Accept Bitcoin with Onlineshop24
The online shops created by Onlineshop24 support the payment methods PayPal, credit card and Bitcoin as standard.
In this article we explain: What is Bitcoin?, How does a Bitcoin payment in an online shop work? and How do I get the purchase amount credited?
Bitcoin is a payment method that can be used to make payments worldwide via the Internet (and in stores).
It works similarly to sending emails. With emails you need an email program, your own email address and you can send worldwide messages in seconds.
The situation is similar with Bitcoin.
You need your own Bitcoin Wallet (analogous to an email program) and thus receive your own Bitcoin address (analogous to an email address).
If you have a Bitcoin credit balance on this Bitcoin Wallet, you can send and receive payments to another Bitcoin address worldwide.
If you do not yet have your own Bitcoin Wallet / Bitcoin address, you can learn how to set up your own Bitcoin Wallet on your smartphone in the article BRD Bitcoin Wallet.
Why should you accept Bitcoin?
If you accept Bitcoin in your online shop, you should not expect to achieve very high sales with Bitcoin. Bitcoin is still at a very early stage and not many customers know or can pay with Bitcoin. But there are more every day.
Those who already offer the Bitcoin payment method in their online shop are perceived as a technologically modern and progressive company.
Onlineshop24 creates an entry for each online shop in the Bitcoin business directory Coinpages. This increases attention and draws new potential customers to the online shop.
Anyone who accepts Bitcoin in their online shop thus has the easiest way to get hold of Bitcoin themselves.
As a shop operator, you can decide for yourself whether you want to keep the Bitcoin or prefer to have it exchanged for euros.
How does a Bitcoin payment work?
The customer has selected the desired products in the online shop and placed them in his shopping cart.
The customer deposits his address data and is then forwarded to the overview page of the various payment methods. On the payment page the payment option Bitcoin is listed next to PayPal and credit card.
If the Customer chooses the Bitcoin payment option, the Euro purchase amount will be converted according to the current Bitcoin exchange rate and displayed in the Bitcoin payment window.
The customer scans the QR code with his Bitcoin Wallet and successfully completes the payment process.
The Bitcoin payment window is adapted to the individual design of the online shop and contains the shop logo and the name of the online shop.
Bitcoin crediting of sales in the online shop
The shop operator has the following options as to how to proceed with the receipt of the Bitcoin payment:
- Credit in Euro, by changing Bitcoin to Euro at a Bitcoin exchange
- Crediting the Bitcoin to your own Bitcoin Wallet such as the BRD Bitcoin Wallet See: How to set up a Bitcoin Wallet
- Crediting the Bitcoin to your own Bitcoin Wallet via xPub Key. See: How to create an xpub key on an Electrum Wallet
The Bitcoin paid by the Customer is credited directly to the merchant’s Bitcoin Wallet. The merchant receives the Bitcoin equivalent directly on his Bitcoin Wallet or the amount is transferred to his account at a Bitcoin exchange where it is automatically converted into Euro.
Credit note in Euro
If the merchant would prefer to receive the equivalent value in euros instead of Bitcoin, Bitcoin is automatically exchanged at a Bitcoin exchange and credited in euros.
Onlineshop24 handles the technical processing and forwards the Bitcoin payment to the Shop Operator’s account at a Bitcoin exchange of his choice.
As shop owner you open an account at one of the Bitcoin exchanges such as Binance, Coinbase or Kraken. Onlineshop24 requires the API Key at the Bitcoin Exchange and takes care of the technical payment processing and the automated exchange of Bitcoin into Euro.
As part of the payment service, Onlineshop24 supports the opening and setup of payment accounts at PayPal, credit card (at Stripe) and at a Bitcoin exchange.
Credit note in Bitcoin
Instead of being credited in euros, the merchant can also have the Bitcoin amount credited to his own Bitcoin Wallet.
Two variants are available for this. Either the credit is issued as a redirection to a specific Bitcoin address or by using the xPub key of the shop operator’s Bitcoin Wallet.
For technically experienced users the use of the xPub Key is a recommended solution. Like the xPub Key is created, you can learn more about the Electrum Wallet at Coincharge.
The simpler method is to use a Bitcoin address to which the ingested Bitcoins are forwarded.
This requires that the merchant has its own Bitcoin Wallet and informs Onlineshop24 of the address to which the Bitcoins collected are credited.
For merchants who do not yet have their own Bitcoin Wallet, we explain how to create a Bitcoin Wallet using the example of the BRD Wallet.
See the article “How to create a Bitcoin Wallet.”
If you have further questions about accepting Bitcoin, please ask your question in the comments below. Our Bitcoin expert will be happy to help you so that you can successfully accept Bitcoin in your own online shop.