As digital currencies are gaining widespread recognition, integrating Bitcoin payments into your eCommerce store can offer substantial benefits for your business. Recently, the Swiss government has started accepting Bitcoin for tax payments, and major e-commerce giants like eBay and Amazon are doing the same soon. This makes using Bitcoin payment in the WordPress site a smart move.
Fortunately, facilitating Bitcoin payments in WordPress is a hassle-free and uncomplicated process. Thanks to the many services that provide a user-friendly experience to dive into the world of cryptocurrency without any delays.
In this post, we’ll discuss the process of installing a Bitcoin payment gateway for WordPress. But before moving ahead, let’s first understand the benefits of accepting Bitcoin payments.
Benefits of Accepting Bitcoin Payments in WordPress
- Global Reach: Bitcoin is perfect for expanding your customer base, especially if you serve a global audience. This is not bound by traditional currency borders; it is accessible to customers worldwide.
- Reduced Transaction Charges: Accepting Bitcoin payments in WordPress means lower transaction processing fees. This is even less than credit cards or traditional banking systems, leading to cost savings for your business.
- Better Security: Bitcoin transactions are highly secure due to blockchain technology. This helps protect both you and your customers from fraud and hacking.
- Faster Transactions: Bitcoin transactions are often faster than credit/debit cards. Regular transactions take almost one week to settle and even longer for cross-border ones, but Bitcoin payments can clear in just 10 minutes. This means happier customers and faster payment processing for you.
- Marketing Advantage: Promoting the acceptance of Bitcoin can be a USP (Unique Selling Point) for your business. This will differentiate you from your rivals.
How to Accept Bitcoin Payments on Your WordPress Site?
1. A Bitcoin Wallet
The most important thing for accepting Bitcoin payments on any website is a Bitcoin wallet. This is your digital bank account; it’s a secure software tool that allows you to send, receive, and store Bitcoins.
With websites at increasing risk from hackers and limited control over online funds, it’s wise to secure your earnings. This is where Bitcoin Wallets become important, making it easy to convert cryptocurrency to local currency.
There are numerous wallet types available for installation on both computers and smartphones. You can select the ideal wallet to suit your needs. For detailed information and guidance on digital wallets, you can visit the Bitcoin Wallets page.
Some popular Bitcoin Wallets are-
- Bitcoin.com Wallet: A straightforward and secure digital wallet supporting both Bitcoin Cash and Bitcoin Core.
- Electrum Wallet: Lightweight, secure, and perfect for Bitcoin beginners.
- Copay Bitcoin Wallet: A secure, shared, HD-multi-signature Bitcoin wallet from BitPay.
- Edge Wallet: A user-friendly and highly secure Bitcoin wallet.
- BitPay Wallet: Building upon the Copay platform, the BitPay wallet offers tight integration with BitPay-powered services.
- Coinbase Mobile Bitcoin Wallet: An intuitive mobile Bitcoin wallet available on iOS and Android platforms.
- Blockchain.info Wallet: Offers both mobile and web-based Bitcoin wallet solutions.
2. Signing Up for Bitcoin Payment Processor
A digital payment processor streamlines Bitcoin transactions on your WordPress site, removing the need for manual address generation, distribution, and currency conversion.
When a customer pays with Bitcoin, the processor rapidly deposits the funds into your wallet. You can subsequently convert them to your local currency and transfer them to your bank.
Some popular options include Bitpay, Coinbase, CoinGate, Mycelium Gear, Blockonomics, GoUrl, and GoCoin.
Some processors, such as Bitpay and Coinbase, come with integrated wallets, while others like Mollie deposit Bitcoin as local currency directly into your bank account. This eliminates the need for a separate Bitcoin wallet.
3. Install a Relevant Bitcoin Payment Plugin
Many plugins and add-ons are available, often provided by well-known payment processor service providers. Some of the best Bitcoin and Cryptocurrency WordPress plugins are mentioned below-
- Coinbase Payment Gateway Add-on: This is a premium add-on plugin for Easy Digital Downloads and Coinbase integration. supporting Bitcoin payments.
- BitPay for WooCommerce Plugin: This is an official plugin for accepting Bitcoin payments on WooCommerce-powered WordPress sites.
- Blockonomics Bitcoin Payments Plugin: This is a free plugin option and is designed for WooCommerce-based online stores, supporting Bitcoin and major altcoin payments.
- CoinGate for WooCommerce Plugin: This plugin enables Bitcoin payments and supports over 40 altcoins on WooCommerce-powered online stores.
- GoURL Bitcoin Payment Plugin: This is a free, feature-packed plugin compatible with various e-commerce platforms, including WooCommerce. This is suitable for Bitcoin and altcoin payments.
- Opt for a solution where payments go directly into your Bitcoin wallet. This will provide you full control over your received funds.
- If privacy is a priority, seek a service that doesn’t require extensive identity verification (KYC/AML).
- Look for a plugin with low transaction fees to maximize your earnings.
- Choose a dedicated WordPress plugin that seamlessly integrates with your online store and simplifies the process of accepting Bitcoin payments.
- Prioritize a Bitcoin plugin that ensures secure and safeguarded transactions to protect both your business and customers.
- Access to excellent customer support is essential for addressing any queries or issues that may arise during Bitcoin transactions. Therefore, it’s important to check the availability and quality of customer support services of the plugin you opt for.