How to Accept Cryptocurrency Payments on Your WordPress Website
The crypto market is evolving each day. Using Bitcoin to purchase products and services would have been absurd a few years ago. Additionally, most Altcoins are used today in addition to Bitcoin as a form of payment. Many companies like Microsoft and HomeDepot already accept $BTC, $LTC, and others.
While no one knows the future of cryptocurrencies, you might want to consider accepting Bitcoin on your website. This post will break down how to accept crypto payments with WooCommerce.
Why Should You Choose Cryptocurrency Payment in Your Woocommerce Store
WooCommerce is a WordPress-based, open-source eCommerce platform. It allows you to receive and manage payments. It has functions that enable you to track cash flow and control recurring revenue straight from your store's website for free.
The easy-to-use website allows merchants to receive credit/debit card payments and cryptocurrencies. So, you can cater to the needs of your clients who are crypto enthusiasts easily. The Crypto payment option in your WooCommerce store has its perks, which are:
- expanded clientele and higher sales;
- rapid transaction and low fees attached to the payment;
- your clients' convenience;
- defense against fraud.
What Are the Benefits to Accepting Bitcoin Payments?
The benefits of adopting Bitcoin as a form of payment outweigh its drawbacks. Crypto use to buy goods and services is not widespread, and the crypto market is volatile. But outside these, crypto payment options open a path for clients from the space to patronize your business. Other benefits include:
- Transaction speed - Most crypto transactions can be completed within minutes of confirmation. This is different from traditional institutions, which may take up to 3-5 business days for confirmation.
- Low transaction fees - Businesses can increase their profit margins and gain from decreased processing fees when accepting crypto payments. Interestingly, cryptocurrency transaction fees are lower than credit and debit cards.
Cryptocurrency transaction fees are often less than 1%, compared to credit card or debit card fees, which typically range from 2% to 3%.
- Borderless transactions - Anyone can quickly send and receive cryptocurrencies worldwide thanks to the global nature of Bitcoin and other cryptocurrencies. As long as they have access to the Internet and a reliable cryptocurrency platform, your consumers can make purchases wherever they may be.
You can expand your consumer base and improve profitability through cross-border payment options.
- Security - Due to decentralization, crypto payment is secure without central interference. Information is encrypted using cryptography, hence the name cryptocurrency.
You are given 2 keys that contain a string of numbers and letters: Private and Public Keys. The Private Key is your secret key – password-like; it is not to be given out and must be stored safely. The Public Key is like your email address and can be given out. Once you follow these instructions, your funds will stay secure in your crypto wallet.
Easier Solution: Install a WordPress Plugin for Bitcoin Payments
Hashbon does not have a plugin. You need to add your payment link, which will be broken down later in this post. The payment link directs your customers to the proper channels to make payments.
How to Accept WordPress Crypto Payments Without a Plugin
1. Create a Bitcoin Wallet
You need to create a crypto wallet on a crypto platform. This wallet will enable you: to buy, sell, exchange, and store your crypto assets. This is the most important step. It is also what you connect to accept the payment from your customers.
2. Sign Up With a Crypto Payment Processor Service
You need to sign up with a trusted payment service. Hashbon allows individuals to exchange crypto and merchants to accept crypto payments.
The simple-to-use interface allows you to easily navigate the website to start taking crypto on your WordPress website.
3. Configure Hashbon API
After creating a merchant account with Hashbon, you need to configure the API. Hashbon is a payment gateway that enables merchants to accept cryptocurrency as payment. It supports over 30 cryptocurrencies, including $BTC, $LTC, $ETH, and $DASH. Its API integration will deliver essential data when clients require it and alternatives based on their cryptocurrency of choice. It also gives each payment its unique identifier.
It should also have the following:
- Shop name - This is what your customers will see on an invoice.
- Website of your shop - Your consumers will see a link to your shop in an invoice.
- Success URL - The URL to which the user will be redirected after making a successful payment.
- Error URL - The URL to which the user will be redirected if a payment error occurs.
4. Create a New Payment Link
This approach is appropriate if you require a simple and quick payment integration. You must create a special URL and give it to your clients to create an invoice for payment.
The link you make must include the following parameters:
- shopId - Unique shop ID e.g shopId=214. You are required to fill this part.
- shopInvoiceId - The store’s unique invoice ID e.g shopInvoiceId=625kh34gm. This part is optional.
- Amount - Payment amount e.g amount=50. It is compulsory to fill out this part.
- invoiceCurrency - It is the currency of the invoice. It is EUR by default, but you can choose USD or any other currency, depending on your location. It is an optional section.
- receiveCurrency - What will be credited to the merchant's account in that currency, e.g., EURT. You can choose other options, and it is not a mandatory field to fill.
After these, you will receive a payment link that should look like this:
5. Choose Currency Options
There are various currency options.
- The order is a request for a customer to pay a specified amount. The amount could be 50 USD or 25 EUR. This depends on your location or target audience.
- Payment options for cryptocurrency depend on the customer. The payment is a way to pay for the goods or services at the checkout. When it is time to purchase the goods, customers pay. An order is a request for a customer to pay a specified equivalent price of your product in crypto.
6. Add Payment Link or Button to WordPress
After getting the above link, integrate it with the WooCommerce website. You need your API keys to help integrate: publishable and secret keys.
7. View Payments in Your Account
You can check the history of the transactions made as the payment enters your account. Just click on the ‘Transactions,’ ‘History of transactions,’ and others to view the payment actions.
8. You’re All Set! Start Accepting Payments
It is straightforward to use Hashbon to receive payment as a merchant. Adopting crypto is an easy way to make money from a new source. It allows gaining the profit you would be missing if you do not have crypto as a payment option.
Know that crypto acceptance is not compulsory but quite innovative. It gives your brand an edge over competitors who do not accept crypto. But you need to research the coin you wish to accept crypto payments on WordPress; you need to research the project extensively.
Frequently Asked Questions
- Can you accept Bitcoin on WordPress?
Yes, you can accept $BTC on WordPress with the help of WooCommerce and Hashbon.