How to accept cryptocurrency payments in WordPress?
With more and more businesses accepting Bitcoin as a form of payment, it’s essential to keep up with the trends. Not only is it a secure way to accept payments, but it also opens up new opportunities for customers who prefer using cryptocurrency.
To get started, you need to know what you need in order to accept Bitcoin payments on your WordPress site. There are different payment gateways available, and you’ll need a plugin that supports cryptocurrency transactions.
In this article, we’ll take a deep dive into the different options available and guide you through everything you need to know before starting to accept Bitcoin payments.
What Are the Benefits to Accepting Bitcoin Payments?
You’ll be pleasantly surprised at the many advantages that come with offering a new way for customers to pay on your website. By accepting Bitcoin payments, you can enjoy a fully digital and peer-to-peer transaction process through a secure blockchain ledger.
Unlike traditional payment processors, there’s no need for third-party banking entities to process transactions, which means smaller fees and complete control over your funds. Furthermore, Bitcoin offers enhanced security measures by being ‘pseudo-anonymous’. Customers don’t have to give out personal information during transactions, which can ease their concerns about making online payments.
The simplicity of Bitcoin transactions allows anyone with a wallet to pay without worrying about compatibility issues. And once the money is transferred, it’s yours to use instantly without any waiting period or processing fees for chargebacks.
Overall, accepting Bitcoin as an additional payment option will provide convenience and cost savings for both you and your customers.
Read more on the benefits of accepting crypto payments.
What do you need to accept Bitcoin payments on WordPress?
To start accepting Bitcoin payments on your WordPress website, you’ll need a few things. Firstly, you’ll need to get yourself a Bitcoin wallet – this will allow you to receive and store Bitcoin payments securely.
Next, you’ll need to install a WordPress plugin that enables you to accept Bitcoin payments.
Finally, you’ll need to create an account with a Bitcoin payment gateway provider so that your customers can easily make payments using their preferred method.
With these three essentials in place, you’ll be ready to start accepting Bitcoin payments seamlessly and efficiently.
Get a Bitcoin wallet
When it comes to accepting Bitcoin payments on WordPress, you need a depository account where customers can send their digital coins. That’s where a Bitcoin wallet comes in handy – it provides safe storage for the coins received from another wallet.
Before choosing a Bitcoin wallet, there are three main things to consider: control, validation, and security. Non-custodial wallets allow you to secure your private keys while custodial wallets give control of your private keys to the entity providing the wallet.
Some wallets offer users a full running node which means no third-party is required while running transactions but they need massive amounts of memory space. Finally, check whether the chosen wallet is properly secured to prevent loss of funds.
Take these factors into consideration when choosing a wallet for your crypto payments.
Create an account with Bitcoin payment gateway provider
When it comes to accepting BTC payments in your WordPress site, one of the most important decisions is which crypto payment gateway to use. The payment gateway provider is responsible for transferring the funds from your customers into your wallet in a fast and secure manner. There are different gateways which offers different types of integrations, fees, supported coins, invoices and more. Some of the crypto gateways support different ways to settle, in example FIAT or cryptocurrency.
Install Wordress plugin for accepting Bitcoin payments
Most of the crypto payment gateways that support WordPress payments have plugins to make the integration quick and easy. You just need to install their plugin and connect it with your account at the payment provider.
The easiest and most common way to install a WordPress plugin is through the admin panel of your site. On the left sidebar click on Plugins -> Add new. Then in the search box in the top right corner search for the plugin that you want to install.
Another way to install a plugin is by using FTP. Download the plugin in ZIP file and extract it on your PC. Then upload the extracted files to the wp-content/plugins directory. After you are done you have to log in your WordPress admin panel go to Plugins and Activate the plugin you just installed.
Different Bitcoin Payment gateways for WordPress and Woocommerce
There are are several payment gateways you can choose from.
BitPay is a popular option that supports both Bitcoin and Bitcoin Cash, while Nowpayments offers a wide range of cryptocurrencies for payment. Coingate is another gateway that supports multiple cryptocurrencies and offers easy integration with WooCommerce.
Coinbase and Blockonomics are also options worth considering. Coinbase offers a user-friendly interface, and Blockonomics provides advanced features like automatic order tracking.
With BitPay, you can easily connect your bank account or Bitcoin wallet to accept payments in no time.
