Having multiple types of online payment methods is essential for any online merchant to reach a wide customer base. Companies that expand to other countries must accept regional currencies for enabling simplified payment for new customers in those countries. In that regard, cryptocurrencies are the most viable options to include in the online payment methods. 

WooCommerce, an open-source eCommerce plugin, became popular for online merchants using WordPress. With many websites accepting cryptocurrencies like Dogecoin for online purchases, integrating crypto payment gateways into the WooCommerce platforms became essential. It not only provides multiple payment options but also attracts a new customer base who are willing to pay in terms of crypto. 

But, what are crypto payment gateways? And, how to set up a crypto payment gateway on WooCommerce? This article answers all your questions on adding crypto payment gateways on WooCommerce. 

Crypto Payment Gateways on WooCommerce

Crypto payment gateways enable online merchants and businesses to accept payments in terms of cryptocurrency. They act as an interface between WooCommerce merchants and the customers to process crypto payments. Some of the best crypto payment gateways include Coinbase Commerce, BitPay, Binance Pay, Now Payments, PayPal, CoinPayments, and DePay.

When businesses integrate crypto payment gateways, they can accept payments from virtually anywhere, at any time, irrespective of their location and regional currency. Additionally, WooCommerce is already a widely-used eCommerce plugin by online businesses and integrating crypto payment gateways further increase the adoption of WooCommerce businesses. Many crypto payment gateways are specifically designed for WooCommerce businesses to help them process crypto transactions.

Pros and Cons of Crypto Payment Gateways on WooCommerce

Using crypto payment gateways on WooCommerce platforms have many advantages like reaching a wider audience and proceeding transactions faster. However, they also have certain disadvantages like volatility and unclear regulations.

Pros

• WooCommerce businesses can easily set up crypto payment gateways as the plugin is open source
• Online merchants can reach a wide audience and attract a crypto-friendly customer base
• Businesses can stay ahead of the curve by leveraging advanced financial instruments like cryptocurrencies
• Crypto payment gateways can increase sales in the businesses and contribute to the overall revenue
• Customers can make cross border payments with low fees and faster transactions compared to traditional fiat currency payments

Cons

• Volatility of cryptocurrencies may cause price changes while making payments
• Some countries do not support cryptocurrencies due to their decentralized nature
• Crypto payment gateways are complex compared to traditional payment gateways
• The lack of regulation in the industry may pose risks to online merchants 

Step-by-Step process to Set up a Crypto Payment Gateway on WooCommerce

WooCommerce online businesses can integrate Coinbase Commerce using the Coinbase Commerce plugin, enabling them to accept crypto payment from customers easily. Let us look at the step by step process of setting up a crypto payment gateway on WooCommerce.  

• Go to your WordPress dashboard and choose “Add New” in the Plugins section
• Search for Coinbase Commerce payment gateway for WooCommerce and select the Coinbase Commerce plugin
• After clicking on “Install Now”, choose “Activate” option to activate the plugin
• Sign up for Coinbase Commerce and verify your email address
• Enable two-step verification for additional security for your seed phrase
• Go to WooCommerce, Settings, and Payments section in the WordPress administration area. 
• Find Coinbase and click on the “Manage” button on the right hand side, which takes you to the setting page, allowing you to configure the plugin for your store.
• The next step is adding API Key. In your Coinbase Commerce account, go to settings and security. 
• Click on the New API Key to create a key to connect your WooCommerce store to your Coinbase Commerce account. 
• Copy the API Key and paste the shared secret into the API Key field in your WordPress plugin settings.
• The final step is to create a Webhook subscription. For that, go to the Notifications tab in the Coinbase Commerce Settings and click on “Add an endpoint” and paste the URL within the plugin settings page and save. 
• Copy the shared secret and paste it into the Webhook Shared Secret field.

Congratulations, you can now accept crypto payments through Coinbase Commerce on your WooCommerce website!

Conclusion

Accepting crypto payments on WooCommerce is one of the best payment methods to improve business sales. One of the primary ways the payment gateways assist WooCommerce businesses is by reaching a wider audience. It is important to do your own research and find reputable crypto payment gateways to avoid potential risks in the future!

Frequently Asked Questions (FAQs)