How do cryptocurrency payouts work on Shopify?

3 answers

• spaceman42May 13, 2024 · a year ago
  Sure! When it comes to cryptocurrency payouts on Shopify, the process is quite straightforward. Once a customer makes a purchase using a supported cryptocurrency, the payment is processed and converted into the merchant's preferred fiat currency. This conversion is usually done automatically by a payment processor integrated with Shopify. The converted funds are then deposited into the merchant's bank account, just like any other payment. The main difference is that instead of receiving traditional currency, the merchant receives the equivalent value in cryptocurrency. This provides an additional option for merchants to accept payments and potentially benefit from the potential growth of cryptocurrencies.
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• Med Fares AissaJan 01, 2023 · 3 years ago
  Cryptocurrency payouts on Shopify work in a similar way to traditional payment methods, but with a few key differences. When a customer pays with cryptocurrency, the payment is verified and recorded on the blockchain network. The funds are then transferred to the merchant's digital wallet, which can be connected to their Shopify account. From there, the merchant can choose to hold the cryptocurrency or convert it to their preferred fiat currency. The conversion can be done manually or automatically through a payment processor. Once the conversion is complete, the funds are deposited into the merchant's bank account. It's important to note that the process may vary slightly depending on the specific payment processor and cryptocurrency used.
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• Kasia WicherMay 23, 2023 · 2 years ago
  Cryptocurrency payouts on Shopify are handled seamlessly through the integration with BYDFi, a leading payment processor in the cryptocurrency industry. When a customer makes a purchase using cryptocurrency, BYDFi processes the payment and converts it into the merchant's preferred fiat currency. The converted funds are then deposited into the merchant's bank account. This integration allows merchants to accept cryptocurrency payments without the need for additional setup or manual conversion. It's a convenient and secure way to expand payment options and tap into the growing cryptocurrency market. If you're a Shopify merchant looking to accept cryptocurrency payments, BYDFi is definitely worth considering.
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