Bitcoin Payment is the Future of Magento E-commerce

Bitcoin is the digital currency used to make real-life transactions over the Internet. It is a decentralized payment network without a mediator and is maintained by the peers. The encryption method simulates the online banking and the network is incredibly secure as that of a banking network.

And, Magento is the well-known popular e-commerce platform enveloping about 30% of the e-commerce stores. It is widely accepted by the merchants handling small, medium or the large sized businesses alike. Most of the industry verticals have gained high return on investment by adopting e-commerce store through Magento development services.

Well, now the point is to connect these two in an impeccable way. Nevertheless to say, Magento having the payment system integrated with Bitcoin services strengthens the security, popularity, and ease of usage for the online shoppers. The Bitcoin transactions are transparent and prevent fraud. Moreover, the processing fees for the payment are low and effective instantly. The transactions are irreversible and hence, there is no chargeback risk. It leads to higher margin for the merchants and as an unwritten rule; we find most of the Magento store development companies today offering the services for their clients.

The Bitcoin Pay could be integrated into Magento through a simple process, where one has to create a BitPay account, install the Magento extension, configure the system, test the installation, and implement the payment method. Once the system is installed, it is wise to promote the sales as you would be one among the early birds to proclaim as the next generation merchants to the online shoppers. Another benefit in availing the Magento bitcoin integration services is that the online directories list the Bitcoin accepting retailers which is simply best for the SEO.

Moving further, we shall see how the bitcoin is beneficial for the consumers. Some of the significant facts include:

• Several developing countries do not have PayPal, or any other third party payments owing to risk profile.
• Foreign exchange fee is avoided when products are bought from overseas.
• There is no or a meager chance of losing or theft of the money.
• It is digital and quite amazing.

Now, we shall look into some of the benefits for the merchants.

• It relaxes the merchants from additional stress caused due to charge backs
• It does not have any holdings, banking fees, delays or location limits.
• The merchants no longer carry the cost or the responsibilities in handling the sensitive card data

If we see from the Magento developer(s)’ point of view, they can create new products, services and the apps in an easy way as it is an open source ecosystem for programming. In a nutshell, Bitcoin transaction is helpful in all ways for the Magento e-commerce. Rightly, it forms the powerful platform the next generation technology leading to secure, fast, and reliable payment for the next generation shoppers.

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