BitPay is a payment system that offers Bitcoin exchange, conversion, and transfer to your bank account or Bitcoin wallet. It can be used to process payments for non-eCommerce WordPress sites or WooCommerce plugins for eCommerce sites.
The setup process involves creating a BitPay account, confirming your email address, verifying your business, and adding a bank account or Bitcoin wallet to receive payments. Once set up, you can create a Bitcoin payment button by selecting Payment Tools and then Payment Buttons.
The generated HTML code can be embedded on any WordPress site page to display the button. Using BitPay for accepting crypto payments on WordPress site is a straightforward process.
Nowpayments is a non-custodial service that offers a variety of integration tools for accepting over 50 cryptocurrencies with an in-built exchange feature. This means you don’t have to worry about storing your users’ funds, as they’ll be transferred directly to your wallet.
Additionally, Nowpayments provides an easy-to-use interface for configuring payments on your WordPress website. Here are five key features of Nowpayments that make it a great option for accepting Bitcoin payments on WordPress:
- Non-custodial service: Your users’ funds are transferred directly to your wallet.
- In-built exchange feature: Easily convert incoming cryptocurrency payments into the currency of your choice.
- User-friendly interface: Configure payments on your WordPress website with ease.
- Wide range of supported cryptocurrencies: Accept over 50 different cryptocurrencies, including Bitcoin, Ethereum, and XRP.
- Dedicated support team: Get help when you need it from Nowpayments’ knowledgeable and responsive customer support team.
Coingate currently supports over 70 cryptocurrencies and offer a flat fee of just 1% for processed transactions.
With CoinGate, you can enjoy faster payments, fewer middle-men, less data collection, lower fees, and reduced chargebacks. Plus, setting prices in local fiat currency is a breeze and order confirmations are instant.
CoinGate also offers automatic refunds and the ability to accept underpayments. Multiple payout options are available, as well as a dedicated dashboard to track orders.
To install the plugin, all you need is a verified CoinGate business account, along with generating an API Auth Token and configuring API settings in WooCommerce. If you have any questions or concerns about using Coingate on your WordPress website, there’s always a sales team that’s ready to help you out!
With Coinbase Commerce Payment Gateway, you can easily integrate cryptocurrency payments into your website and expand your payment options for customers.
To get started with Coinbase Commerce, first download and install the plugin onto your WordPress site. Then sign up for a Coinbase Commerce account and link it to your WooCommerce store.
Once you’ve added an API key and created a webhook subscription, customers will be able to checkout using various cryptocurrencies.
Blockonomics offers an easy and secure way for you to receive Bitcoin payments directly to your wallet without any hassle.
With over 10,000 merchants already using the platform since its inception in 2015, Blockonomics is a trusted name in the Bitcoin community. Setting up with Blockonomics takes less than five minutes, and there’s no need for KYC or documentation. The platform maintains privacy, security, and self custody of funds while offering an easy-to-use UI.
Merchants don’t have to worry about chargebacks or fraud as payments go straight to their wallet. Plus, integration with popular e-commerce platforms is simple. Start accepting Bitcoin payments today with Blockonomics and increase your customer base worldwide.
Different plugins for accepting Bitcoin Payments in WordPress
If you’re looking for plugins to accept bitcoin payments in your WordPress site, there are a few options available.
The GoUrl plugin is a reliable and secure option to enable cryptocurrency transactions into your WordPress website. This open-source, white-label solution allows you to customize the plugin with your own company logo and set prices in 100 different currencies without any monthly fee. With GoUrl, you can accept various cryptocurrencies such as Bitcoin, Litecoin, Dash, and more.
Here are some key features of the GoUrl plugin:
- No need for ID or bank account verification
- Global and anonymous payment gateway
- Auto-synchronization between payments data stored on your GoUrl.io account and website
- No external payment pages opened during transactions
- Free tech support and security measures such as SSL encryption
Moreover, the plugin offers advanced solutions for selling products, downloads, paid access to premium content, membership subscriptions which work well with third-party plugins such as WooCommerce. It also provides free add-ons that extend the functionality of the plugin.
Although some users have reported issues with withdrawal and customer support, the GoUrl Bitcoin Payment Gateway remains a popular choice among WordPress users for its no-fuss transaction process.
Another option to accept Bitcoin payments in WordPress is Digital Paybox. This plugin allows customers to choose how much they want to pay for a product, making it a great choice if you’re looking to receive donations or sell products at varying prices.
