How to easily sell your products on a Cryptocurrency Marketplace

Accepting cryptocurrency as a payment option for your business is a great way to reach new audiences. As a result, other business owners and infrequent sellers are often interested in this option and wonder how they can start accepting Bitcoin, Ethereum, and other popular digital currencies. Fortunately, cryptocurrency marketplaces offer an easy opportunity to partner with an existing platform. 

 

We put together a beginners list to help you get started and answered some of your most pressing FAQs about selling on a crypto marketplace.

 

 

Long before you register for an account, you might want to consider your goals as a seller. Namely, will this be a one-time sale or an ongoing process? Ongoing sellers looking to turn a profit are encouraged to take a step back and consider their overall selling strategy. Most marketplaces will offer functionality as a reseller and allow you to find popular products that fit in their wheelhouse to resell on their platform. Others might allow you to take a brand ownership strategy and manage your products. Depending on your goals as a business owner, you will select a platform that offers the right features and functionality.

 

The next step will be to create your selling account with your email, password, and personal details to verify your identity. In many cases, this will be a government ID that will help protect sellers and customers from fraud.

 

Afterwards, you can list products, including their photos and a description for buyers to peruse. Each listing should include information including price, condition, shipping options, brand and category. You might also choose to include relevant keywords, tags or categories in your listing to help potential buyers find your product.

 

Depending on the platform, you might also want to include details on your return policy. For example, if the item is relatively inexpensive, you might state that there are no refunds. On the other hand, you might go through an escrow service for a larger item and allow buyers to inspect the product before accepting it.

 

Finally, you will need to state which cryptocurrencies you will accept as payment for your products.

 

 

The process might sound simple, but this process still leaves some questions unanswered. 

 

Who transfers money first?

Cryptocurrency is irreversible, which means once one party sends money, there is no getting it back. The permanence of cryptocurrency transactions leads many to ask, “who should send first?” Should the buyer? They will then run the risk of not receiving the product. Or should the seller? They will then run the risk of not ever receiving the product. Buyers and sellers are encouraged to use a marketplace that offers escrow functionality. Money is held in a secure third-party account with an escrow agent to ensure the buyer and seller are both protected.

When do I get paid?

After you send the product to the buyer and confirm receiving it, the escrow agent can release the funds held in trust. Depending on the type of cryptocurrency used in the transaction, the process may take a few seconds to a few hours to be available in your wallet.

Why should I use an online marketplace instead of my own online store?

One of the reasons why sellers prefer online marketplaces is because these websites will often already hold top positions on a search engine results page (SERP). Therefore, rather than spending the money to promote your listing or boost your online store’s ranking, sellers can take advantage of the platform’s existing position on search results. Sellers may also upload several different products in various product categories without worrying about positioning their website to a targeted audience. 

 

Not only will sellers gain marketing efficiencies, but they will also achieve numerous cost savings. Sellers can save extra time and money from hiring someone to design a website or help market and maintain listings. Online marketplaces will provide all of the tools you need to start selling immediately. 

What type of online marketplace should I use for my business?

When it comes to cryptocurrency marketplaces, there are a few types of platforms that you will run into, including:

 

Centrally managed: Sellers, including manufacturers, distributors or independent sellers, will offer their products on a platform managed by a third party. The third party will manage all sales processes, provide shipping support and other security through account verification methods. These are often the most used type of marketplaces for consumers.

 

Community managed: A type of online marketplace that leverages free and open-source software for sellers to create their own sales front within the larger platform. Sellers may require more technical knowledge, and hosting fees may apply. 

 

Decentralized marketplaces: Platforms that rely on peer-to-peer transactions. Anyone can buy or sell anything without the management of a third party. Although there are fewer restrictions, there is also less security for transacting parties.

 

Carefully considering the different types of online platforms can help new sellers determine the best way to reach their target audience with their products.