Shopify lists these benefits of Bitcoin:
- Customers from around the world can check out with digital currency.
- The currency works just like cash.
- Transactions cannot be reversed by the buyer (unlike credit cards or PayPal).
- You can choose to receive your payments in Bitcoins (paid into your Bitcoin wallet) or paid in your local currency directly into your bank account every business day.
- Transactions are secure and meet the highest standards for ecommerce security.
The functionality of Shopify’s Bitcoin integration comes from their partnering with BitPay. Though eventually merchants may be able to cut out the middlemen altogether it is good to see more traditional payment processors stepping up to work with Bitcoin.
The community response from Bitcoiners on Reddit has been overwhelmingly supportive. One redditor even reports four separate BTC purchaes from his merchants website through Shopify since adding the functionality. The best part is that these are all small businesses from around the world that can now shake free of the shackles of Visa, Mastercard, and Paypal. Though said businesses may need to keep ties with those archaic payment processors for a bit longer as the world undergoes its paradigm shift, we Bitcoiners as users can adopt change now.
Every small business in the world, whether or not they are using Shopify, can benefit from accepting Bitcoin. While Bitcoin use at Shopify opens up Bitcoin to a lot of already integrated businesses, it is just an option and won’t have as much impact as some Bitcoiners are making it out to have. I encourage all users of Shopify to use the included Bitcoin functionality. For those small business owners that do not use Shopify, for whatever reason, that is no reason to avoid Bitcoin!
Bitcoin acceptance can be done through Coinbase for no fees for your first $1,000,000 in transactions, accepting Bitcoin costs nothing to set up through Shopify if you already have Shopify; furthermore, if you don’t then it is entirely free to set up through Coinbase. Should your volume pick up or go international, then you should look into BitPay.
The future is bright.
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