Digital Paybox integrates with various payment gateways and uses Bitpay specifically for Bitcoin transactions. It’s easy to install and set up. Once a payment has been made, the buyer receives an encrypted link via email to access their digital product.
While this plugin hasn’t been updated recently, it’s still supported by the developer. If you’re interested in using Digital Paybox for your website’s payment needs, be sure to reach out to the developer first.
Mollie Payments allows you to accept various forms of payment, including Bitcoin, without any startup fees or monthly charges. You only pay per transaction.
Mollie Payments supports all available Mollie payment methods and is compatible with WooCommerce Subscriptions for recurring payments. Plus, you can edit the titles and descriptions of the payment methods in the WooCommerce checkout.
Refunds are also supported, whether full or partial, and payouts can be configured on a daily, weekly, or monthly basis. With its powerful dashboard on mollie.com, tracking payments has never been easier while providing fast in-house support from their team of experts.
What you should know before starting to accept cryptocurrency payments?
Before you decide to integrate cryptocurrency payments into your small business, it’s crucial to understand the potential risks and benefits associated with this volatile form of digital currency.
While accepting Bitcoin can help companies avoid bank transaction fees and long processing times, its value is highly volatile and comes with an element of risk. Cryptocurrency is considered immune from inflation, but it can also lose or gain value quickly.
Moreover, businesses that accept Bitcoin should be prepared for the possibility of customers requesting refunds. Transactions made with Bitcoin are irreversible, which means that both the customer and merchant must have trust in each other.
Additionally, accepting Bitcoin has tax implications as it must be reported as gross income based on its fair market value. Small businesses should therefore consider accepting crypto only for big-ticket luxury purchases rather than smaller more frequent ones.
Before you start to accept Bitcoin payments you have to plan what you would do with your digital currency once it reaches your merchant wallet. If you plan to store it as a long-term investment or staking by locking the digital currency for a certain period of time, there has to be a strategy placed in order to protect the value of your assets. You can also use an auto conversion tool to stay ahead of its infamous volatility and convert it to a desired fiat or crypto currency or spend it to pay for goods, services or utility bills.
It’s important to stay current on the rules and regulations surrounding cryptocurrency if you choose to accept it as a form of payment for your business. We at Coinlabz recommend to talk to a professional if you have any uncertainties or just to receive some guidelines.
Frequently Asked Questions
What are popular alternatives to WooCommerce
Popular alternatives to WooCommerce include Shopify, BigCommerce and Magento 2. Here you can find more info on how to accept bitcoin payments on Magento store.
Are there any fees associated with accepting Bitcoin payments on WordPress?
Yes, usually, there are fees involved when using any payment processor or gateway, including those that support bitcoin.
These fees can vary depending on the specific solution you choose and the volume of transactions you process, but they usually are around 1-3% of the transaction cost.
How do I ensure the security of my Bitcoin wallet and prevent fraud or hacking attempts?
First, use a reputable wallet provider with strong security features such as two-factor authentication and encryption.
Be sure to keep your private keys safe and never share them with anyone. Use complex passwords that are unique to your Bitcoin wallet and change them regularly.
Also, consider using a hardware wallet for added security.
By taking these precautions, you can help protect your Bitcoin funds from potential threats.
Is there a limit to the amount of Bitcoin payments I can accept on my WordPress site?
When it comes to accepting BTC payments, there are no fixed limits. This means that you can accept as much or as little as you want, depending on your needs and preferences.
However, it’s important to keep in mind that some payment processors may have their own restrictions or requirements when it comes to larger transactions. So, be sure to check with them before processing any large payments.
Congratulations, you’re now equipped with the knowledge and skills necessary to accept Bitcoin payments on your WordPress site. By accepting cryptocurrency payments, you open up a whole new world of possibilities for your business. Not only does it provide a more secure method of payment, but it also allows you to reach a wider audience who may prefer using digital currencies.
However, before diving into the world of cryptocurrency payments, it’s important to understand the risks and potential drawbacks that come with it. Just like any other form of payment, there are certain precautions that need to be taken in order to ensure the safety and security of both you and your customers.
By following the steps outlined in this article and staying informed about developments in the world of cryptocurrency, you can confidently begin accepting Bitcoin payments on your WordPress site.
Zornitsa is the Editor-in-chief at Coinlabz. She is involved in researching the impact of blockchain technology and the way crypto is transforming peoples’ perceptions of finances.