Platforms such as WordPress, Joomla, and Drupal, have made starting an eCommerce operation easier than ever before. However, if your work involves collecting payments such as donations or online sales, creating a website is just one part of the process. You also need to develop a plan on how you will be accepting payments. However, no need to worry as this has been made easier using platforms such as WordPress. They allow you to accept payments using a myriad of payment gateways such as PayPal, 2checkout, and many others. These eCommerce payment gateways are the most widespread in use and trusted, but something always goes wrong with them. For instance, they aren't available everywhere, and some customers are reluctant when it comes to using their credit cards.
Here's where Bitcoin becomes of use. It is a cryptocurrency that is gaining reputation steadily as an alternative gateway of accepting payments online. If you are considering accepting Bitcoin on WordPress, then you are making the right choice. This article will help you discover what Bitcoin is, what makes it so important, and conclude by guiding you on how to accept bitcoin on WordPress.
What is Bitcoin?
If you are learning about this payment method today, it is understandable. After all, the number of Americans who owned or used Bitcoin by 2018 was approximately 1.5%. However, as years are passing more people are becoming aware of it and are using it to make payments online. Nonetheless, if you are not a beginner in Bitcoin, learning about the basics is cannot be a bad idea.
Bitcoin is a decentralized currency that doesn't involve any other parties, such as a middleman when completing a transaction.
How does it work?
Bitcoin is the premier cryptocurrency that was founded by Satoshi Nakamoto in 2009. The coins are generated through a method called ‘mining’. To start transferring or storing these coins, you must install a digital wallet app on your computer or mobile device. It allows you to send, receive, and store money. You do not need a bank for these transactions. However, in case you want to transfer the Bitcoins to your bank, you must change them into the desired currency. You can also trade these coins for other cryptocurrencies. Bitcoin is a game-changer when it comes to the way people conduct online businesses and is projected to gain even more demand in the future.
Why should you accept bitcoin on your WordPress?
This platform offers numerous benefits that make it a better option for your online transactions than other payments gateways. As a result, the use of bitcoin, though having lacked a good start at its inception, is growing very fast. Consumers, as well as merchants, are adopting it gracefully, thus making it an attractive choice. Here are some of the benefits of accepting Bitcoin on your WordPress;
- It is completely digital
Money is sent from one person to the other directly without any authority figure getting involved. A technology known as blockchain is used to regulate it, and thus the anonymity and security of the transaction are maintained.
- The security
Unlike others such as PayPal, consumers are not required to provide any private details while paying using bitcoin. As such, this makes it ideal for your clients, especially those who are doubtful about sharing their sensitive data on the internet.
- Easy to manage
In other modes of online payment, an eCommerce store owner constantly loses customers because of the inability to accept all existing credit cards. With bitcoin, however, this fear is eliminated. It can be used on all websites that accept it. Also, consumers are not worried if their credit card is compatible with your business or not. With their digital bitcoin wallet, making payments is quick and easy.
- Bitcoin has more economical charges
Compared to the common eCommerce payments methods, bitcoin transactions process at cheaper charges. There are some transactions with none at all. The exchanges are one person to the other, and charges from third parties which usually increase the transaction charges are non-existent.
- It's convenient
You don't have to wait to gain access to transferred funds. The funds are available to you immediately after a customer transfers it from their wallet. Furthermore, the payments received are irreversible.
- Fraud is kept at bay
Every bitcoin has extremely complex coding that reduces the chances of hacking and scams. In addition, as the transactions cannot be reversed, the risk of deceitful actors claiming refunds or chargebacks is eliminated.
- Bitcoin is very flexible
It can be accepted by anyone from anywhere in the globe. It doesn't matter if you have a credit card or a PayPal account. As long as you have a wallet, you can use it from any part of the world.
From the above, it is undeniable that bitcoin is something worth considering and integrating it on your WordPress site. How do you accept bitcoin on your WordPress? Keep reading to find out!
A step-by-step guide to accepting Bitcoin on WordPress
- Acquire a bitcoin wallet
It is the initial step, as it will works in the same way as a bank would, except that it deals with electronic cash. It is the software used for the safe storage of bitcoins obtained. Also, it permits you to transfer and acquire bitcoins. The wallets are of varying capacities and shapes. For this reason, you must select the one that is most suitable for your needs and install it on your computer or telephone. Adjust the settings to make sure it is set up in the right way. You can then proceed with the subsequent action.
