Magento has gained its popularity as the most plausible e-commerce platform since its inception. It incorporates variant payment options facilitating the shoppers a secure pay. In case, the customers are not given the preference of their payment method, there is every chance for the businessmen to lose profit, and even the customer convert. Consumers today seek novel ways and seek for payment through digital currency which is fast, borderless, and free of cost when compared to visa and MasterCard. Traditional card networks require respective networks, gateways, etc., and each demands transaction fees, which is waived off with bitcoin.
It is necessary for the stores to embrace the evolving technology in order to reap benefits. Bitcoin integration services with Magento makes one achieve one percent or less transaction fee with zero risk of fraudulence. Bitcoin is a digital currency that could be used worldwide in seconds through a computer, smartphone or the memory stick. Adding ChainPay facilitates the customers to pay in bitcoin, and further it converts the bitcoins into local currency and accumulates directly into the admin’s bank account.
Bitcoin could be compared to the banknotes of any person’s wallet and it is a decentralized digital currency. It is transacted over the Internet through cryptographic principles and a lot of mathematics. It uses the industry standard encryption and verifies with the mechanism used to secure SSL and SSH.
A few of the benefits of bitcoin payment gateway integration are mentioned below.
Currency supports in Magento
Updates conversion rate
Configure the confirmation note
Bitcoin parameters are configurable
Http/Https access to bitcoin
Generate new address from anywhere
Henceforth, Bitcoin payment gateway with Magento is currently used by thousands of businessmen. Its flat rate plans demonstrate the savings potential that ranges from 30 to 3000 dollars/month. It provides direct checkout integration and seamless payment for customers. Further, if the businessmen feel that the expected number of people is small, one may post a sign or a note stating ‘we accept bitcoin’, creating an awareness about bitcoin and its benefits.
Though it has advantages, there occurs fluctuation in the coin’s worth due to which it could not be used as mainstream (like PayPal or the CC). Thus, it alone could not be made as the sole payment option. One may make it as a stand-alone service if he turns out to be a huge supporter and it is better to use as additional service.