Accept Crypto Payments with WooCommerce

Accept Crypto Payments with WooCommerce

Learn what it is and why you should accept crypto on your ecommerce store. The merchant and customer payment experience is easy and intuitive as any other payment method. Accept cryptocurrency in your retail store in just three simple steps.

There are no automatic refunds for cryptocurrency payments through Shopify. You need to refund payments manually through your payment gateway. You might still be charged third-party transaction fees for payments processed through these gateways. Refer to your store’s Shopify plan for the amount of fees charged.

Overstock uses BitPay plugin to accept bitcoin as a payment method on its online checkout. Now that you have your crypto wallet and/or gateway set up, it’s time to add crypto into your website. BitPay shields you from the price volatility of Bitcoin and other cryptocurrencies. You get every dollar or euro of what you charge, minus a low transaction fee. PayPal charges a transaction fee for buying and selling cryptocurrency on its platform. The fee is approximately 0.5% of the total transaction but varies according to market conditions.

Step 1: Download, then get Coinbase Commerce installed

Potential additional fees include currency conversion fees and withdrawal fees. Gateways are convenient if you don’t want to invest a lot of time or energy delving into the world of cryptocurrency. They also mitigate risk, as you are paid the market rate at the time of the transaction. If the value of the cryptocurrency decreases while the transaction is being verified, you won’t lose out.

Once we have processed the payment, we automatically exchange it if needed and send it directly to your personal wallet. Once your crypto-holding sends the digital money, PayPal credits your account with U.S. dollars. It’s a good idea to talk to your accountant or bookkeeper if you are thinking about accepting crypto. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. During the past few years, cryptocurrencies have exploded in popularity, with assets such as Bitcoin, Ethereum, Polkadot and Litecoin all growing sizably.

At one time, sending a cryptocurrency involved diving into the command line on your computer and programming a transaction. Now, the complex process of sending and receiving crypto is much more simple, very much like using an app to send or receive how to accept cryptocurrency money to and from your bank account. How you initiate the payment is specific to the application you choose, but generally speaking, here is how it works. PaymentCloud facilitates a custom account for business owners to accept crypto payments.

Start Everything that you need to know to start your own business. Find the best online stores to shop with your BTC, ETH, USDT, and many others. Crypto cuts out the middleman and lets merchants keep more of their profit margin.

Enable Bitcoin Payments on Your Checkout Process

Users often represent a more cutting-edge clientele that values transparency in their transactions. One recent study found that up to 40% of customers who pay with crypto are new customers of the company, and their purchase amounts are twice those of credit card users. Want to enjoy the benefits of accepting crypto, but aren’t sure where to start? We take a look at some of the factors to consider when choosing crypto payments provider. Bitcoin payment is an option that allows merchants to accept Bitcoin in exchange for their goods or services. Bitcoin is the first digital cryptocurrency, created in January 2009.

Another cryptocurrency processor that has been helping businesses manage crypto payments for years is GoCoin, which was founded in 2013. The service can help merchants accept Bitcoin, Bitcoin Cash, EOS, Ethereum, Dash and Litecoin payments. GoCoin offers a 1% transaction processing fee and works with most e-commerce services, including Magento, OpenCart, OSCommerce, Prestashop, Shopify, UberCart, WooCommerce and ZenCart. Cryptocurrency is still in its infancy, but the list of places you can use it to pay for goods and services is growing. Based on the method of payment and the payments company you work with, both your exposure and access to funds will change.

How to accept Bitcoin payments?

However, this platform is different from others in that they quote businesses individually about fees and plans. Anna is a retail expert writer for Fit Small Business, contributing to our POS and payments sections. She has evaluated dozens of software for small business owners. Her experience in business and finance led her to work for a US risk mitigation company in its regional Singapore office. She holds a degree in accountancy with a minor in financial management.

Additionally, traditional debit and credit cards have high processing fees and risks of chargebacks and identity theft. With crypto there are low processing fees that are charged to the sender. Accepting and transacting in crypto allows you to not only transact locally but also open up your products and services to anyone on the globe. Alternatively, you can decide to process your Bitcoin payments by yourself. If you choose to do so, then you won’t need an intermediary or have to pay them any fees. You also won’t need a bank account if you don’t want to convert the Bitcoin payment into fiat currency or want to sell it for cash in hand.

