Cryptocurrency accounts for more than $10 billion worth of transactions worldwide, with that number expected to reach the $16 billion mark by the close of the year. This mammoth growth can be attributed to the increased uptake of digital currencies by businesses that now accept crypto as a mode of payment.
This trend won't change anytime soon, and the only way to make your business future-proof is by integrating crypto as a payment option for your customers. Is your Wix store crypto-ready?
Exploring Cryptocurrency Basics
Cryptocurrency was born out of a desire to create a decentralized payment method that operated outside the confines of government-controlled fiat currency. Cryptocurrencies are built on the blockchain, a digital public ledger that logs and updates every transaction made by currency owners.
Units of crypto are created through a process known as “mining.” To do this, nodes (computer miners) on the blockchain network verify transactions on the digital ledger by using their resources to solve complex mathematical problems. Once they do, these transactions are recorded on the digital ledger, and the “miners” are rewarded with new coins.
These newly mined coins are then stored in crypto wallets or sent to other individuals or entities using crypto payment processors like Bankful, Triple-A, CoinGate, etc. As of September 2023, there were more than 23,000 unique cryptocurrencies.
Benefits of Incorporating Cryptocurrency in Your Wix Store
Here are some top reasons why jumping on the crypto bandwagon might be a good idea if you run an online store.
1. Access to a Broader Market
There are currently more than 420 million people across the world holding and using crypto. These individuals are constantly on the lookout for places to spend it.
If you decide to take the plunge and offer crypto as a mode of payment for your customers, you would be:
- Expanding your customer base;
- Opening up your store to a broader market;
- Tapping into a new consumer demographic by catering to individuals who prefer to make online purchases using virtual currency.
A wider market means more business opportunities.
2. Zero Risk of Fraudulent Chargebacks
One of the most prevalent issues plaguing eCommerce businesses today is fraudulent chargebacks. They not only lead to significant revenue losses for online stores but also force store owners to spend obscene amounts of time, energy, and resources resolving these disputes.
One of the biggest benefits cryptocurrency offers eCommerce businesses is that it is impossible to reverse a transaction.
That’s right.
Once a customer pays for your goods or services, there’s no option for them to reverse the transaction.
3. Lower Currency Conversion Fees
The high transaction fees associated with currency conversions are a massive headache for many online store owners. Depending on where your primary consumer base is located, currency conversion fees can significantly eat into your business’s bottom line.
The result? Lower margins. This can be problematic for your business’s longevity.
With crypto, currency conversion is a non-issue since, unlike mainstream fiat currency, it operates outside the bounds of exchange rates. You can circumvent the high rates by allowing customers to pay you in crypto, which is then settled in fiat in your bank account. You won’t ever have to hold crypto if you don't want to.
4. Lower Transaction Fees
If you want to minimize the overall costs of each transaction, accepting cryptocurrency as a payment method would be your best bet. Since crypto doesn't rely on banks and other mediums to facilitate transactions between online businesses and their customers, these businesses enjoy lower overall transaction fees compared to the costs associated with processing bank transfers and credit cards.
5. Faster Transactions
Banks and most payment processors typically take several hours to several days to process transactions, depending on the provider. Fortunately, this isn’t the case with cryptocurrency.
Once a customer pays for your product using crypto, the funds become available almost instantly. Faster transactions mean faster payments, which means better cash flow and financial management.
6. Reduced Safety Risks
Cryptocurrency is built on blockchain technology. It means every transaction is encrypted and verified by a vast network of nodes, making it impossible to modify or hack any transaction logged on the blockchain.
Wix Crypto provides customers and businesses with a reliable and secure payment method. It, in turn, enhances consumer trust in your business.
7. Competitive Advantage
The goal of any business owner is to gain a competitive edge over other sector players. Accepting payment in the form of Bitcoin and other digital currencies sets your business apart from the competition, allowing you to stand out in an otherwise crowded market and drive more customers your way.
See also: Should You Use Wix for Your eCommerce Store?
Potential Risks of Cryptocurrency Integration in Your Store
There’s no doubt that integrating Wix crypto can be hugely beneficial for your online store. However, there are some potential risks you need to be aware of when weighing whether to incorporate cryptocurrency into your eCommerce business.
1. Price Volatility
In 2022, the value of Bitcoin fluctuated between $16,000 and $40,000. That’s a huge difference if you think about it, making price volatility one of the major drawbacks of crypto. If the fiat value of cryptocurrency significantly dips after accepting payment for your products, it can leave your business reeling from significant losses.
To mitigate this risk, business owners must consider the price stability of various digital coins when deciding which ones to accept in their eCommerce store.
2. Negative Public Perception
The general public has had a negative perception of cryptocurrency for the longest time. Many people don't trust it, and most are waiting for the proverbial bubble to burst. Some of the reasons for this are crypto's limited regulation by government agencies, media skepticism, and the lack of understanding as far as the technical aspects of its operation go.
