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The number of cryptocurrency users worldwide has exceeded 100 million. Some of these people are so interested in the cryptocurrency world that they try to eliminate the use of traditional money. As a result, the digital currency payment portal is considered a smart and innovative solution for this group of people.
In the modern era, the emergence of digital cryptocurrency payment gateways has brought about a huge transformation in the economic system and transactions in the field of currencies. This innovative solution enables businesses to accept digital currencies as a form of payment.
As a result of the increased adoption of digital currencies, the demand for reliable and efficient payment gateways has increased. In the continuation of this article from Dux Center, we will introduce 5 of the best digital currency payment portals for WooCommerce.
Before we go to the introduction of these payment gateways, let’s have a short talk about a few things.
Why Use a Cryptocurrency Payment Gateways for WooCommerce?
People have used their banks or credit cards for over a decade to shop online. Why are they now choosing to pay via cryptocurrency? Companies like Microsoft started accepting bitcoins as early as 2014. Why is everyone taking the same road?
The answer to these questions is simple. There are multiple benefits and minimal drawbacks to using cryptocurrency in the eCommerce business. On the other hand, credit card transactions have become highly unsecured. Similarly, offering cash on delivery (COD) as well has its own drawbacks.
Payment gateway or psp what is the difference?
The more the e-commerce market evolves, the more players become part of it. E-commerce platforms, payment providers, logistics services and fraud prevention tools are some of them. However, regarding payment providers, we often hear the terms payment gateway and payment processor (also known as PSP – Payment Service Provider) used as synonyms. This is a common mistake as they both provide different services. Understand how they work and their main differences.
What is Payment Gateway؟
A payment gateway is the online equivalent of POS machines used to charge credit card transactions in physical shops. It is a technical solution that transfers the information between online stores and card acquirers allowing a credit card payment to be completed. Merchants using a payment gateway are required to establish a contractual relationship with banks and card acquirers.
One of the advantages of this payment method is PCI DSS compliance; when credit card details are sent directly from the buyers’ browsers to the payment gateway, without running through merchants’ servers, online stores benefit from a reduced PCI DSS compliance scope.
What is Payment Processor (PSP)?
A payment processor is the middle man between an online store and card acquirers or banks. A PSP provides a full service with both the technical payment processing as well as money collection. However, sometimes it might also offer the gateway only. In addition, the PSP is responsible for all the contracts with card acquirers and banks and for the settlement of the funds collected.
One of the advantages of this payment method is Only one contractual relationship; the merchant only needs to establish a contractual relationship with the PSP to have access to the different payment methods.
Understanding the differences between these two services is essential when choosing the best alternative for your e-commerce. Overall, a payment gateway for WooCommerce is frequently used by businesses with a higher sales volume, while small and medium merchants tend to prefer the full service provided by a PSP, as it simplifies their businesses’ routines.
5 Best Cryptocurrency Payment Gateways for WooCommerce
Now that the benefits of integrating cryptocurrency in your eCommerce business are established, here are some of the best payment gateways you can use. All of these plugins can help you elevate the reach and performance of your store to a new extent.
1. Blockonomics
Blockonomics is a decentralized and permissionless bitcoin payment solution which provides a seamless checkout experience to your user when integrated with your store theme. . their services enhance the wallets that you already own. Accept Bitcoin directly. as they say ‘Invoice anonymously. Be your own bank We are huge fans of decentralization and cryptography’.
Blockonomics is the only Bitcoin payment gateway that enables full decentralization in the e-commerce industry. Purchases made to your website are instantly sent to your wallet, rather than to a payment gateway wallet. This not only saves you fees when taking your coins out, but it allows you to take ownership of your revenue without the need for a middle man.
Best Features of Blockonomics
- Free downloads and installation
- Reasonable charges of 1% of the fees on every transaction
- Can help you in increasing WooCommerce store sales along with revenue and profitability
- Enables speedy transactions and transfers in second
- Easy to use and gives complete control over transactions
- Eliminates requirements for middlemen
2. CoinGate
CoinGate a digital cryptocurrency payment gateway is truly versatile. This platform supports more than 50 digital currencies, including Bitcoin, Ethereum, Litecoin, etc.
It also offers services such as integration with popular e-commerce platforms like WooCommerce, Shopify and Magento, as well as customized API solutions for businesses with unique requirements.
