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The Benefits and Reasons to Accept Cryptocurrency Payments with Coinbase Commerce

Accepting Cryptocurrency Payments is Easier Than You Think 

As an ecommerce store owner, you're probably always looking for ways to expand and diversify your business. After all, offering more payment options can increase sales, loyalty, and provide a seamless buying experience that customers have come to appreciate. Accepting payments in cryptocurrency is one way of getting there – but with its initially complex setup process, it can be a bit intimidating. Fortunately, Rally + Coinbase Commerce makes this process incredibly easy– so if you’re wondering why accepting crypto payments might be worthwhile for your business then keep reading; we’ll go into the benefits and what you should consider when setting up Rally + Coinbase Commerce!

Why Coinbase Commerce? 

Coinbase Commerce is an easy-to-use platform that allows merchants like yourself to accept multiple types of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. 

The platform also has built-in fraud protection capabilities that help keep your business safe from online threats. Plus, with Coinbase Commerce there are no limitations based on platform or payment processor. This is an add-on extension to your Rally checkout so you are only required to have a credit card processor (Stripe, Auth.net, Braintree, etc.) in addition to your Coinbase account.

On top of the customer support you get at Rally, Coinbase also has its own support services to help with any questions or issues. The combination of the Rally and Coinbase customer service teams will ensure that if you ever encounter any issues or questions while setting up your account or processing payments, they’ll be handled fast and effectively. This can be especially helpful if you're new to the world of cryptocurrencies and need some extra guidance along the way.

Benefits of Accepting Cryptocurrency Payments 

Lower Transaction Fees

One of the biggest advantages of accepting crypto payments on Coinbase Commerce is that transaction fees are much lower than credit card processing fees. Coinbase Commerce charges a flat 1% fee on all transactions compared to credit card processors who usually charge 2-3%, which can add up quickly. By accepting cryptocurrency, you’ll be able to save money on transaction fees while still providing customers with a convenient payment option. 

Increased Reach and Accessibility

Cryptocurrency has become an increasingly popular form of payment in recent years. According to a 2019 survey from Statista, over 6% of people worldwide have made a purchase using cryptocurrency and this number is continuing to grow. By offering crypto as an option on your ecommerce store, you’ll be able to reach and potentially attract new customers who prefer this payment method or don’t have access to traditional banking services. This also gives international customers the ability to purchase items from your store without having to worry about currency conversions or high international transaction fees. 

Faster Transactions

Another benefit of using Coinbase Commerce + Rally is that transactions are processed faster than with other payment methods. When customers make a purchase using a credit card or similar method, it may take days or even weeks before the funds arrive in your account. With crypto payments via Coinbase Commerce, transactions are usually almost instant, so you don’t have to wait around as long for your money to arrive. Of course, this can take longer based on the token used and how much activity is on the chain at that time, however, it is most likely that it’ll process a lot faster than your standard credit card transactions. This means you can get paid quickly and move on to other tasks sooner rather than later. 

Reduced Risk of Fraudulent Charges                                       

Cryptocurrency transactions are secured by blockchain technology, which helps reduce the risk of fraudulent charges when compared to traditional payment methods such as credit cards. With cryptocurrency payments, there’s no need for merchants to store sensitive customer information since all transactions are encrypted on the blockchain and stored offsite. This means that even if a hacker were able to gain access to your system, they wouldn’t be able to steal any customer data or make fraudulent charges.

Cryptocurrency payments offer numerous benefits for ecommerce store owners who want an easy and secure way to accept payments from customers all over the world without paying high fees or waiting long periods of time before getting paid out. Rally + Coinbase Commerce provides an easy-to-use platform that makes accepting crypto payments simpler than ever before while still providing increased security, lower fees than traditional payment methods, and faster transactions. Unsure of how to price your products for crypto? Start with a few key steps here. If you’re looking for a convenient way to accept crypto payments on your ecommerce store, then Rally + Coinbase Commerce should definitely be on your radar! 

January 24, 2023
Author:
Elizabeth Arnold
Director of Marketing
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Tags:

platforms, commerce, crypto, headless, checkout, one-click, web3, community-owned

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