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Nov 1, 2021

The Advantages of Offering Multiple Cryptocurrency Payment Options

Using multiple payment gateways allows you to offer support for the variety of payment methods, while enabling customers to pay in their preferred currency. It makes your business flexible and scalable. It is also highly beneficial for growing businesses expanding globally.

The Advantages of Having Multiple Cryptocurrency Payment Options on the Checkout Page

The absence of different payment alternatives on the checkout page is one of the causes of shopping cart abandonment.

Until a few years ago, the bulk of eCommerce firms had only Credit Cards and Debit Cards as payment methods. However, things have altered dramatically since the introduction of digital wallets. PayPal is a popular e-wallet that brands have adopted, and it is now being followed by Google Pay.

Now, firms are attempting to integrate as popular cryptocurrency payments as possible on their website in order to avoid a situation in which online buyers feel they have no choice but to leave the transaction at the last minute.

Today, if you do not offer multiple payment options to your customers and integrate a crypto payment processor into your checkout flow, you may lose out on significant conversions, and you simply do not want to see visitors abandon their carts when they reach the final step of the checkout process.

Why should you provide a variety of cryptocurrency payment options?

To be more specific, providing several payment choices provides the following advantages:

  1. Increased Conversion Rate

  2. Lesser Abandoned Carts

  3. Customer Contentment

  4. Credibility of the brand

  5. Checkout is Simple

How would you feel if you were about to pay for a product but couldn't find your preferred payment method? You're a little disappointed, aren't you? If you are set on purchasing that goods, the disappointment might be awful.

In contrast, you will be pleased if you locate the payment method that you were seeking for or the only source of payment that you can use to pay among the payment modes mentioned. This is standard customer behavior.

If you do not provide them with enough payment alternatives, not only will they abandon their carts, but you will also lose those potential clients to your competition. Adding more payment alternatives is one of the most effective methods to prevent cart abandonment and enhance conversions.

What you, as a business, must understand is that customers have preferences for the payment methods they like to use, those with which they are most comfortable. And everyone has a different set of preferences. As a result, it is up to you to suit your clients' preferences.

Furthermore, consumers find it tiresome to enter their credit card information every time they shop and are often cautious about exposing their credit card information online. If you insist on using limited payment alternatives, you are indirectly influencing those prospects' purchasing decisions.

Cryptocurrencies that You Should Offer to Your Customers

We've put together a list of the most popular and fastest cryptocurrencies below.

Stellar Lumens (XLM)

Stellar was founded in 2014 by Jed McCaleb, a former Ripple co-founder. The open-source protocol does not require any mining to secure the network, which means that relatively low-powered computers (as nodes) can be utilized to process transactions.

Bitcoin (BTC)

Bitcoin is the first cryptographic money, invented in 2008 by an unknown individual known as Satoshi Nakamoto. A single Bitcoin was worth $1 in 2011, but by October 2021, its value had skyrocketed to over $55,000.

Ethereum (ETH)

Ethereum is the second most popular currency after Bitcoin, and its popularity is growing all the time. The network's currency is called Ether (ETH), but most people still refer to it as Ethereum.

The coin was founded in 2013 by Vitalik Buterin, and the platform allows anyone to operate decentralized applications, NFTs, and even build other tokens all on top of the Ethereum blockchain. Because of these considerations, Ethereum is a very valuable asset.

Litecoin (LTC)

Litecoin is an early fork (or spin-off) of Bitcoin, with faster block creation times (2.5 minutes), a larger number of initial coins, and a new encryption technique. Many consider Litecoin to be "the silver to Bitcoin's gold," and it was one of the first "altcoins" to emerge.

Offering different payment alternatives can significantly increase conversion and boost customer satisfaction. The more options you present, the more at ease users will feel during the checkout process.

Try our Hosted Checkout Page for a quick and easy checkout that accepts several payment options:

COINQVEST is also available for WordPress, WooCommerce, Shopify and Magento.

Get Started Accepting Cryptocurrencies Today

If you would like to start getting paid, please sign up for a merchant account and have a look out our guides for non-developers and programmers.

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Martin Dominic Banguis Head of Marketing