In recent years, cryptocurrency has emerged as an exciting and revolutionary way to make payments. As an online business owner, especially if you're using Shopify, you might be interested in expanding your payment options by accepting cryptocurrency. Fortunately, Stripe, one of the most popular payment processors globally, has integrated crypto payment capabilities that make accepting stablecoin payments seamless and straightforward. With Pay with Crypto, you can now accept USDC and USDP payments, all while receiving the funds as fiat in your Stripe balance.
In this article, we’ll dive deep into how you can accept crypto payments with Stripe on your Shopify store and explore how EasyPie Checkout offers a smooth solution for handling crypto transactions.
Stripe's Pay with Crypto allows businesses to accept stablecoin payments in exchange for goods or services without needing to deal with the complexities of holding or converting cryptocurrency into fiat. The main stablecoins supported are USDC and USDP, which are pegged to the US dollar. Payments are made on popular blockchain networks such as Ethereum, Solana, and Polygon.
What makes Stripe’s crypto payment option stand out is that it simplifies the transaction process by automatically converting these stablecoin payments to USD, which is deposited directly into your Stripe balance. As a result, merchants no longer need to worry about crypto price volatility, blockchain transaction fees, or the technical complexities of handling digital currencies. Stripe handles everything, leaving you with a convenient, fiat-settled payment system.
- Supported Stablecoins: Stripe supports USDC (on Ethereum, Solana, and Polygon) and USDP (on Ethereum and Solana) for payment transactions.
- Payment Settlement in USD: Even though customers are paying with stablecoins, the payment is automatically converted and settled as fiat (USD) into your Stripe balance. This eliminates the need to convert crypto yourself.
- Seamless Checkout: Customers are redirected to a secure page hosted by crypto.link.com to complete the transaction. They can connect their wallets (such as MetaMask, Phantom, or Coinbase Wallet) and pay with ease.
- Global Accessibility: While Pay with Crypto is accessible to customers worldwide, it is currently available only to a limited set of US businesses. To enable this feature, you must request access from Stripe and go through an approval process.
- Transaction Fees: Stripe charges a 1.5% fee on each crypto transaction in USD, which is deducted from the total amount paid.
- Refund Process: Refunds for crypto payments are handled like any other Stripe refund. The refund is processed in the same stablecoin (USDC or USDP) and is sent back to the customer’s original wallet.
- Attract New Customers: Cryptocurrency enthusiasts represent a growing market of tech-savvy consumers who are eager to use digital assets for everyday purchases. By accepting crypto payments, you can attract this new customer base to your Shopify store.
- Global Transactions: With crypto, you can accept payments from customers around the world without worrying about currency conversions or expensive cross-border transaction fees. Whether a customer is in the US, Europe, or Asia, crypto payments make international transactions easy.
- Fraud Prevention: Crypto transactions are powered by blockchain technology, which provides an added layer of security. Once a transaction is made, it cannot be reversed, which reduces the risk of chargebacks compared to traditional payment methods.
- Stability of Stablecoins: Stablecoins like USDC and USDP are pegged to the US dollar, meaning they are less volatile compared to other cryptocurrencies like Bitcoin or Ethereum. This allows both businesses and consumers to avoid the risk of price fluctuations associated with traditional cryptocurrencies.
Before you can begin accepting crypto payments, you need to have an active Stripe account. If you haven't already, follow these steps to create one:
- Go to the Stripe website and sign up for an account.
- Provide the required details for your business, including your business name, location, and bank details.
- After signing up, ensure that your Stripe account is fully activated and approved by Stripe to process payments.
Once your Stripe account is set up, you can proceed to the next step: enabling crypto payments.
As of now, the Pay with Crypto option is available only to a select group of US businesses. If you're eligible, here's how to request access to the crypto payment method:
- Log in to your Stripe Dashboard.
- Go to Settings > Payment Methods.
- Look for the Crypto payment method option and click on Request Access.
- Fill in the required business details and agree to the terms and conditions for accepting crypto payments.
- After Stripe reviews and approves your information, the crypto payment option will be activated in your Stripe Dashboard. You will then be able to see the "Pay with Crypto" option in your payment settings.
Once your Stripe account is set up and approved for crypto payments, it’s time to integrate it with your Shopify store.
- Install EasyPie Checkout: Go to the EasyPie website and purchase a package for installation.
- Test the Payment Flow: Before going live, test the crypto payment process to ensure that everything is working as expected.
EasyPie Checkout will provide a simple and user-friendly interface for customers, making the entire payment experience smoother and more efficient.
Once everything is set up, customers will be able to choose crypto as a payment method during checkout. The steps they follow are:
- After you set up Pay with Crypto, the option to select Crypto as a payment method appears in your checkout form.
- When your customer clicks the Crypto option, they’re redirected to a page hosted by crypto.link.com.
- Confirm Payment Amount: After selecting crypto, the customer will see the payment amount in USD.
- Connect Wallet: The customer will connect their crypto wallet (such as MetaMask, Phantom, or Coinbase Wallet).
- Confirm and Pay: After confirming the transaction, the customer will sign the payment to send USDC or USDP from their wallet.
- Payment Confirmation: Once Stripe verifies the payment, both the merchant and the customer will receive a confirmation, and the funds will settle as USD into the merchant’s Stripe account.
Video Preview: To see how Pay with Crypto works in action, check out this demo video on a Shopify store: Watch Video.
One of the main concerns for Shopify merchants using third-party payment gateways is the possibility of hidden fees. These fees can significantly reduce your profit margins, especially when dealing with international payments, which may come with additional processing charges.
With EasyPie Checkout, however, Shopify merchants can rest easy knowing that there are no additional fees beyond Stripe’s standard payment processing fees. This transparency is invaluable to merchants who want clear visibility into their payment costs.
By integrating EasyPie Checkout, Shopify store owners avoid hidden fees that are often associated with international payments or third-party services. You only pay the standard processing fees outlined on Stripe’s pricing page, which provides you with better control over your revenue and pricing strategies.
This level of clarity allows merchants to make informed decisions about their costs and pricing, leading to a more efficient business model. It helps Shopify store owners optimize their profits without worrying about surprise fees or hidden charges.
Accepting cryptocurrency payments on your Shopify store can open new avenues for your business. By integrating Stripe’s Pay with Crypto feature, you can easily accept stablecoin payments while receiving the funds as USD in your Stripe balance. This integration simplifies the entire process, allowing you to focus on growing your business rather than dealing with crypto’s complexities.
With the help of EasyPie Checkout, you can further streamline the payment experience, providing a seamless and secure solution for your customers. Additionally, the benefit of no additional fees from Shopify provides more control over your costs and makes managing your revenue easier.
If you're ready to embrace the future of payments, integrating Stripe’s Pay with Crypto and EasyPie Checkout is a smart choice that could benefit both you and your customers.
For more information, visit EasyPie Checkout for Shopify and start enhancing your checkout experience today!