BigCommerce has announced strategic partnerships with BitPay and CoinPayments, delivering cryptocurrency payment solutions to the eCommerce platform’s merchants. By expanding its cryptocurrency ecosystem, BigCommerce hopes to open up opportunities for its merchants to offer new payment options, broaden their market share, and accelerate international growth.
Why should you consider accepting cryptocurrency payments?
By partnering with two leading players in the cryptocurrency payment sector, BigCommerce allows merchants to choose which cryptocurrency payment solution will work best for their business. Both solutions offer single-click integration, allowing retailers to quickly and easily start accepting cryptocurrency payments.
Highlighting the value of being able to accept cryptocurrency payments, Marc Ostryniec, chief sales officer at BigCommerce, said: “Expanding our crypto ecosystem to include trusted best-of-breed partners is just one step towards driving innovation and growth for our merchants. A new era of consumers are passionate about transacting using crypto, and we’re helping them do it. Merchants embracing this new technology can remain relevant and maintain a cutting edge as the world of payments continues to shift to digital currency.”
The partnership with BitPay enables merchants to accept a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), Litecoin (LTC), XRP (XRP) and 5 USD-pegged stablecoins (BUSD, DAI, GUSD, USDC, and USDP).
Speaking about the partnership with BigCommerce, BitPay CEO Stephen Pair. said, “Accepting cryptocurrency can be intimidating and complex with, at times, a learning curve. We’ve teamed up with BigCommerce to help minimise the lift for merchants to add crypto as a payment option alongside their existing payment methods in just a few clicks. Our strategic partnership and integration with BigCommerce moves crypto into the mainstream and supports a different future for payments to transform how merchants receive money around the world.”
CoinPayments acts as a crypto payment gateway, allowing merchants to accept real-time global payments from over 100 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, with a low processing fee of 0.5%.
Highlighting the opportunity available to merchants to accept cryptocurrency payments, Kalin Kalinov, chief marketing officer at CoinPayments, said, “Amidst an increase in demand worldwide for alternative payment solutions, our partnership with BigCommerce provides merchants of all sizes with a trusted, streamlined, and scalable solution to accept cryptocurrency payments. With an ever-increasing number of crypto holders worldwide, we look forward to teaming with BigCommerce to give their merchants a unique opportunity to reach new audiences and expand their business.”
Key benefits of accepting cryptocurrencies
According to BigCommerce’s announcement, there are a number of benefits available to merchants by accepting cryptocurrency payments. These include:
- Reach Broader Markets: By offering cryptocurrency as a payment method, merchants can open their brands to an entirely new global market to develop trust and loyalty with forward-thinking consumers across a range of retail categories.
- Lower Transactions Fees: With crypto transactions, fees are often much lower than traditional financing, reducing transaction costs for merchants and putting the savings back into the business.
- Reduce Risk: Blockchain technology is built with security first, lessening issues related to fraudulent buyer activity. With merchants having full control of all funds held in their store wallets, they are protected from reverse chargebacks once those funds are received.
- More Payment Options: By expanding payment options to choose from, merchants are able to streamline the purchase path to enhance the shopper experience.
- Innovation: By accepting cryptocurrencies, merchants gain a competitive edge by moving with technological advances in eCommerce and changing consumer demands.