Cryptocurrency has recently been experiencing success in the mainstream market. It seems like everyone you talk to nowadays has some investments in the crypto world. Since Bitcoin’s inception in 2009, investors have begun converting their standard currencies (also called fiat currency) into crypto and experiencing benefits through its decentralization. While the benefits of crypto are enticing, one of the significant drawbacks that crypto users notice is the lack of ways to spend it without first converting to fiat currency. Business savvy companies have started implementing cryptocurrency gateways, which allow consumers to pay for products directly with crypto. If you currently own a small business run through WordPress, you can already accept crypto on WooCommerce.
But first, if you are new to crypto, let’s briefly discuss what cryptocurrency is and the benefits of using crypto as a form of payment.
What is crypto?
Cryptocurrencies are the first fully digital and decentralized alternative to traditional money. The decentralization makes crypto untouchable by any governmental authority. This, in turn, allows crypto to avoid any effects from national monetary policy that can cause inflation, deflation, or bank collapses. Freedom from banks and government entities is the main reason why Bitcoin (the original cryptocurrency) was first created. This cuts out the middleman and enables a cheaper and faster way to transfer capital.
Most people hold crypto as a form of investment, but there are many other cases that you can benefit from using crypto as a business.
Why accept crypto?
Let’s revisit the cryptocurrency gateway. These are important as they are what will allow your business to start accepting crypto as payment. If you are hesitant to begin receiving crypto because you have no desire to hold it yourself, the gateway makes it easy for you to convert your crypto back to fiat currency instantly.
You also can transfer whichever type of coin you receive to another one you prefer. For example, if you receive a Bitcoin payment but are more interested in holding Ethereum, you can also convert between coins. There are thousands of different currencies today, so this will come in handy. And yes, these transfers are instant, as is the case with all crypto transactions.
This is one of the significant advantages of using crypto as opposed to a standard bank. Transactions can take days through traditional institutions, and if your trades are international, this could extend to weeks. Not to mention these transfers are also far more costly through a bank. You are looking at a 2-4 percent transaction fee compared to the 0-.5 percent fees you can enjoy with crypto. These fees are also standard for all transfers and do not increase when making global transactions.
If these benefits sound worthwhile to you, then let’s look at how to get started.
Start accepting crypto on WooCommerce
If you are currently an online merchant using WordPress, you have access to WooCommerce, an open-source e-commerce plugin. The WooCommerce plugin is famous for its simplicity to install and customize. Even though WooCommerce has optional extensions that are paid and proprietary, it is a freeware product for users to enjoy. If you have an existing shop, you can install it using the WordPress admin. To do this, you need to log into your WordPress site and select plugins, which will give you the option to add a new plugin. Here you can search for WooCommerce and then select install. You now have access to WooCommerce.
WooCommerce has already begun integrating a method of accepting coin-based payments. Once you have equipped the WooCommerce plugin on your online store, you want to take the next step through the settings page. Here you will see the payment gateways tab, which will then allow you to select “enable CoinPayments.net,” where you will enter your Merchant ID and IPN Secret. Once you save the changes, you are all set up and ready to accept crypto payments in your online store.
Crypto payment gateways are still relatively new, so getting ahead of the game by setting one up will likely draw crypto users to your shop. People in the crypto world are eager to find new ways to use their unconverted coins, so even if you have no interest in crypto as an investment, it is a smart move to make your store a reliable place for people to spend their crypto. And you may find yourself gaining interest in diversifying your investment portfolio through the process.
There is no denying that cryptocurrencies aren’t going anywhere anytime soon, so don’t delay and become a part of the first wave of retailers to start accepting crypto.
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