With digital currency growing in popularity, accepting bitcoin payments on your WordPress store can be quite beneficial for your business. With global acceptance and cutting-edge technology, bitcoin is not only a great way to attract new customers but also reduce business costs.
Accepting bitcoin payments on WordPress is an easy and straightforward process thanks to the many services that allow for a user-friendly experience that can get you started in no time.
In this article, we will discuss the many benefits of accepting Bitcoin payments, the things you will be needing, and one of the top WordPress plugins that allow you to accept BTC.
Benefits of Accepting Bitcoin Payments
There are many benefits to accepting Bitcoin payments on your WordPress store. Here are a few of the most important ones:
- Increased customer base: Bitcoin is a global currency with an increasing user base, so accepting it on your eStore can boost sales as you get to tap into a wider customer base.
- Lower transaction fees: The transaction fees involved with bitcoin is typically much lower than credit card fees. Plus you save up on bank fees for cross-border transactions, and currency conversion. This can save you money and you can pass those savings on to your customers or use it to grow your business.
- Faster payments: Bitcoin payments are processed much faster than credit card payments. Fiat transactions typically take 5-7 days to settle and even longer if they are cross-border, while BTC payments can be settled in as little as 10 minutes. This can help you improve your customer satisfaction and reduce your payment processing time.
- Secure payments: Blockchain is one of the most secure ways to transact in the current fintech ecosystem. And it is no surprise that many fiat institutions are looking to implement this technology into their systems. With bitcoin, no personal information is collected and all transactions can be validated on the blockchain.
- No chargebacks: Bitcoin transactions are irreversible, which means that you are less likely to be charged back by fraudulent customers.
Things You Need to Accept Bitcoin Payments
In order to accept Bitcoin payments on your WordPress store, you will essentially need only two things:
Bitcoin Wallet
A Bitcoin wallet is an application that allows you to store, send and receive Bitcoin. Similar to a fiat bank account, a bitcoin wallet is your personal/business account you use to transact using BTC.
There are numerous options available in the market today. Some of the top wallets include:
- Trezor [Hardware]
- Electrum [Desktop]
- MyCelium [Mobile]
Security-wise, choosing a hardware wallet is the way to go, but you would need to purchase these wallets as they come with dedicated hardware.
Since you are the sole owner of your wallet, its security is solely your responsibility. So do make sure that you follow some safety practices to keep your bitcoin safe.
Bitcoin Payment Processor
Bitcoin payment processor is a third-party service that allows you to accept Bitcoin payments on your website. There are multiple options in the market that you can choose from each offering varied features and services to fit the needs of your business.
As an eCommerce merchant, it is vital to choose the right payment gateway for your business and when it comes to choosing the best bitcoin payment plugin there are a few functionalities that you must look for:
- Direct-to-wallet: The payments should come directly to your bitcoin wallet, giving you complete control of the funds that you receive.
- No KYC/AML: If you value privacy, choose a service that does not ask you to undergo ID checks.
- Low Fees
- Easy integration: Ideally, a dedicated WordPress plugin that can easily integrate with your online store.
- Secure and Safeguarded transaction
- Excellent customer support
Accept Bitcoin Payments using Blockonomics
Blockonomics, one of the leading bitcoin payment gateway has made quite a name for its decentralized nature and easy integration, and it pretty much checks all the boxes mentioned above. They provide a dedicated WordPress plugin that can be integrated with your eStore in a matter of minutes.
One savvy feature that stands out with this plugin is that the entire checkout experience happens within your website and there are redirects to external pages, making the checkout more secure.
Blockonomics charges a flat rate of 1% per transaction with the first 20 transactions free. This makes it an affordable option for businesses and individuals who are looking to accept bitcoin payments without incurring high transaction fees.
Conclusion
Accepting Bitcoin payments on your WordPress store can be a great way to attract new customers and increase your sales. With the growing popularity of cryptocurrency, you are not only future-proofing your business but also partaking in the decentralized finance revolution.
You enjoy low transaction fees, secure and faster payments, global acceptance, and complete control of your funds with bitcoin. And the best part is that you can get started in a matter of minutes, all you need is a bitcoin wallet and payment plugin.
Blocknomics WordPress plugin is a great option if you are looking for a secure, fast, and affordable way to accept Bitcoin payments. The installation takes minutes and you have a 24X7 dedicated support channel to assist in any way possible.
