Cryptocurrencies such as Bitcoin, Litecoin, XRP, Dash and Nano are becoming increasingly popular and prevalent. There are a number of reasons you might wish to allow your customers to purchase your products or pay invoices using a cryptocurrency. You may:
- Want to increase your stockpile of cryptocurrency.
- Be trying to support and promote adoption of a particular coin.
- Wish to easily accept payments from other countries without worrying about bad conversion rates and fees.
- Simply want to offer a wide as possible variety of payment options to your customers.
You might also be attracted by the advantages of some coins, such as Nano, which allows payments to be made instantly and without any fees. This provides welcome relief from traditional payment methods such as credit card, where funds often take days to arrive in your bank account and incur a fee depending upon your volume and the platform you’re using.
Integrating a cryptocurrency payment gateway into your WooCommerce store or website is actually quite straight forward. All you require is a wallet for each of the coins you wish to accept (or an account associated with a particular plugin). Any web developer should then easily be able to sort you out with one of plugins or services currently available.
When a user chooses to pay with their desired coin, the system will automatically convert the purchase amount from AUD (or your store’s currency) to an equivalent amount in that cryptocurrency. A wallet address will be presented for the user to send the amount to. The payment is verified by an intermediate wallet, thus communicating the received payment to your website and completing the order. Funds are then sent to your own wallet.
If you’re interested in accepting cryptocurrencies such as Bitcoin, Litecoin, XRP, Ether, Dash and Nano in your WooCommerce store or on your website, get in touch with TC Web. We can guide you through any setup processes in terms of accounts and wallets and integrate a payment gateway for you.
TC Web accepts Nano as payment for our services and can offer discounts on payments made in Nano.