As a seasoned WordPress professional with over 5 years of experience building and auditing WordPress stores, I highly recommend merchants explore accepting Bitcoin payments. Why? Bitcoin offers lower fees, privacy benefits, a fast-growing market, and integration options ideal for WordPress.
In this detailed guide, you‘ll learn:
- Key benefits of accepting Bitcoin vs traditional payments
- Step-by-step instructions for getting set up
- Calculations showing major fee differences
- Tips for processing orders faster
- Additional pointers from my first-hand experience
Let‘s dive in!
Why Bitcoin Beats Credit Cards for WordPress Stores
Accepting credit card payments has been the norm, with PayPal and Stripe dominating the scene. However, Bitcoin offers 4 key advantages:
1. Save Significantly on Processing Fees
Bitcoin cuts fees substantially compared to credit card payments. Consider the following real-life fee comparison:
- Credit card processing fees: 2.9% + $0.30 per transaction
- Bitcoin payment processing fees: 1% with no fixed fees
For a $100 order, that‘s:
- Credit card fees: $3.20
- Bitcoin fees: $1
That‘s 68% less! Now imagine the savings on thousands of orders.
When using a service like NOWPayments, you can convert Bitcoin to USD instantly too, avoiding market volatility.
| Payment Method | Fees on $100 Order |
|---|---|
| Credit Card | $3.20 |
| Bitcoin | $1 |
2. Enhanced Buyer and Data Privacy
Bitcoin enables pseudonymous transactions without exposing sensitive financial information. Customers don‘t provide names or card details. This added privacy and security appeals to many customers.
3. Global Payment Option
Bitcoin facilitates borderless payments worldwide using blockchain technology. This allows you to tap into $105 billion in global cryptocurrency transaction volume.
4. No Chargeback Risk
Unlike credit card payments which can be reversed, Bitcoin transactions are irreversible. This eliminates chargeback risks that cause headaches for merchants.
With lower fees, privacy, worldwide reach, and no chargebacks, Bitcoin blows old payment methods out of the water.
Step-by-Step Guide to Accepting Bitcoin in WordPress
Ready to enable Bitcoin payments for your WordPress site? As a WooCommerce-certified developer, I‘ll outline the step-by-step process:
Step 1: Set Up a Bitcoin Wallet
A Bitcoin wallet allows sending and receiving BTC payments. Leading options include:
- Coinbase: Popular exchange with web wallet and mobile app
- Blockchain.com: Longstanding web wallet option
I recommend Coinbase for its convenience.
To set up your Coinbase Bitcoin wallet:
- Visit Coinbase and create an account
- Verify your identity by providing requested information
- Navigate to your BTC Wallet address under Accounts
- Tap ‘Receive‘ to access your unique BTC address
Save this wallet address to connect with payment services later.
Step 2: Select a Bitcoin Payment Processor
A Bitcoin payment processor instantly converts crypto to USD for you to avoid fluctuations. Top processors include:
- NOWPayments: Used by 600+ WordPress merchants
- GoURL: Focused entirely on crypto payments
I suggest NOWPayments for the best WordPress experience.
To set up NOWPayments, simply create a free account with your email address.
Step 3: Connect Your Wallet
Inside your NOWPayments account, connect your Bitcoin wallet address to receive payments:
- In the left menu, select Settings > Payment Settings
- Click Add Wallet > Select BTC as currency > Enter your BTC address
- Copy the API key NOWPayments generates for this paired wallet
Step 4: Install the NOWPayments Plugin
NOWPayments offers a seamless WooCommerce plugin to activate Bitcoin payments in under 5 minutes.
In your WordPress dashboard:
- Go to Plugins > Add New
- Search for "NOWPayments for WooCommerce"
- Install and activate the plugin
- In WooCommerce Settings > Payments, configure settings
- Paste your API key from Step 3 and enable Bitcoin payment
That‘s it – Bitcoin should now appear for customers at checkout!
Step 5: Optional Tweaks
To optimize Bitcoin payment confirmation times:
- On NOWPayments, enable Payment Forwarding via API
- Set listener duration to 20 seconds initially
- Lower by 5 seconds until fastest checkout
I find 10-15 seconds sufficient for most stores.
Wrap Up: Leverage Bitcoin‘s Potential
From reduced processing costs to worldwide reach, Bitcoin unlocks immense potential for WordPress stores compared to old payment methods.
By spending an hour setting up a Bitcoin wallet and NOWPayments plugin, you tap into lower fees, privacy benefits, and a multi-billion dollar crypto economy.
Will you integrate Bitcoin payments for your WordPress site this year? Let me know if you have any other questions!"
