How to Get Your Shopify Store Set Up for Crypto

Why accept cryptocurrency payments in your Shopify store?

Cryptocurrencies are a form of digital currency that are transferred directly from one person to another over the internet, without passing through the conventional banking system.

Merchants who accept cryptocurrency payments can benefit in the following ways:

Faster transactions

Traditional payment methods can take 2-5 working days to process the payment. That means up to a whole working week for the funds to appear in your bank account, potentially creating cash flow difficulties for businesses.

With crypto, the transaction is instant, making it far more desirable for merchants in general.

Access to broader markets

Unlike the banking and traditional currency systems, cryptocurrencies are not bound by international borders or jurisdictions. Payment can easily be sent directly to anyone anywhere in the world, regardless of location.

International commerce—and access to a wider market—is, therefore, facilitated by cryptocurrencies.

Low processing fees

Transaction fees with crypto are limited to the “gas fee” charged by the particular blockchain to complete the transaction. There are no intermediary (“banking”) fees, generally saving you money on every transaction.

No chargebacks

Credit card payments are subject to chargebacks or reversed transactions initiated by the cardholder. This cannot happen with cryptocurrencies unless the merchant initiates the process, which limits the possibility of fraud.

How to accept crypto payments in your Shopify store?

Cryptocurrencies are not currently an option through Shopify Payments but you can accept crypto payments securely via a third-party that specializes in such transactions.

These are called cryptocurrency payment gateways and the three main ones available for integration with Shopify stores are:

• Coinbase Commerce: provided by the largest cryptocurrency exchange, Coinbase, which facilitates payments in multiple cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, as well as stablecoins. It offers one-percent transaction fees, custom checkout and bill/invoice generation for customers.
• BitPay: this gateway enables crypto payments in Ethereum, Bitcoin, XRP, BUSD, and other major currencies. It offers one-percent transaction fees and supports most of the popular crypto wallets such as Metamask, Trust Wallet, Exodus, etc. for secure payments.
• CoinPayments: this gateway provides payment opportunities in hundreds of cryptocurrencies with transaction fees of 0.5 percent. It provides merchant tools such as invoice builder, custom payment buttons, POS Interface, and donation buttons.

Each of these gateways provides a simple, reliable, secure and smooth transaction process for both customers and merchants. They offer payment from a broad range of cryptocurrencies with low transaction fees and conversion features.

To select the preferred gateway for your Shopify store, simply go to Settings → Payments → Alternative Payment Methods and select your preferred option.

Accept crypto payments through Coinbase Commerce

To start accepting multiple cryptocurrencies in your Shopify store through Coinbase Commerce, there is a three-step process…

1. Sign up for Coinbase Commerce

During the simple signup process, you will be asked to verify your email address, add two-factor authentication (2fa), and securely store a “seed phrase”. Just follow the prompts.

2. Create a Coinbase Commerce API key

Once you have signed in, the settings menu can be located on the left-hand navigation panel.

In the API Keys section, click on Create an API Key. This will generate a new API key to be used to connect your Shopify store to your Coinbase Commerce account:

Keep this code secret as it gives access to your account for programming changes to be made—something that only you and your team should have eyes for.

3. Add Coinbase Commerce to your Shopify store

To start accepting multiple cryptocurrencies using Coinbase Commerce, there are a few more simple steps to follow:

• In your Shopify store, go to Settings and select Payment providers

• Under Alternative payments select Coinbase Commerce

• Enter the email address that you used to create your Coinbase Commerce account
• Copy and paste the API Key you created in step two and then click Save

That’s it. Your customers should now be able to checkout and pay with Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, Dogecoin, or USD Coin.

Accept crypto payments through BitPay

To start accepting multiple cryptocurrencies in your Shopify store with BitPay., there is a three-step process as follows…

1. Sign up for a BitPay merchant account

First, follow the prompts to set up your BitPay business account.

2. Create an API token code in Bitpay

When you have signed up, log in to your BitPay account and create an API token.

In the Token Label field, indicate that the purpose of the token is for Shopify (in case you have multiple tokens) and this will generate a code that you should keep safe. Make sure the Require Authentication checkbox is not checked.

3. Add BitPay to your Shopify store

In the same way you did for Coinbase, you need to select, add and save BitPay as a payment gateway to your Shopify store.

You then copy and paste the API token (created in step two) in the designated field (as illustrated below) and click Save.

That’s it! Now you can accept payments in multiple cryptocurrencies in your Shopify store.

Accept crypto payments through CoinPayments

To start accepting multiple cryptocurrencies in your Shopify store with CoinPayments, there is a three-step process…

1. Sign up for a CoinPayments account

First, follow the prompts to set up your CoinPayments business account.

2. Log in and create an IPN secret key

Go to Account ➝ Account Settings ➝ Basic Settings and retrieve your merchant ID. Then create an IPN secret key by going to Account ➝ Account Settings ➝ Merchant Settings

Then click the Update Account button at the bottom of the page to save your newly created IPN Secret key.

3. Add CoinPayments to your Shopify store

In the same way you did for Coinbase and BitPay, you need to select, add, and save CoinPayments as a payment gateway to your Shopify store.

You can then start accepting cryptocurrency payments in multiple digital currencies.

Can you sell NFTs on Shopify?

Before we close, a quick word on NFTs as these are all the buzz at present and some merchants are asking whether these can be sold on Shopify.

NFTs are unique, cryptographic tokens or digital items that can be bought and sold using blockchain technology and that are non-fungible (they cannot be replaced).

Typically, they are considered a type of artwork You would have had to be living under a rock to not have heard of them.

Under its beta program, Shopify merchants in the U.S. can now trade NFTs due to a partnership between Shopify and GigLabs., a platform that specializes in offering tools to operate with NFTs.

NFT enthusiasts can purchase tokens using Shopify payments, Shop Pay, cryptocurrencies, and credit or debit cards.

If customers want to “mint” non-fungible tokens, this can be done using the Ethereum, Polygon, Near or Flow platforms.

Get your Shopify store ready for cryptocurrency payments

Only a fool would suggest that cryptocurrencies are not here to stay in one form or another.

Of course, there will be changes along the way but cryptocurrencies are already embedded so firmly in the financial system of many people and organizations around the world that ecommerce store owners cannot simply look the other way.

Getting your store ready for cryptocurrency purchases is a smart step that can help you scale your business in the future. Shopify makes it easy to get started through one of the three payment gateways described above.

Let us know how you get on…