In this video tutorial, you’ll learn how to quickly set up Coinbase Commerce with your WordPress and WooCommerce website so that you can accept Bitcoin and other forms of Crypto as payment for your products and services.
One of the questions I get asked a lot regarding my online course website and payment setup is how I integrate Coinbase Commerce into WordPress. The process is relatively easy to do and I’ll show you in the video below.
Is accepting Crypo as a form of online payment benefical?
Accepting cryptocurrency payments on your website can offer several benefits, which may make it a compelling option depending on your business and target audience.
Selling digital products, for example, then accepting Crypto may be a viable option for your customers. In any case, here are some other credible reasons why you might consider accepting crypto payments:
- Global Accessibility: This one is a pretty big deal. Cryptocurrencies are borderless and can be accessed and used by people worldwide. This can help you tap into international markets and reach customers who prefer using crypto rather than other conventional payment methods.
- Lower Transaction Fees: Cryptocurrency transactions often have lower processing fees compared to traditional payment methods like credit cards or bank transfers. This can save you money on transaction fees for your business, especially for cross-border transactions.
- Reduced Fraud Risk: Cryptocurrencies are digital and utilize strong cryptography, making them more secure and less prone to fraud chargebacks compared to credit card payments.
- Faster Settlement: Cryptocurrency transactions can settle much faster than traditional payment methods. This can be especially advantageous for your businesses if you need quick access to your funds.
- Financial Inclusion: Accepting crypto payments can help you serve customers who may not have access to traditional banking services. This can be particularly relevant in regions with underdeveloped banking infrastructure.
- Privacy: Some cryptocurrencies offer a degree of privacy for users. This may be appealing to customers who value their privacy and want to keep their financial transactions discreet.
- Innovative Image: Accepting cryptocurrency can position your business as forward-thinking and technologically advanced, potentially attracting tech-savvy customers.
- Diversification: Adding cryptocurrency as a payment option can diversify your revenue streams and hedge against fluctuations in traditional currency values.
- Reduced Forex Hassles: If you operate in multiple countries, accepting cryptocurrency can simplify cross-border transactions by eliminating currency conversion costs and exchange rate fluctuations.
- Blockchain Benefits: Blockchain technology, which underlies cryptocurrencies, provides transparency and can be used for various applications like supply chain tracking or customer verification.
- Community Building: Some cryptocurrency communities are passionate and loyal. By accepting their preferred digital currencies, you can build goodwill and foster customer loyalty.
- Market Opportunities: The cryptocurrency market is continually growing. By accepting crypto payments, you can tap into this expanding customer base.
So these are just some of the benefits of accpeting Crypto as a form of payment on your website. However, it’s important to note that accepting any cryptocurrency also comes with its own set of challenges and considerations. These include things like:
- Volatility: Cryptocurrency prices are highly volatile, which can lead to uncertainty in the value of payments received.
- Regulatory Compliance: The regulatory environment for cryptocurrencies varies from one jurisdiction to another. You should ensure that you comply with any relevant laws and regulations.
- Technical Integration: You need to invest in integrating a payment gateway that supports cryptocurrencies, which may involve some development work.
- Education: Both you and your customers may need education on how to use cryptocurrencies effectively and securely.
- Security: Crypto payments require robust security measures to protect against hacking and theft.
So, before implementing cryptocurrency payments on your website, it’s crucial to research and assess the specific needs and preferences of your target audience and evaluate how it aligns with your business model. If it makes sense for your business, you can gradually incorporate it as one of the payment options on your website. Which brings us back to this tutorial –
Coinbase Commerce: Getting set up!
Before you can start, you’ll need to have the following things already set up –
- Installed WooCommerce in your WordPress site and have products available to sell
- Installed the official Coinbase Commerce plugin (Find it here)
- Have a Coinbase Commerce account (Click here to sign up)
Now, let’s get started!
You can continue this tutorial by watching the video below.