BigCommerce, one of the world’s leading ecommerce platforms, has announced strategic partnerships with BitPay and CoinPayments, two of the most popular cryptocurrency payment providers. This move will allow BigCommerce merchants to offer their customers the option to pay with cryptocurrency, broadening their customer base and accelerating their international growth. In this blog post, we’ll take a look at what these partnerships mean for BigCommerce merchants and their customers.
Merchants who accept crypto enjoy 2x the average order value and attract 40% more new customers.
https://www.bigcommerce.com/solutions/cryptocurrency-payments/
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units of the currency. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
What is BigCommerce?
BigCommerce is a leading ecommerce platform that enables merchants to start, grow, and scale their businesses online. BigCommerce powers some of the world’s most successful brands, including Ceasar’s Palace, Toyota, Kodak, and Martha Stewart.
What Are The Benefits of Accepting Cryptocurrency?
There are many benefits to accepting cryptocurrency as a form of payment. First, it opens up your business to a whole new group of potential customers who may be interested in paying with cryptocurrency but unable to do so because few businesses accept it. Second, it can help you broaden your market share by allowing you to tap into new markets where cryptocurrency is popular but traditional forms of payment are not. And finally, it can help you accelerate your international growth by making it easier for international customers to pay you in their local currency.
What Are The Risks of Accepting Cryptocurrency?
While there are many benefits to accepting cryptocurrency, there are also some risks involved. First of all, cryptocurrency is a volatile market and its value can fluctuate rapidly. This means that if you accept cryptocurrency as payment, you could end up receiving less value for your goods or services than you originally charged. Second, because cryptocurrency is decentralized and not subject to government regulation, there is a higher risk of fraud associated with it. Finally, because it is not yet widely accepted as a form of payment, there is also the risk that customers may not be able to actually use their cryptocurrency to pay you.
Final Thoughts
Overall, the decision whether or not to accept cryptocurrency as a form of payment is one that should be carefully considered by each merchant on an individual basis. While there are some risks involved, there are also significant potential rewards. Those who are willing to take on the risks may find themselves well-positioned to tap into new markets and accelerate their growth.
