Most ecommerce vendors accept some combination of PayPal and credit cards, but Bitcoin has become an alternative and reliable form of payment. Accepting Bitcoin in addition to more traditional platforms offers a number of advantages to any online store.
This article will cover everything ecommerce brands need to know about some of the top Bitcoin WordPress plugins. Bitcoin and other cryptocurrencies have become a highly relevant source of revenue, so businesses that limit themselves to conventional payment methods will continue to lose more and more customers over time.
While PayPal is compatible with 25 fiat currencies worldwide, it doesn’t currently offer any support for cryptocurrencies. With that in mind, you’ll need to implement a separate WordPress plugin in order to receive Bitcoin, Bitcoin Cash, Litecoin, Ethereum, or other cryptocurrencies.
Recurring billing is not supported yet by Bitcoin, so PayPal may still be the default choice for subscription payments. Furthermore, a few allow users to accept payments from even more countries than PayPal, which can be particularly helpful for vendors that sell digital products.
In addition to the flexibility mentioned above, Bitcoin plugins lead to more convenient payments for both vendors and customers.
First, you’ll have immediate access to all incoming funds rather than waiting two or three days for a PayPal transfer. It’s also important to see if certain plugins enable on-form payments, instead of requiring customers to complete the transaction by sending them to a separate website (then eventually returning back).
While liquidity used to be a significant concern for Bitcoin and other cryptocurrencies, Blockonomics, BitPay, Coingate, BTCPay, and other platforms now support cash conversions. These services have made Bitcoin far more efficient for ecommerce businesses.
Trust and Transparency
With security becoming increasingly important for consumers, it’s critical for online vendors to use transparent practices and prioritize user privacy. Blockchain encryption provides decentralized security, preventing any individual node from compromising data integrity. It’s important to note that certain Bitcoin payment gateways retain control over your revenue (custodial), while other gateways allow you to retain 100% control of your cryptocurrency after a customer makes a payment (non-custodial).
Different Bitcoin plugins have their own document requirements for new users. Like PayPal, BitPay, and Coingate ask for KYC documents. While Blockonomics and BTCPay don’t require any documentation, GoURL uses the 100 point system. It’s worth considering, especially if you operate in a high risk industry.
A merchant’s G2 score provides valuable insight into its reputation. PayPal currently has a much greater number of reviews than any Bitcoin provider, but that gap will continue to narrow as cryptocurrencies become more popular.
Costs and Fees
Finally, Bitcoin plugins offer substantially lower fees than PayPal and other payment methods. This can help you reduce overhead and adopt more competitive pricing without hurting margins.
PayPal currently charges a transaction fee of 2.9% plus 30 cents — one of the highest in the industry — along with $20 per chargeback. Most ecommerce businesses simply can’t afford to lose 2.9% of every sale.
Neither Coinbase Commerce nor BTCPay have any transaction fees, and Blockonomics, BitPay, and Coingate are all at or below one percent. Similarly, in contrast to PayPal, none of these providers support chargebacks. Bitcoin’s efficiency and reliability lead to much cheaper transactions, and even small fees can add up to a lot of money for online vendors that accept a large volume of payments.
PayPal and similar payment platforms aren’t going away anytime soon, but Bitcoin and other cryptocurrencies are clearly taking on a larger role both within and outside of ecommerce. These are just a few of the key benefits of Bitcoin WordPress plugins for ecommerce businesses.
If you are new to Bitcoin, currently run an e-commerce store and considering enabling Bitcoin as your newest payment method, we would highly recommend Blockonomics, BTCPay, and Coinbase Commerce. These three payment gateways allow you the lowest fees, great customer support, and minimal impact to your existing checkout experience.