Best cryptocurrency payment gateway for woocommerce

In recent years, cryptocurrency has gained popularity as a secure and convenient medium of exchange, thanks to technological advancements. For online store owners, integrating a cryptocurrency payment gateway for WooCommerce can enhance security measures and expand customer reach significantly.

So, what exactly is a cryptocurrency payment gateway, why is it so attractive, and which are some of the top cryptocurrency payment gateway for WooCommerce options available? This article will delve deeper into these questions.

What is cryptocurrency?

You may have come across the term cryptocurrency quite frequently in recent years. So, what exactly is cryptocurrency? It is a digital form of currency that operates through a decentralized system known as blockchain. Bitcoin, which was introduced in 2008, was the first-ever cryptocurrency created and remains the most widely used one globally, followed by Ethereum, USDT, and USDC.

A cryptocurrency payment gateway simplifies the payment process for both customers and merchants.

To store cryptocurrency, you will need to utilize a wallet and an exchange like Binance, Bittrex, KuCoin, or other popular wallets such as MetaMask and Exodus.

Why use a cryptocurrency payment gateway for WooCommerce?

After covering the fundamental information about cryptocurrency, why should you consider using it as a payment option for your WooCommerce business? The reason is that there are numerous advantages to accepting cryptocurrency as a payment method compared to traditional methods like credit cards or cash.

Cryptocurrency is increasingly being embraced as a payment option. In 2021, approximately 15,174 businesses globally accepted bitcoin as a form of payment, and this number is projected to increase each year. Cryptocurrency offers various benefits when compared to other payment methods.

Cryptocurrency Payment Gateway for WooCommerce Benefits

• Security: Security has always been a major concern for customers and store owners during transactions. Recently, credit cards have been seen as risky due to data breaches and fraud. Cash on delivery has its own issues like availability, needing cash for drivers, and disputes upon delivery. Cryptocurrency, powered by blockchain technology, offers a secure payment option that protects customer privacy, reduces chargeback risks for stores, and is less vulnerable to data breaches.
• Convenience: Cryptocurrency is widely accepted by big brands and processes transactions in seconds, making it a highly convenient payment method.
• Global Reach: Cryptocurrency is a universal payment option unaffected by currency differences. With over 300 million crypto users worldwide, integrating a cryptocurrency payment gateway for WooCommerce can expand your customer base significantly.
• Low Fees: Cryptocurrency transactions have minimal fees compared to credit cards and other payment methods.

Cryptocurrency payment gateways offer numerous advantages for store owners, opening up new opportunities for growth.

Best Cryptocurrency Payment Gateway for WooCommerce

Cryptocurrency risks to be considered

While cryptocurrency offers numerous advantages and should be included as a primary payment option on your WooCommerce store, it is important to be mindful of certain drawbacks when utilizing a cryptocurrency payment gateway for WooCommerce:

• Price volatility
• Absence of intrinsic value
• Tax complications and intricacies
• Irreversible transactions

Although the benefits of accepting cryptocurrency outweigh the disadvantages, it is wise to have alternative payment methods available on your WooCommerce store to mitigate any potential risks associated with this form of payment.

How to select a cryptocurrency payment gateway for WooCommerce

If you have reached this point in the article, you probably understand the benefits of incorporating a cryptocurrency payment gateway for WooCommerce to enhance your business. So, what factors should you take into account when choosing the right payment gateway for your online store? Here are some key considerations:

• Payout timing: Different crypto payment gateways have varying payout schedules, so it's important to note when you can expect payouts from the gateway you're considering. While some offer instant settlements, most have a delay of 12-24 hours.
• Security: Not all payment gateways offer the same level of security. When selecting a payment plugin, ensure it prioritizes security and complies with regulations and policies. Review the data collection practices and storage methods as well.
• UX/UI: The user interface and overall experience of the payment gateway matter for both you and your customers. Test a demo to evaluate the web and mobile interfaces for ease of use and smooth transactions.
• Transaction fees: Although cryptocurrency payment gateways for WooCommerce typically have low fees, it's essential to understand their pricing structure, including transaction charges and withdrawal fees that may not be explicitly mentioned.
• Third-party Integration: As your business expands, you'll require additional tools to manage transactions. Ensure that the chosen payment gateway can easily integrate with add-ons to support future needs.

Cryptocurrency Payment Gateway for WooCommerce.

Top cryptocurrency payment gateway for WooCommerce

There are numerous cryptocurrency payment gateways/plugins available for your WooCommerce store. Here are the top 5 options that we have thoroughly evaluated and chosen to assist you in selecting the right plugin for your needs.

XAIGATE

XAIGATE is a secure and user-friendly cryptocurrency payment gateway for WooCommerce that offers numerous advantages to store owners worldwide. Some of the key features of XAIGATE include:

• Competitive fees for processing cryptocurrency transactions, which are lower compared to other payment gateways.
• No monthly charges
• Simple setup process: XAIGATE can be easily integrated into your WooCommerce store with its intuitive user interface.
• Invoice services available: XAIGATE helps clients in requesting and processing payments through their blockchain API.
• Acceptance of crypto payments from customers globally.
• Explore our global payment capabilities further: The Ultimate Crypto Payment Gateway for Global Sales
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• Emphasis on security: Security is a top priority for us, ensuring peace of mind when using XAIGATE as your cryptocurrency payment gateway for WooCommerce stores.

Coingate

Coingate is a highly popular cryptocurrency payment gateway for WooCommerce that provides a range of attractive features for both merchants and customers.

• It supports over 70 cryptocurrencies and operates in more than 100 countries worldwide.
• Users have the flexibility to choose how they want to receive their payments: keep the collected cryptocurrency, convert it to fiat currency, or switch to another digital currency.
• The open-source software is freely available on the WordPress plugin repository.
• Various payment collection tools are offered, including payment buttons, web-based POS systems, API connections, and third-party plugins.
• A flat fee of 1% applies to all payment buttons, plugins, web PoS systems, APIs, and billing services.
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• NOWPayments
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NOWPayments is a popular plugin for WooCommerce stores that enables the acceptance of cryptocurrency payments. It offers various features such as supporting over 160 cryptocurrencies, instant payouts, low transaction fees starting at 0.5%, round-the-clock customer support with a dedicated account manager, and the option to upgrade to a pro version for more advanced features and add-ons.

Coinbase Commerce

Coinbase is a highly popular cryptocurrency payment gateway in today's market, providing customers and merchants with a quick, dependable, and secure way to exchange currencies. Some key benefits of Coinbase include:

• Acceptance of various cryptocurrencies like Bitcoin, Bitcoin Cash, DAI, Ethereum, USD Coin, and Tether USD.
• User-friendly setup panel: easily enable or disable the payment method within your WooCommerce settings.
• Integration with Coinbase wallet: allows you to store crypto or convert it to cash.
• Low transaction fees
• Additional advanced features are available for an extra cost.

CryptoCloud

CryptoCloud provides store owners with a plugin that can be easily and smoothly integrated into their WooCommerce store. Some of the key features include:

• Acceptance of various cryptocurrencies such as USDT, Ethereum, Litecoin, and USDC.
• Minimal transaction fees
• Customizable checkout page to suit your preferences
• Responsive customer support team

Integrating a cryptocurrency payment gateway for WooCommerce is a strategic move to enhance your online business and attract new customers to your store. At CryptoCloud, we are dedicated to offering top-notch customer support to ensure a seamless and secure integration of our payment plugin into your WooCommerce store. If you are interested, feel free to contact us as we are always ready to assist you throughout the process.