How much does it cost to accept cryptocurrency payments?

Bitcoin’s total market cap, for example, surpassed $1 trillion in February 2021. We power businesses in 180+ countries across nearly every industry and we support more than 30 currencies worldwide (+90% of world’s GDP). We proudly facilitate faster growth for global companies https://xcritical.com/ powered by blockchain. A crypto ATM is a stand-alone electronic kiosk that allows users to buy and sell cryptocurrency in exchange for cash. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions.

To convert to U.S. dollars, you’ll need to create a Coinbase Exchange account, transfer your crypto there and sell on the exchange. When a customer initiates a payment, Bitpay compares rates on multiple exchanges, uses the most competitive rate and does not charge a markup. The exchange rate presented to the customer is guaranteed for 15 minutes. The merchant can choose to receive the payment in crypto or in dollars.

Geekflare API

First, you should be aware of the tax implications, especially if you plan on holding on to any crypto you receive. If you choose to hold Bitcoin, you’ll be exposed to high price volatility. That could amount to significant losses for your business if you had to sell when the price was low.

Reach out to start a conversation, no matter where you are on your journey. Crypto is viewed by some as a critical part of the evolution of finance. When your company chooses to engage with crypto, that triggers changes across the organization, as well as changes in mindset. Crypto could enable access to new capital and liquidity pools through traditional investments that have been tokenized, as well as to new asset classes. If you’re interested in trying it out, please fill out the interest form and select “Accepting and paying out in crypto”.

What Are the Advantages of Paying With Bitcoin?

On the flip side, using a payment gateway in your cryptocurrency transaction introduces a third party, which by nature, crypto is meant to avoid. Transaction fees and markups are typically higher if you use a gateway versus a crypto wallet. While standard crypto transaction fees are around 1%, some gateways charge as high as 5% for currency conversion. The price of bitcoin is always changing and, historically, can be volatile. If you plan to accept bitcoin for your business, either plan for huge fluctuations in price value or plan to convert bitcoin payments to cash immediately when you receive them. Setting up bitcoin payments in your online store could be as simple as downloading a plug-in or app on your e-commerce platform.

• You first need to decide whether you want to receive your crypto payments as cryptocurrency or fiat money.
• Next, you will tick in the box above the button “Create account” to agree to provide privacy policy as well as Services Terms by Coinbase Commerce.
• Accepting crypto payments paints your business as forward-looking and innovative, improving your brand image.
• We take a look at some of the factors to consider when choosing crypto payments provider.
• You can pay with Bitcoin at such big companies as Newegg, Twitch, Shopify, Microsoft, and Dallas Mavericks.

Many online retailers and some brick-and-mortar stores accept payment in crypto through payment service gateways and providers. Newegg, Overstock, Starbucks, and Twitch are popular retailers. The easiest and best way to pay with cryptocurrency is to use your wallet, most of which are compatible with nearly all popular cryptocurrencies. Find the best cryptocurrency payment gateway for your business. Brick-and-mortar shops can now integrate their POS systems with NOWPayments to start accepting crypto for in-person transactions.

How to Pay with Cryptocurrency

Speak to an accountant so you understand the tax implications of accepting bitcoin or other cryptocurrencies, as regulations vary by state and country. Regulations may change how you plan to record bitcoin payments in your overall accounting systems. Choose which cryptocurrencies you’d like to accept – and how you’d like to get paid .

Discover the potentialof cryptocurrency and ecommerce

Accepting bitcoin and other crypto payments as a business owner can keep your business competitive, open your business up to more customers and potentially lower your payment processing fees. Accepting bitcoin payments will require paying fewer fees than credit card payments. However, there is a higher learning curve for accepting cryptocurrency, and it requires a bit of patience to set up. Bitcoin is a decentralized payment method, which means if there’s an error, you will not be able to call anyone to resolve it. There is a higher responsibility on the merchant, as opposed to a credit card processor, where you can get your questions answered by phone. If you’re among the enterprises left out of the crypto payments bracket, it’s probably time to start figuring out how to accept crypto payments to keep pace with the competition.