In recent years, cryptocurrency has swept the rug from under the feet of the financial and computational worlds. As decentralized finance becomes more popular, the scope, capabilities, and value of cryptocurrency see continuous expansion. This can be evidenced by the fact that in the year since the COVID-19 pandemic first hit, the value of the popular cryptocurrency Bitcoin increased from about $5000 to one Bitcoin to just over $32,000 in January of 2021.
The ever-increasing popularity of cryptocurrency means that decentralized finance and blockchain technology is being put to ever more innovative uses. One of the more recent innovations in the crypto sphere has been the addition of crypto payment options on many websites. The lead was first taken by big companies such as Microsoft, Norwegian Airways, Name Hero, and Hostinger.
The newfound capability of using cryptocurrency to make payments to vendors online is now fast becoming a trend in the world of e-commerce. Therefore it is no surprise if you want to add crypto payments to your website to give customers the option of paying for your product or service with cryptocurrency.
In this brief article, we will cover 4 popular ways that you can use to add crypto payments to your website. By the end, we are sure you will be able to jump on the bandwagon and add to your website the option of making payments using cryptocurrency.
CoinPayments is a payment processor for cryptocurrency that today is used by over 60,000 merchants all over the world to add crypto payments to their business websites. CoinPayments has its own dedicated crypto wallet to which the user can have their cryptocurrency sent directly. However, this is completely optional as you can even use any other crypto wallet in conjunction with CoinPayments.
The platform charges a 0.5% transaction fee on every payment made, which is a deal-breaker for many people. However, this fee is not nearly as high as some of the fees on other crypto transaction services. Moreover, one of the reasons why CoinPayments is so popular amongst merchants looking to add crypto payments to their website is the massive number of cryptocurrencies that the platform supports.
CoinPayments also comes with a handful of merchant-related tools which you can integrate into your website when adding crypto payments. This includes shopping cart plugins, invoice builders, and a variety of relevant buttons.
Coingate is an online platform that allows users to buy, sell, and manage cryptocurrencies. Moreover, Coingate allows users to trade in cryptocurrency and even accept payments from buyers in cryptocurrency.
In this regard, Coingate is a very interesting platform as it also provides the option of sending crypto bills. This will allow you to write up a bill for your product or service with the transaction amount listed in cryptocurrency. Buyers can then use the bill to send crypto to the vendor’s crypto wallet.
Like CoinPayments, Coingate also accepts a very large number of different cryptocurrencies with which you can make and receive payments.
3. Coinbase Commerce
Coinbase Commerce is a platform that is chiefly designed to allow vendors and merchants to accept payments for their services in cryptocurrency. This becomes even more evident when considering that Coinbase Commerce is a WordPress plugin, which can be used to add crypto payments to your website.
Coinbase Commerce integrates with WooCommerce and Shopify to allow users who have a Coinbase account to log in to their Coinbase account and use cryptocurrency to pay for various products and services. Coinbase Commerce is today one of the most popular ways of accepting payments for services in crypto, simply due to its ease of use when compared to other platforms that offer the exact same service.
As Coinbase Commerce acts as a WordPress plugin, you can add this plugin to your WordPress page and add crypto payments to your website. However, one of the chief downsides to using Coinbase Commerce for this service is that it requires you to have cryptocurrency on the Coinbase exchange rather than stored in a wallet. For those who are serious about using cryptocurrency to pay for services, this is usually a huge deal breaker.
Blockonomics is a decentralized platform that allows vendors and merchants to accept payments in cryptocurrency for their goods and services. Furthermore, just like Coinbase Commerce, Blockonomics is integrated with WooCommerce and serves as a WordPress plugin as well. In order to download this plugin, you can go to the WordPress plugin library and search for Blockonomics.
Blockonomics is fairly straightforward and simple to use and has recently gained popularity amongst e-commerce vendors due to its integration with Squarespace, Wix, Shopify, and PrestaShop. Further, you can use the Blockonomics plugin to create payment buttons on your WordPress business website.
One aspect of using Blockonomics that users should be aware of is that it charges a 1% transaction fee for every payment made using the Blockonomics platform. As many other platforms charge little to no transaction fees, this tends to be a deal-breaker for many merchants looking to add crypto payments to their websites.
All payments made by your buyers on Blockonomics will be sent directly to your cryptocurrency wallet. Conversely, you can simply use Blockonomics to convert your cryptocurrency into fiat currency via a service known as an uphold wallet.
Today, cryptocurrency seems to be the topic on everyone’s minds, as many people believe that the capabilities within cryptocurrency are only now beginning to be realized. The ability to pay vendors and merchants for their services using cryptocurrency is perhaps one of the latest innovative uses of this revolutionary technology.
Using the 4 online platforms discusses above, you can now add crypto payments to your website and sell your product or service directly in exchange for cryptocurrencies. While nobody knows for sure what the future of cryptocurrency holds, we can already see this new technology tearing apart the world of finances as we have known it for centuries.