the goods. Charge back fraud is one of the quickest growing fraud types in the world, coupled with identity theft based frauds your shop can be heavily exposed. This is especially true if your shop sells high risk goods.
With crypto currencies there are no charge backs. Once the money has been sent to you, it is yours. It is up to YOUR discretion as to ever refund a customer. There is no one for a customer to complain to, to get a transaction reversed, it is simply impossible with crypto currencies. This makes crypto currencies very attractive for merchants, where some even offer special discounts for using them for purchases.
But Who Uses Crypto Currencies
The statistics of who uses crypto currency might be surprising, at the same time they might also be your target demographic. From a study of users on Reddit, the average user of crypto currency is a male, between the age 21-35, with a college degree. With the vast majority of them making their first crypto currency purchase in 2017 or later. This means that the market is steadily growing and could be your target demographic. What better way to test the waters with little to know investment costs?
Setting up the Coingate Module
Setting up the Coingate module is simple and easy. All you have to do is download the module from the thirty bees Marketplace, then install it in the back of your shop. Once you install the module you will need to enter your API information in the module and you are ready to start taking crypto currency payments. That is quick and painless, while at the same time you open yourself to new markets, with more secure payments and less fraud. This is a win-win situation.
