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Of course before you start accepting Bitcoin on your WordPress site, you should read this introduction to Bitcoin , which discusses the many advantages and risks of accepting cryptocurrencies for your business.
Although Bitcoin carries significant risks due to it being volatile, most Bitcoin payment gateways allow you to convert Bitcoin to your native currency instantly. This ensures that if Bitcoin were to take a dive in value, your gateway would automatically adjust the Bitcoin price to equal what you would get if the user paid with a traditional currency.
Most leading Bitcoin gateways function as a traditional merchant account allowing you to process Bitcoin transactions just like you would a credit card. The process is fairly straightforward and requires virtually no additional technical expertise on your end.
As one of the biggest names in the Bitcoin payment industry, BitPay has been used by many large companies including Automattic, the group behind WordPress. BitPay also offers a versatile platform with over 30 integrations readily available to developers. Most notably WordPress and WooCommerce support are offered, however if you need to link the gateway into custom platforms, a variety of programming languages are also supported. BitPay starts their pricing with a free plan that supports unlimited processing volume, daily bank transfers and instant conversions.
Similar to BitPay, Coinbase is another major player in the Bitcoin payment space. By offering a wallet and conversion service, consumers can store their Bitcoin on the Coinbase platform while merchants can use the system to accept Bitcoin as payment from their customers.
The advantage of this, however, is that you can put the shortcode into a sidebar widget, allowing it to serve as a tip jar for your blog. The shortcode is also a good fit for companies where you have a custom landing page and you want the payment button to integrate well with your design.
Additionally funds only take days to transfer to a bank account. Although this article is specifically focused around Bitcoin due to its popularity, if you need support beyond Bitcoin such as support for Dogecoin and Litecoin, GoCoin is the solution for you. One of the most notable limitations for WordPress users is that GoCoin integration requires WooCommerce to be installed on your site.
While other non-WordPress gateways are supported, if you are looking for an all in one solution for your WordPress site, you will have to stick with WooCommerce. As mentioned at the start of this article, Bitcoin and other cryptocurrencies have a long way to go before they hit mass adoption.
If your business caters to international markets or often faces threats of chargebacks, then these gateways are worth looking into. Accepting Bitcoin Payments with WordPress. Why Use a Bitcoin Gateway? Charles Costa is a content strategist and product marketer based out of Silicon Valley. Feel free to learn more at CharlesCosta.