What is a cryptocurrency payment gateway?

A cryptocurrency payment gateway is a digital currency processor that allows you to accept digital payments instantly into fiat currencies at an exchange rate.

What are the benefits of accepting cryptocurrencies on my WooCommerce Store?

When you decide to accept crypto payments on your WooCommerce website, you will be signing up for the following unique benefits;

1. Expand your customer base: According to NBC News, as of 2022, nearly 21% of American adults had cryptocurrencies of some kind. Therefore, this would be a section of the new customer base that you can tap into. The report further indicates that 80% of crypto owners pay for goods and services online using their currencies.
2. Reach new markets: With cryptocurrencies, you will be able to sell globally with minimum limitations. In addition, also cryptocurrencies have a standard price across countries and territories. Thus, you will increase sales and hence profitability.
3. More affordable than traditional payment processors: As a business owner, you are looking to increase your profitability. Most cryptocurrency gateways charge a minimum on your transactions.

What do I need to start accepting cryptocurrency on my website?

1. Understand your country’s regulations on crypto: Make sure that you are in a country where crypto is legal and can easily be processed. As of now, cryptocurrency is accepted in most world countries. However, a few countries such as Egypt, Ecuador, Qatar, Iraq, Colombia, and Bolivia have banned the use of cryptocurrencies. Therefore, ensure first that customers in your market can pay using digital currencies and you can receive your payment.
2. Set up a crypto wallet: A crypto wallet is like a bank account for your cryptocurrencies. It is where you store your currencies and where you receive them. On the other hand, a cryptocurrency payment gateway is an avenue to process your payment. There are various wallets such as Coinbase which is one of the safest cryptocurrency wallets in the world and will keep your payments safe.
3. Download the best payment gateway. In this instance, I will recommend Coinbase Commerce for WooCommerce or NOWPayments for WooCommerce which are fully tested and are trusted to process your crypto payments. 
4. Link it with your WooCommerce to start accepting payments.

Getting Started: Preparing Your WooCommerce Store

To integrate the Cryptocurrency payment gateway into your WooCommerce, do the following:

1. Ensure compatibility: Your WooCommerce plugin and WordPress system should be up to date with the latest version. Compatibility ensures that no errors arise that might affect the integration process with the gateway.
2. Select the best cryptocurrency payment gateway for WooCommerce: I will suggest that you get the Coinbase Commerce for WooCommerce or the NOWPayments for WooCommerce, developed and tested by yours truly. I will explain the two plugins further below in the article, just hold on.
3. Set up your cryptocurrency wallet to start accepting payments. Ensure that you have a crypto wallet with your trusted provider so that you can receive the payments.

Selecting the Best Cryptocurrency Payment Gateway for WooCommerce

I have analyzed two best cryptocurrency payment gateways for WooCommerce:

NOWPayments for WooCommerce

This is a great crypto payment gateway by Coderpress that is very comprehensive as it allows over 200 cryptocurrencies, stablecoins, and tokens. 

Features of NOWPayments for WooCommerce

1. Accepts multiple cryptocurrencies. Using this gateway, you can accept over 200 cryptocurrencies. The currencies include Bitcoin, Ethereum, Dogecoin, Litecoin, and so many others. This allows gives you an opportunity as an entrepreneur to reach a large pool of customers which increases sales and profitability.
2. It is global. You can receive payments from different countries and territories around the world.
3. The lowest rates. NOWPayments for WooCommerce has the cheapest exchange rates in the market. For every transaction, you are only charged 0.5% which ensures your profitability.
4. Great customer support: The Coderpress team has 24/7 customer support where in case of any issues you can get the support you need on time. The support is direct and simple.
5. Get block support: The plugin is designed to offer great WooCommerce checkout support with unique designs.
6. Withdraw money directly to your bank account: Most plugins will need you to hold your balance in a third-party wallet. However, NOWPayments for WooCommerce allows you to directly withdraw your money to your bank account.

Coinbase Commerce for WooCommerce

This is another great cryptocurrency gateway for WooCommerce. It gives you great flexibility when accepting cryptocurrencies on WooCommerce.

Features of Coinbase Commerce for WooCommerce

1. Allows multiple cryptocurrencies: With Coinbase Commerce for WooCommerce, you have the option of accepting multiple cryptocurrencies from customers around the world.
2. Seamless integration: Coinbase Commerce is smooth when integrating with WooCommerce. Therefore, you do not require any technical knowledge to set it up.
3. Cheaper rates: You can set CoinbaseCommerce for WooCommerce for free and then later purchase the license which then you can integrate into WooCommerce to start accepting funds
4. Great customer support: You are sure that in case of any issue, you will get the required customer service any day of the week.

Configuring WooCommerce

1. Make sure the cryptocurrency payment gateway either Coinbase Commerce for WooCommerce or NOWPayments for WooCommerce is installed and activated.
2. In the gateway’s settings configure it by allowing such settings as notifications, security keys, and secret keys among others.
3. Activate your gateway in the WooCommerce Payment settings. Coinbase Commerce for WooCommerce and NOWPayments for WooCommerce work effectively with other payments that process fiat currencies.
4. Put it on the right page. It can be the products page or the checkout page.
5. Finally, you can now receive payments in cryptocurrencies and stablecoins.

Summary

Cryptocurrency continues to make the world of e-commerce easier and more affordable.  About 20.8% of all retail purchases are paid for online. The e-commerce market is expected to reach $8.1 trillion in 2023. The growth is projected to be a result of other things the growing popularity of cryptocurrencies. Therefore, as an online retailer you need to have a mechanism that allows cryptocurrency payments.