- Sign up with a digital payment processor service
Doing this allows you to take payments securely through your WordPress website. The digital payment processor service automatically converts the bitcoins and deposits them to your connected account instantly. However, if you want them to stay in the bitcoin currency, the service usually saves the coins into your wallet.
There are many digital payment processor services available. Here is a list of the common ones you can choose to begin with;
It is the most successful bitcoin wallet and digital payment processor service. Not only does it support conversion but also exchanges and transfers to your bitcoin wallet or account. For you to use it, you must register for a Bitpay by choosing ‘a business account'. It enables you to sell products through your site and make bank transfers. When you are done registering, you can now commence accepting Bitcoin payment through your WordPress site. Bitpay is connected to multiple eCommerce platforms that accept bitcoin payments such as WooCommerce, Shopify, and Gravity Forms.
Apart from Bitcoin, this processor service can be used for many other cryptocurrencies including Litecoin and Ethereum. Similar to Bitpay, it allows conversions, exchanging, and transference of bitcoin to your bank account.
It is used as an alternative to Bitpay. Similar to Bitpay and Coinbase, it allows you to send funds from your WordPress site into your bank account or bitcoin wallet. It can also be used for over 45 other cryptocurrencies. However, Coingate doesn't have its own wallet services. Instead, it utilizes digital wallet electrum.
Install a WordPress plugin
By now you are savvy about creating a bitcoin wallet that fits your needs, and how to sign up for a digital payment processor service that is best for your site. The next thing you need to do is to install a bitcoin plugin that combines the service with your website. There are multiple ones that provide this service. They work the same way as the other payment gateways except you won't have to go through any authorized institutions. Take a look at some of the best plugins that will help you to successfully integrate bitcoin on your WordPress site;
Bitcoin for WooCommerce
This plugin is the most suitable option if you are using WooCommerce on your site and Bitpay as your payment processor service. All you will have to do is to sign up with your business account and then install the plugin onto your site. Use the directions provided to link your Bitpay Account with WooCommerce. You and your customers will receive a notification that your site accepts bitcoin payments.
Coingate for WooCommerce
Coingate has power over Bitpay because it enables you to receive payments in numerous cryptocurrencies, and not only Bitcoin. If you want to receive bitcoin payments on your WordPress through Coingate, it's a requirement that you install the Coingate for WooCommerce plugin. Sign up to commence and follow the guidance to link your WooCommerce store with your wallet. As soon as this process is done, you can get payments through Bitcoin as well as other online payments modes.
Easy digital downloads plugin
This plugin enables you to accept bitcoin payments on your WooCommerce site using Coinbase to process payments and sell digital products only. It is available for free in the WordPress repository. However, you must purchase the premium extension to integrate your online store with other payment gateways such as PayPal, Amazon, and Bitpay.
Digital paybox plugin
It is easy to install and allows you to accept bitcoin in exchange for online products. It supports varied payments gateways including Bitpay. If a customer wants to pay with Bitpay, this plugin provides a ‘paybox' where the customer specifically chooses this method as their preferred way. The customer then submits their mailing address. Once the transaction is completed, the customer immediately receives a link to the product they ordered.
GoUrl Bitcoin Payment Gateway
You might want to consider installing this plugin into your WordPress site if you want numerous options for accepted cryptocurrencies and plugins. It also works best if you want to monetize your website through membership on the site or paid content. You can price your products in numerous currencies. Also, you can sell a wide range of physical and digital products. It is secured, cost-effective, and easy to use.
Connect to a bank account
Should you start accepting Bitcoin payment on your WordPress site right away? Not so fast! There is one final step. You need to connect your company wallet with a bank account. Transactions that are completed using your website, are stored in your company wallet. It is a common practice that you would prefer having such bitcoin transferred to your standard bank account in the proper currency.
To do so, you need to connect your bitcoin wallet to your bank account. You can then set the percentage of bitcoins you want to be stored, and the remainder is converted to an acceptable form then deposited into your account.
There you go! A comprehensive guide on how to accept bitcoin payments on your WordPress site. Even though it will not be easy, it is worth every effort. It permits your customers to pay for online services from anywhere using the means of their choice. They enjoy a seamless experience while on your site. Since the number of people using bitcoin to make an online payment is growing faster than expected, it is high time you considered adding bitcoin to your WordPress account.
From the above, there are many types of wallets, plugins, and bitcoin processor services out there to choose. Ensure the option you pick is the right one for your needs, and testing until you find the right one is recommended. However, it is important to note that bitcoin has its own share of benefits, but it is also volatile. It should be used in addition to the already existing payment gateways. What are you waiting for? It's your turn now. Get started on this interesting payment option!