Shopify's BitPay integration is one of the easiest ways to start accepting Bitcoin payments online and it's how we do it here at Bitgear.
Shopify is a fully hosted commerce solution that makes creating an online store super easy – even if you don't know how to code. BitPay is a payment gateway that integrates with Shopify and allows you to accept Bitcoin payments on your Shopify store which you can keep in Bitcoin or have converted into other currencies.
The Bitcoin community is still relatviely small but they love to support businesses that accept and promote Bitcoin so adding it as a payment option to your site could allow you tap into a new audience of buyers.
Accepting Bitcoin Payments with Bitpay and Shopify
Here's how it works:
- With BitPay, your customers check out with an internet currency (Bitcoin)
- The currency works just like cash
- Transactions can't be reversed automatically (unlike credit cards or PayPal)
- BitPay charges a 1% transaction fee
When you set up a BitPay account, you can choose to receive your payments in:
- Bitcoins, paid into your online Bitcoin wallet
- Your local currency, paid into your bank account once per business day
Before you activate the BitPay payment gateway, you need to apply for a BitPay account. Your application may take a few days to be approved but mine was approved almost right away. You'll begin receiving regular payouts from BitPay when your account has been authorized.
To activate the BitPay payment gateway:
- From your Shopify store’s admin page, go to Settings > Checkout.
- Scroll down to the 'Alternative Payments' section of the screen. If you don’t see the Alternative Payments section, reload the page in your browser.
Click Select an Additional Payment Method, then click BitPay.
4. Type your BitPay API Key ID, then click Activate.
BitPay refers to your Access Key as your API Key ID and when logged in to BitPay, you'll find it at https://bitpay.com/api-keys:
Congratulations, you can now accept Bitcoin online :)
Setting Up Your Payout Currency
As mentioned above, inside your BuitPay account, you can choose how you want to be paid out – in Bitcoin or another currency. You'll find these setttings on your 'Funds Settlement' page inside your BitPay admin.
BitPay gives you the option of being paid out fully or partially in Bitcoin as well:
If you're looking for an easy way to start accepting Bitcoin payments without getting too technical, BitPay and Shopify offer an easy way to get started.