Coingate was founded in 2014 and is headquartered in Vilnius, Lithuania. This global platform not only supports digital cryptocurrency sales, but also digital currency remittances.
What is interesting about Coingate is that it provides businesses with a range of physical tools such as payment buttons, invoices and POS devices that make it easy for customers to pay from digital cryptocurrency wallets online and in-store. does
Best Features of Coingate
- User-friendly platform
- Simple registration process
- Support for buying and selling digital currencies with fiat
- Offering a wide range of digital currency gift cards
- Use of state-of-the-art software to ensure strict ALM/CTF compliance with EU and local regulations
- Can be used in more than 100 countries
- High security focus: High focus on security with 2FA.
- Support for 50 digital currencies with the ability to exchange them with fiat
3. CryptoWoo Plugin
CryptoWoo enables WooCommerce store owners to easily accept various cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum and many others
CryptoWoo also allows you to create discounts and offers for specific cryptocurrencies on your WooCommerce store according to your requirements.
Best Features of CryptoWoo
- lower fees: The fees associated with Cryptocurrencies are typically lower than that of Credit or Debit Cards.
- googd offers: Offers an HD wallet to receive payments
- Speedy transactions: Super fast transactions enabling near insant settlement directly to your own wallet.
- Less risk: Cryptocurrencies have no means of charge back fraud associated with them meaning no risk to your business.
- easy to use: Straightforward plugin that is straightforward to use
- Blockchain Technology: All transactions are stored permanently in the blockchain with peer-to-peer technology giving you added peace of mind and security.
- No wallet restrictions: There are many ways to store and send crypto so we make sure your customers can pay in any way, from any wallet, exchange or service.
4. Coinbase
Coinbase is an enterprise digital payment service provided by the digital cryptocurrency exchange and wallet service. or simply Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency, Customers around the world discover and begin their journeys with cryptocurrency through Coinbase.
This service allows businesses to receive funds in the form of Bitcoin, Bitcoin Cash, DAI, Ethereum, Dogecoin, USDCoin, Litecoin, Tether USD, ApeCoin and Shiba Inu from their users. With the help of this payment portal, you as a business can receive the amount paid in digital cryptocurrency from your customers, directly in your wallet.
Best Features of Coinbase
- Supports Bitcoin, Bitcoin Cash, DAI, Dogecoin, Ethereum, Litecoin, USD Coin, Tether USD, ApeCoin and Shiba Inu
- The accounts of this portal include chain payments, which eliminates the possibility of any fraudulent transactions.
- Eliminate or reduce additional fees such as foreign exchange fees, payment processor fees and other third party transaction fees.
- Low transaction costs of digital currency payments compared to the costs of credit card networks and payment processors
- Fully integrate customer payments with Coinbase wallet
5. NOWPayments
NOWPayments is one of the the easiest and cheapest way to accept cryptocurrency payment gateways for your business. Our platform offers native integration into your existing system, a sleek widget, and a variety of plugins to make accepting Bitcoin, Litecoin, Ethereum, stablecoins, and many other cryptocurrencies a breeze.
Highlights of this payment gateway include easy integration with popular e-commerce platforms such as WooCommerce, Shopify, and Magento, as well as offering customized API solutions for businesses with unique needs.
the NOWPayments gateway provides businesses with features such as automatic coin conversion, instant transaction monitoring, and customizable payment widgets, making it a flexible and convenient way to accept cryptocurrency payments.
Many people prefer to use services that accept digital currency as a payment solution. Accepting only fiat currencies will result in losing these people. NOWPayments allows you not to lose this category of customers and provides them with a simple tool for digital currency payments.
Best Features of NOWPayment
- Making instant payments for users (making a transaction within 10 seconds and receiving payment within 5 minutes at most)
- Transfer funds directly from the customer to the business, without holding funds
- Support for more than 70 digital currencies
- Automatic conversion of coins
- Having the lowest cost in the market: 0.5% and less
- Having fiat-crypto and crypto-to-fiat available
- Advanced support and personal account management
In 2024, digital cryptocurrency payment gateways will play an important role in accepting digital currencies and facilitating seamless transactions between businesses and consumers. In this section of Dux Center, we got acquainted with a list of the best digital currency payment portals that can be like a launching pad on the way to entering digital currencies into our daily purchases and transactions.
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