3. Fragmentation
There are more than 23,000 cryptocurrencies in the market, with new coins popping up every other day. The main issue posed by the rapid proliferation of these currencies is that merchants, payment processors, and banks are largely unsure of how to deal with them.
Which ones should online stores accept? How should payment processors and banks process these 23,000+ cryptocurrencies? What happens if a customer wants to pay using a particular coin not supported by the merchant's payment gateway?
These issues can be problematic for store owners compared to simply accepting fiat currency.
How to Accept Crypto Payments on Wix
To accept crypto payments from customers, you must integrate a cryptocurrency payment gateway in your Wix store. That way, customers can purchase your products using their preferred supported blockchain-backed digital payment method.
Wix currently offers three cryptocurrency payment providers. You can install them on your online store without disconnecting any other payment provider you might use. Here’s how to connect each of the three to your Wix store.
Bankful
To connect Bankful to your Wix store, follow the steps outlined below:
- Open your Wix store dashboard and go to “Accept Payments.”
- Select “See More Payment Options.”
- Navigate to Bankful from the options provided and click “Connect.”
- If you have an existing Bankful account, enter your username and password and click “Connect."
- If you don’t have an account, select “Create Bankful account,” followed by “Sign Up.” Once you’ve completed the registration form, click “Continue" and repeat steps 1-4 above.
Triple-A
To connect Triple-A to your Wix store, follow the steps outlined below:
- Open your Wix store dashboard and go to “Accept Payments.”
- Select “See More Payment Options.”
- Navigate to Triple-A from the options provided and click “Connect.”
- If you have an existing Triple-A account, enter your username and password and click “Connect."
- If you don’t have an account, sign up for one. Once you receive your login credentials, repeat steps 1-4 above.
CoinGate
To connect CoinGate to your Wix store, follow the steps outlined below:
- Open your Wix store dashboard and go to “Accept Payments.”
- Select “See More Payment Options.”
- Navigate to CoinGate from the options provided and click “Connect.”
- If you have an existing CoinGate account, enter your API App Token and click “Connect."
- If you don’t have an existing account, select “Create CoinGate account” and complete the registration form provided. Once you receive your API App Token credentials, repeat steps 1-4 above.
What Crypto Payment Gateways Are Best for Your Wix Store?
The best crypto payment gateways for Wix are:
- Bankful: Only supports Bitcoin (BTC).
- Triple-A: Supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Lightning (LBTC), and USDT Tether (USDT).
- CoinGate: Supports Bitcoin (BTC), Ethereum (ETH), and 70+ other cryptocurrencies.
See also: Wix vs. Shopify – Which Is Better for Your Online Store?
Final Thoughts
Cryptocurrency is here to stay. More than a third of US-based small to medium-sized enterprises already accept cryptocurrency as payment for products and services. The adoption rate is only expected to grow in the coming years.
To stay ahead of the game, you must ensure your business is future-proof. Accepting Wix crypto payments is one way to do it.
If your current eCommerce provider does not support cryptocurrency, it might be time to switch to Wix. Cart2Cart can help you do just that. Our automated shopping cart migration tool will move your online store from your existing eCommerce platform to Wix in a few simple clicks, with no downtime or risk of data loss.
Want to see it in action? Sign up to Cart2Cart today for a free demo.
FAQs
Does Wix accept crypto payments?
Wix allows merchants to accept Bitcoin (BTC), Ethereum (ETH), Bitcoin Lightning (LBTC), USDT Tether (USDT), and 70+ other cryptocurrencies from customers who prefer to pay for products and services this way.
What payments can Wix accept?
Wix allows merchants to accept payments made via major credit and debit card providers, including American Express, Master Card, VISA, UnionPay, Diners, JCB, and Discover. It supports all major payment gateways, including Google Pay, Apple Pay, PayPal, Giropay, iDEAL, and Klarna Online Bank Transfer. Wix also accepts cryptocurrency payments.
Why can't I accept payments on Wix?
You might be having trouble accepting payments on your online store for several reasons. Some common ones include the following:
- You’re not on a Premium plan;
- You’re not connected to a payment provider;
- You don’t have payment methods enabled in your account;
- The currency you’ve set in your online store doesn’t match that of your payment provider;
- Your payment provider doesn’t support recurring payments;
- You have not configured shipping, delivery, and pick-up on your website.
Does Wix support crypto payments?
Wix accepts crypto payments, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Lightning (LBTC), USDT Tether (USDT), and 70+ other cryptocurrencies.
How do I add crypto to Wix?
To accept crypto payments Wix on your eCommerce website, you must integrate a cryptocurrency payment gateway on your online store. The best crypto payment gateways for Wix are Bankful, Triple-A, and CoinGate.
November 25, 2024 
