In this video I’m going to be showing you guys how to accept bitcoin and other crypto
currencies in your Shopify stores.
But before we hop onto my computer and we show you how it’s done, what are the benefits
of this?
You know we see all these major companies today like overstock.com just started accepting
crypto, Tesla let’s you buy a car off their website with Bitcoin and of course you can
still head down to Orange County Lamborghini and buy a brand new Lamborghini 100% with
Bitcoin.
You know the famous Bitcoin Lamborghini that went around YouTube here a while back no matter
what your opinions of that are.
But one of the big benefits is.
instant payments.
When someone pays you with crypto, it’s yours.
No questions asked.
Now technically the blockchain for Bitcoin and Bitcoin Cash isn’t instant, but hat
I mean is theres no middle man.
There’s no credit card processing company that’s gotta process the payment, no bank
account that’s gotta transfer your money and of course theres no companies like PayPal
who are gonna hold your money for 60 days and then they also you know, cover buyer’s
remorse.
You know, the customer just says “Yep I changed my mind!”, PayPal jacks the money
out of your account, gives it back to them and they get a free item.
You know that’s a story for another day, but we actually took PayPal off all our Shopify
stores a while back because we were losing so much money.
You know, I think when people are starting out that’s another thing they don’t realize
and that’s going to be a good segway to the second benefit.
When you own a large six or seven figure eCommerce business like we do, you don’t realize how
much time and money you waste fighting people who are trying to defraud you and get free
stuff from you.
All the fraudulent chargebacks and all the fees that come along with it and PayPal disputes
and everything else…
Speaking of PayPal or speaking of Tesla, I wish Elon Musk would get some free time in
the future, buy back PayPal and straighten out that damn company, but again, that’s
a story for another day.
So, just by the nature of Bitcoin and cryptocurrency itself, it’s encrypted, it’s safe it’s
also really good for high ticket items if you’re selling things like theater services.
It’s a great way just to guarantee payments and just help you sleep better at night.
Anyway guys, those are just a couple of the benefits.
We’re going to hop onto my computer right now and I’m going to show you guys how to
set this up and I’ll see you guys over there.
[Voiceover: Brock Pierce]
The internet is going to reach it’s full potential which I think is going to be 10
times greater.
Every industry in the world is going to be affected and it’s going to be a beautiful
thing.
This is the new internet.
It’s the upgrade.
Alright guys so here we are in the backend of one of our Shopify stores.
This is the one that we want to enable crypto payments on.
So first, if you’re on your dashboard you want to navigate down to the bottom left and
click on settings and from there you want to click on payment providers.
And from this page you’ll be able to see all your standard payment options such as
Shopify payments which is essentially stripe it’s one of the bigger credit card processing
companies.
The Shopify payments version of it is just a little more tailor-made for accepting payments
through Shopify.
There’s a few more limitations, but it’s a lot more convenient as well.
Which by the way, as a quick sidetone before we move on.
If you guys ever did have problems with Shopify payments, let’s say maybe the product your
selling isn’t accepted by them or something like that.
If you click on edit right here you can look at your different settings for that, but you
can also go to charge provider and you’re going to have access to a ton of different
credit card processing companies here.
So if you guys want to try another one like 2Checkout is a great one, I’ve used them
before, umm, Skrill is great for some more like high risk items, but there’s a lot
o other options in here if you had trouble with Shopify payments.
On that note let’s move on and let’s start accepting crypto.
So I’ll close out of this and we’re going to scroll down.
As I mentioned before we do have PayPal disabled.
You’re just asking for a world of trouble in my opinion, but that’s for another video.
Amazon payments is another great one to have enabled, but what we’re looking for is the
alternative payments section.
Now if we go down here you’re going to see that we have access to all these different
3rd party payment gateways.
The main ones we’re going to be looking at here are Coinbase Commerce, which is just
a different devision of Coinbase it’s like their merchant account system.
We have BitPay which we’re also going to be taking a look at and we also have GoCoin.
The first one we’re going to be setting up is Coinbase Commerce so we’re going to
click on that and if we go down here you can see that once we’ve enabled this, we’ve
created our account and put in our credentials right here we’re going to be able to accept
Ethereum (ETC), Bitcoin (BTC), Litecoin (LTC) and of course Bitcoin Cash (BCH) just like
if these were credit card options.
As you can see they’re very similar icons we saw just above.
Now, let’s go ahead we’re going to hop over to Coinbase Commerce, set up our account
and then plug in our details right here.
So here we are on their website.
You guys can just go ahead and Google Coinbase Commerce or the link will be down in the description.
There’s no affiliate link or anything like that.
And we’re just going to click on get started and we ‘ll begin setting up our account.
So I’m going to use my secondary email right here and we’ll create a password.
We’ll click I agree to terms of service.
As usual I’m going to hold it to you guys to read every damn word of their terms of
service as most people do of course.
And I’m going to click on sign up.
We just need to verify our email so I’m just going to do that rally quick and I will
be right back.
