Your customers need to know the payment process, refund process, the types of cryptos you accept, their safety, and the cost of paying with crypto, among other issues. Therefore, as an e-commerce store owner, you must ensure adequate information to support your customers paying in crypto.
The following are the frequently asked questions by customers who want to pay with crypto and how you should respond.
How does a cryptocurrency payment gateway work?
A crypto payment gateway and a fiat currency payment gateway are the same. However, since the crypto is a digital currency, the customer should have a crypto wallet. A crypto wallet is like a digital bank account that facilitates crypto exchange.
Explain to your customers which wallets they can pay from when they want to buy on your e-commerce store. In most cases, the payment gateways allow payment from the majority of the legitimate wallets. Therefore, make customers understand that it is convenient for them to pay.
Is paying with crypto safe?
Yes, paying with crypto is safe. Cryptocurrency payment gateways such as NOWPayment for WooCommerce have security features that verify both the buyer and the seller before completing a transaction. Therefore, let your customers know that you have security protocols on your WooCommerce that will not expose their data or information to malicious people.
In addition, the good thing about crypto is that it does not leave traces, no names, addresses, or other identifiers that scammers can manipulate. Research shows that traditional payment systems like credit card processing are more vulnerable to security threats than crypto payment. For instance, research by Merchant Consulting projects that credit card fraud will reach $43 billion in 2026. It means that more people will lose their money through credit card fraud. Therefore, crypto payments offer the perfect solution for people paying online.
Can I get a refund?
Customers would want to know whether you offer a refund. For example, they can purchase a product or service and, within a short time, realize that it is not working as expected. It is in their right to ask for a refund. It is also one of the features people look for when they pay online: the ability to recover their money if they do not get value from the acquired product or service. As a vendor, specify your refund policy because traditionally, once a cryptocurrency transaction is done, it cannot be reversed. It is up to the payment processor to handle the refund. Coinbase Commerce for WooCommerce, as a crypto payment gateway, does this so appropriately.
On your products and checkout pages, specify your terms for refunds. For example, indicate the number of days a refund is possible and set it with your payment gateway. Let customers know to avoid instances of misunderstandings.
Which cryptocurrencies do you accept?
Make it clear to your customers about the types of cryptocurrencies that you accept. In most instances, people know that Bitcoin is the main cryptocurrency. Research conducted by Forbes shows that 65% perceive Bitcoin as the only cryptocurrency. However, other cryptocurrencies are valuable. If you use NOWPayments for WooCommerce, you can accept payments from over 200+ cryptocurrencies. It gives you flexibility to reach more customers with a diversified portfolio.
How stable is cryptocurrency?
Your customers want to have value for their money. Therefore, they want to ensure that they are cushioned against crypto volatility. The volatility is one of the downturns of using crypto as an investment and a means of exchange. For example, the value of Bitcoin has grown exponentially by 2,054% over ten years. On January 1, 2014, the price of Bitcoin was $768. However, on the same date in 2023, the price was $15,773, and it continues to grow. As of August 2023, Bitcoin sells at $26,071. However, sometimes, the price fluctuates, and the customer might pay a little more or a little less. Therefore, always make sure you factor in the price volatility of cryptocurrencies.
How much does it cost to pay with cryptocurrency?
Paying with cryptocurrency is free for the customers. The payment gateway charges a transaction fee from you, the store owner. Therefore, your customers pay nothing extra. In addition, cryptocurrency gateways have the cheapest transaction costs. NOWPayments for WooCommerce charges just 0.5% per transaction; this is unlike the traditional payment gateways. For example, PayPal charges a minimum of 4% per transaction. Thus, it makes it cheaper for everyone involved.
Are there any restrictions on crypto payments?
Cryptocurrency is regulated in certain jurisdictions. For example, the US Chamber of Commerce indicates that you must declare capital gains tax to the IRS if you accept crypto on your website. The United States government considers cryptocurrency an asset rather than a legal tender. However, in most jurisdictions, cryptocurrencies are unregulated, meaning you do not incur extra charges or taxes. It becomes easier for both parties.
However, there are some jurisdictions, such as Egypt and Ecuador, where the use of cryptocurrency is banned. It, therefore, means that you cannot accept cryptocurrency from those jurisdictions. This is why using other payment models on your website is important.
Summary
Before you start accepting cryptocurrency as a form of payment on your website, know some customer questions and ensure you address them. For example, ensure you are informed of the possible scenarios affecting the customers. Thus, you can have a smooth operation.
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