The Quick and Easy Guide to Accepting Cryptopayments
Step 1 Add the “Other” Payment Option on Etsy
In order to accept Bitcoin payments on Etsy, you will need to make a way for your customers to checkout without paying. Then, you will be able to send them a wallet address so they can submit payment. You can actually accept any cryptocurrency this way!
To get started, you will need to enable the “Other” payment option.
- Go to your Etsy Shop Manager, click on “Finances” in the column on the left side, then select “Payment Settings.”
- Look for the phrase “Enable Manual Payment Methods,” which will be somewhere below your current payment options. Click on this to open it, and then turn on “Other.” Ta-da! Your customers can now checkout without using Etsy payments, as long as they select the “Other” option. 🙌
Step 2 Request Payment to your Crypto Wallet
Ok, now that customers can checkout, you still need a way to invoice them and collect your coins. If you already have a Bitcoin or other Crypto Wallet, you can simply send your payment address to your customer along with the amount of currency they should pay. If you don’t have a Bitcoin wallet, that’s ok too!
You can create a hosted wallet on the Coinbase website to collect your payments. You will need to set up an account with Coinbase, which can take a little bit of effort but is worth it for the security. If you use this link you can get a free $10 worth of Bitcoin whenever you buy at least $100 of cryptocurrency. You can accept payments without buying anything though, so don’t worry.
Once you get your account created, you can create a wallet address where your customers can send their payments. Coinbase currently accepts Bitcoin, Litecoin, and Ethereum payments. If your customer has a Coinbase account (be sure to ask!) then they can simply send it to you via the email address associated with your account. This is the best, because their are no fees at all for transactions between accounts on Coinbase. Otherwise, the customer may have to pay a fee on their end, but you should always receive the full amount.
Coinbase will allow you to withdraw your cryptocurrency to your bank, although there is a small fee involved for doing this.
You can now accept crypto payments from anywhere in the world. Once you get set up, be sure to join the Etsy Bitcoin Team and add your shop to the growing list of sellers that accept Bitcoin!
If you have any questions, or if you found this guide helpful, please leave a comment below.