We’re going to click on continue to dashboard and the first thing you want to do from here
is click on secure access to your account and what you need to do if you don’t have
it already is you need to download the Google authenticator app.
You’re going to download that, open it up, scan this QR code and it’s going to give
you a verification to login.
You’re also going to use the same method every time you login to your Coinbase Commerce
account.
Two factor authentication is normally associated with SMS.
Like, you’ll sign into something they’ll say check the text that we sent you with a
4-digit code or whatever.
SMS unfortunately like a lot of other things is actually very insecure.
If you ever have the option to choose between verifying with SMS for two factor authentication
or using an authenticator app like Google’s, always go with the later.
So I’m going to do that really quick here on my end.
I’m going to scan the barcode and it’s giving me the code to login.
So the code is going to be 692785.
Unless you’re making a tutorial video like this, I hope you’re not sharing that password
with anyone.
That kind of defeats the whole point.
I’ll click on confirm.
And here we are inside of our main dashboard.
Now once you’ve done that it’s also going to ask you for your basic information like
your billing address, some other information about your accounts, where they should deposit
funds to…
So just go ahead, fill that out and it’s going to bring you to your standard dashboard
like this.
Now to connect this account to your Shopify store all you have to do is go down to where
you have your API keys, we’re going to click on reveal, I’m going to click on copy, we’ll
navigate back to Shopify and the first thing we want to do is we want to insert our email
address that we signed up to our account with right here.
And we’re just going to paste our API key in here.
I’m going to click on save and that’s it you’re good to go.
So now people have the option of paying with Bitcoin, Ethereum, Bitcoin Cash and Litecoin
is also included in there as well.
And that’s all going to go directly into your Coinbase account.
I know a lot of you you’re especially starting out with crypto you probably have a Coinbase
account already so it’s going to be pretty convenient.
Now the next one I want to look at is BitPay.
A lot of people prefer BitPay over Coinbase because they do have some privacy and security
concerns.
Personally if you want to know what I use, I do use Coinbase Commerce.
I’m totally fine with that.
I sleep just fine at night.
But If you want to use BitPay I’m going to show you how to set that up right now.
So I’m going to go back in here and I’m going to disable Coinbase Commerce.
I’ll click on edit and deactivate.
And once that loads back up we’re going to go back to select additional payment method
and we’re going to choose BitPay.
So, very similar process.
BitPay does only accept Bitcoin so you’re not going to be able to accept Ethereum or
Bitcoin Cash or anything like that yet.
I’m just adducing they’re going to expand into those down the road, but right now it’s
only going to let your customers pay with Bitcoin.
So to setup our account with that, I’m going to head on over to the BitPay website and
I’m going to click on Start Now and what we want to do is select a business account.
We’ll click on that and we’ll go to sign up and just like before we’re going to enter
our basic info.
We’ll go and create a password.
We’ll click on agree I am not a robot.
At least the last time I checked I wasn’t.
And we’ll click on create account.
And just like before go into your email and verify your account really quick.
I’m going to do that and I’ll be right back.
I’m going to log back in.
And once you’ve done that the next thing you need to do is verify the rest of your
information so just like Coinbase Commerce you’re going to fill out the rest of the
information about your business, where to deposit funds and all that stuff.
So we’ll click on Get Verified.
I’m going to fill all this out and be right back.
And there we go and once you’ve done that all you ned to do is tell them where to send
your Bitcoin payments to.
Now you can have BitPay automatically convert your Bitcoin into US dollars (USD) and put
it into a bank account or you can just enter your Bitcoin wallet address which I’m going
to do right here.
So I’ll click on add bank account, add Bitcoin address, we’re going to enter the name so
that’s just going to be y personal account.
I’m going to paste that in here and there we go.
So once you’ve verified your account and entered all your info you want to click on
start accepting Bitcoin.
Now to integrate your BitPay account with Shopify you want to click on Payment tools
here on the left-hand side, you’re going to scroll down and you want to create a new
legacy API Key so I’m going to click on that.
We’re going to go to add new API key.
We’re going to click on edit and you can go ahead and name this in case you want to
use BitPay on multiple different websites or different tools or you’re accepting it
in different ways.
So I’m just going to label mine Shopify for right now.
Confirm and save and we’re going to copy our API key right here and just like before
we’ll navigate back to Shopify and we’ll paste it right here.
Now once you’ve done that we’ll click on save and you’re all set!
Alright guys to that’s how you can go ahead and start accepting Bitcoin and other crypto
currencies in your Shopify stores.
If you guys liked this video please click the subscribe button down below.
You guys have really enjoyed the last couple of videos and I plan on doing a lot more of
these now this Summer.
Also, if you like this video and you got something out of it click the like button down below.
Also if you guys want links to all the tools and the websites that we used in the video
they’re going to be down below in the description as well as a writer guide step-by-step how
to do it if you don’t want to watch the video over again.
So I’m glad you guys got something out of this video.
My name is Matthew Sabia and I’ll see you guys next time.