Do you use Bitcoin as a payment option in your online store?

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Slovakia Slovakia
lacova
Kudos: 28
Joined: May 19, 2016
Do you use Bitcoin as a payment option in your online store?
19 May 2016
Any experience with Bitcoin customers, their behaviour etc? I heard, most merchants skip a Bitcoin payment option because of lack interest. They did not know how to approach the right audience ..."Keep in mind that most merchants who get setup to accept bitcoin, usually end up removing the payment method due to low customer conversions."

Thanks
Midlothian, VA United States
Jax Music Supply
Kudos: 2,361
Joined: May 25, 2009
Re: Do you use Bitcoin as a payment option in your online st
20 May 2016
@lacova

I've considered it and is incorporated in my objectives for 2016. Lately I have been reconsidering. Everything that I have read indicates that its use for purchases has dropped off. I think the concept is difficult for the average consumer and the MtGox problems (and other, lower profile failures) have created less confidence in consumers and their associated ability to convert the currency to what they consider "real" money.

Honestly, unless you are a true believer or a conspiracy theorist, I don't see the need for the currency for most legal transactions. For online commerce, involving real products (not downloads), it is much safer to use a credit card or Paypal. There are protections built in. If someone pays with bitcoin, then I never send the item, there is little recourse for the consumer.
Nottingham United Kingdom
Bigian13
Kudos: 2,254
Joined: Feb 21, 2014
Re: Do you use Bitcoin as a payment option in your online st
20 May 2016
I think we considered it for a couple of seconds a few years ago.

Nobody has ever asked if we take Bitcoin and people are more than happy to pay by PayPal or credit card due to the protection they offer the buyer.
E-commerce , love it or hate it, that's why we are here
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United States United States
WatchCount.com
Kudos: 120
Joined: Dec 3, 2008
Re: Do you use Bitcoin as a payment option in your online st
24 May 2016
On our site we accept donations via Bitcoin. We just use a static address and QR code, so it was easy to set up and we don't need a merchant account.

Even though there's a small audience for paying via Bitcoin, I hear that merchants particularly like 2 things about Bitcoin that other payment methods typically don't provide:

1) There's no such thing as a chargeback on the Bitcoin network. It just doesn't happen because payments are inherently 1-way.

2) Lowers fees than PayPal and credit cards. I think Bitcoin merchant processor BitPay charges between 0% and 1% to receive payments and convert to fiat currency.
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