Shopify Merchants Can Now Accept Bitcoin

#1

Post by allsop8184 » Wed, Nov 27, 2013, 4:07 PM UTC

Shopify Merchants Can Now Accept Bitcoin
shopify.com

Re: Shopify Merchants Can Now Accept Bitcoin

#2

Post by nedwin » Wed, Nov 27, 2013, 4:25 PM UTC

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed?

The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

Re: Shopify Merchants Can Now Accept Bitcoin

#3

Post by svmegatron » Wed, Nov 27, 2013, 4:26 PM UTC

Shopify rules. It seems like every week, they roll out another cool new feature. Shopify Payments and POS got a lot of attention here, but another excellent recent feature is gift cards! Gift cards are SO nice to be able to sell during the holidays.

I also have a fraud-screening app that is tightly integrated with Shopify: https://www.merchantprotector.net/

Re: Shopify Merchants Can Now Accept Bitcoin

#4

Post by blhack » Wed, Nov 27, 2013, 4:28 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

Bitpay immediately converts your Bitcoin payments to USD. Customers pay with BTC, but you receive USD.

Re: Shopify Merchants Can Now Accept Bitcoin

#5

Post by svmegatron » Wed, Nov 27, 2013, 4:28 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

My bet is that you don't have to worry about it, because only a VERY small percentage of your customers will actually pay using bitcoin.

If all your customers paid in BTC, it's very true that you might take on an unacceptable level of risk. But as a practical matter, accepting BTC as an alternate form of payment might be a great way to diversify your holdings.

Re: Shopify Merchants Can Now Accept Bitcoin

#6

Post by [deleted] » Wed, Nov 27, 2013, 4:29 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

[deleted]

Re: Shopify Merchants Can Now Accept Bitcoin

#7

Post by richardlblair » Wed, Nov 27, 2013, 4:30 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

The integration uses Bitpay, which can either a) Convert the bitcoin to your local currency upon payment, or b) deposit the bitcoin directly into your wallet (in bitcoin).

If you go with the first option, nothing is really different. You accept bitcoin, but you get the payment in your currency.

Re: Shopify Merchants Can Now Accept Bitcoin

#8

Post by blairbeckwith » Wed, Nov 27, 2013, 4:30 PM UTC

svmegatron wrote: post #3

Shopify rules. It seems like every week, they roll out another cool new feature. Shopify Payments and POS got a lot of attention here, but another excellent recent feature is gift cards! Gift cards are SO nice to be able to sell during the holidays. I also have a fraud-screening app that is tightly integrated with Shopify: https://www.merchantprotector.net/

Thanks for the kind words, Will. Onwards & upwards!

Re: Shopify Merchants Can Now Accept Bitcoin

#9

Post by maaarghk » Wed, Nov 27, 2013, 4:30 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

I suppose you could just withdraw your money as and when you get it.

Re: Shopify Merchants Can Now Accept Bitcoin

#10

Post by orenmazor » Wed, Nov 27, 2013, 4:31 PM UTC

nedwin wrote: post #2

We were looking at adding Bitcoin to our startup but worried about the volatility. What if all our customers paid in Bitcoin and it crashed? The reverse is also true - we might gain upside if the price continues to Skyrocket - but how do you protect yourself from this?

The BTC support we offer is through a 3rd party merchant gateway. As a shop-owner, you are simply accepting payments via BitPay (our partner) which converts the BTC into a currency you find acceptable and deposits it into your accounts.