How to Accept Cryptocurrency Payments with Coinbase Commerce for WooCommerce

Summary

Cryptocurrencies continue to gain popularity as a form of investment and online payment. According to Forbes, cryptocurrencies reached a market capitalization of $ 500 billion in 2021 which only makes it better as we go into the future. According to research, over 80% of 420 million cryptocurrency owners in 2023 use their assets to pay for goods and services online. Therefore, as a store owner, you should make a point to accept cryptocurrencies as a mode of payment on your online store.

Significance of Cryptocurrency for online payment

As more people get to understand how cryptocurrencies work, the more they accept them as a form of payment. According to Forbes research in 2022, 67% of the population trust cryptocurrency as a legitimate form of payment. As a store owner, this is a good chunk of your customer base that you can tap by accepting crypto on your e-commerce store.

Best plugin to accept cryptocurrency on your online store

The best WordPress plugin to use on your store to accept cryptocurrencies is Coinbase Commerce for WooCommerce. The plugin is great because it accepts a wide variety of cryptocurrencies, stablecoins, and tokens which only serves to widen your customer base. The plugin has additional features such as great customer support and easy navigation.

What is Coinbase Commerce for WooCommerce

Coinbase Commerce for WooCommerce is a WooCommerce payment gateway for cryptocurrencies. The plugin allows e-commerce store owners to start accepting different cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies and multiple stablecoins. Therefore, it increases your customer base and hence profitability. 

Who is using Coinbase Commerce for WooCommerce?

So far, over 2000 online businesses trust Coinbase Commerce for WooCommerce and this number is steadily growing. The trust in our plugin is a result of delivering on the promises made such as being user-friendly, affordability, and seamless integration with other payment methods in WooCommerce. The plugin is also simple to use which makes it easy for you to integrate with your WooCommerce and adjust.

Steps to set up Coinbase commerce for WooCommerce

I will give you a step-by-step guide on how to set up the Coinbase commerce for WooCommerce plugin and get started with accepting cryptocurrencies on your website.

1. On your WordPress menu bar, click on Plugins, then click on Add New. In the plugins search bar type, “Coinbase Commerce for WooCommerce.” then click enter. You will see various plugins, click on the one by SC Intelligencia.
2. Click Install, then Activate.
3. Head over to WooCommerce payment settings, then activate the Coinbase WooCommerce payment.
4. Configure the Coinbase Commerce for WooCommerce by adding the API key you received after purchasing and then activating it. 
5. Link your wallet so that you can receive the payments directly when made by the customers.
6. Now you are ready to accept cryptocurrencies from the customers that purchase from your WooCommerce store.

Which cryptocurrencies can I accept using Coinbase commerce for WooCommerce?

Coinbase Commerce for WooCommerce is one of the most comprehensive cryptocurrency payment gateways for WooCommerce on the WordPress platform. The gateway accepts over 200 cryptocurrencies, stablecoins, and tokens.

What are the features of Coinbase Commerce for WooCommerce Plugin

1. It allows multiple currencies such as Bitcoin, Ethereum, Dogecoin, and many other cryptocurrencies. It also allows your customers to pay in stablecoins such as USDC, Binance USD, and Gemini Dollar among other coins.
2. It displays the currency and coin icons on the checkout. Thus, your customers can be notified well in advance that they can use cryptocurrency to purchase from your store.
3. User friendly. The plugin is simple to set up and use. Thus, you do not require any technical know-how to use it.
4. Highly compatible. The plugin is easy to use with your other modes of payment. Thus, it gives you the flexibility to accept payments through multiple channels.
5. The plugin has great customer support. Depending on your license you will get consistent customer support. They reply within a short period of time and thus, you will get value for the time and money you spend on the plugin. 
6. Faster processing of payments. You will have your money in your wallet as soon as the customer completes the payment. Thus, you can easily transfer to other wallets or platforms easily.

How safe is Coinbase Commerce for WooCommerce?

It is important to have a safe platform to accept cryptocurrencies. Research shows that in 2022, 23% of the population was skeptical about cryptocurrencies because of security issues. Thus, it is important to use a platform that is safe. As a result, we developed Coinbase Commerce for WooCommerce which is a safe platform to facilitate your cryptocurrency payment. The plugin is verified by WordPress Security features. The plugin is constantly updated to meet the latest WordPress requirements. Also, you will link the plugin to your personal crypto wallet where you will receive your payments. Therefore, there is no need for a third party to hold your payments.

What are the advantages of accepting cryptocurrency payments using Coinbase Commerce for WooCommerce on your store? 

1. Expand your reach. Coinbase Commerce for WooCommerce is internationally acceptable and thus, customers can pay you from anywhere in the world. Also, since 80% of cryptocurrency owners prefer to use their assets to pay for products and services online, you will be able to serve a whole new segment of the customer base.
2. Grow your business and increase sales. When you make it easy for customers to pay with whichever cryptocurrency is available to them, you will reduce the bounce rate or cart abandonment and thus convert more customers. Thus, you will be able to grow and expand.
3. You will have a hybrid system of payment. Coinbase commerce for WooCommerce enables easier integration with traditional payment methods, thus, your e-commerce store will reach various customers.

Conclusion

Coinbase Commerce for WooCommerce is a reliable cryptocurrency payment gateway. It allows online store owners to accept multiple cryptocurrencies and stable coin payments from customers. The plugin allows customers from around the world to make payments easily and efficiently. In addition, it is a simple WordPress plugin that does not require complicated technical knowledge to install and use. Therefore, it is highly recommended for e-commerce store owners.