5 Best Cryptocurrency Payment Gateway for WooCommerce

Over the last few years, with the development of technology, cryptocurrency has become a popular medium of exchange due to its high security, convenience, and easy global access. If you are an online store owner, adding a cryptocurrency payment gateway for WooCommerce would bring your store to a new level of security and customer outreach.

So, what is a cryptocurrency payment gateway, why is it such an appealing option, and what are some of the best cryptocurrency payment gateway for WooCommerce? Let’s dive into this topic more deeply with XAIGATE in this article.

What is cryptocurrency?

You have probably heard the word “cryptocurrency” being thrown around quite a bit everywhere in the recent years. So, what exactly is a cryptocurrency? A cryptocurrency is a digital form of currency managed by a decentralized system called blockchain. Bitcoin, created back in 2008, was the first cryptocurrency ever to be made. It is also the most commonly used cryptocurrency in the world, followed by Ethereum, USDT, and USDC.

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

Why use a cryptocurrency payment gateway for WooCommerce?

Now that we have covered the basic information for cryptocurrency, why would you want to use cryptocurrency as a payment method for your WooCommerce business? The answer is because there are many benefits that go along with accepting cryptocurrency as a payment method other than traditionally used methods such as credit card or cash.

It has been reported that, in 2021 alone, around 15,174 businesses worldwide accepted bitcoin as a form of payment, and the number of businesses that add cryptocurrency to their payment method reservoirs is expected to keep rising annually. Compared with other payment methods, cryptocurrency has many benefits.

Cryptocurrency Payment Gateway for WooCommerce Benefits

• Security: Security has always been the top concern for both customers and store owners when exchanging goods/services with payments. In recent years, credit card has been considered highly unsecured due to the increase in data breaches and fraudulent activities. Using cash on delivery (or COD) comes with its own set of drawbacks such as the receiver’s availability, the need for delivery drivers to have cash, on-scene item dispute, etc. Therefore, operated by the blockchain technology, cryptocurrency provides a payment method that secures customers’ privacy, prevents chargebacks for store owners, and is much less susceptible to data breaches.
• Convenience: Cryptocurrency is widely accepted at major brands and the processing time only takes seconds, thus making it a very convenient payment method.
• Wide Global Audience Outreach: Cryptocurrency is a global payment method that does not have any discrepancies in currency and rates. Moreover, there are over 300 million crypto users in the world, so enabling a cryptocurrency payment gate for WooCommerce would provide you with a much wider customer pool.
• Low transaction fee: Cryptocurrency processing fee is also much lower and even negligible compared with other methods such as credit card and payment apps/wallets.

Best Cryptocurrency Payment Gateway for WooCommerce

Cryptocurrency risks to be considered

Cryptocurrency admittedly has many benefits and should be considered as one of the main payment methods you offer on your WooCommerce store. However, there are some drawbacks that you need to be aware of when using a cryptocurrency payment gateway for WooCommerce:

• Fluctuating price
• Lack of inherent value
• Tax implications and complexities
• Irreversible transaction

The pros outweigh the cons associated with using cryptocurrency as a payment method. However, since there are risks associated with this payment method, you can mitigate by having other payment options as well still available on your WooCommerce store.

How to select a cryptocurrency payment gateway for WooCommerce

If you have made it this far into this article, hopefully, you would already be convinced that adding a cryptocurrency payment gateway for WooCommerce is a wise move to advance your business to a new level. So, what should you consider when selecting the most suitable payment gateway for your online business? Here are some of the most important aspects:

• Payout schedule: Different crypto payment gateways have different payout schedules, so it is crucial that you pay attention to when payout should be expected for whatever payment gateway you are considering. While some gateways offer instant settlements, most have a time delay of 12-24 hours.
• Security: Not all payment gateways are built the same! When looking at a payment plugin for your store, be sure to pay close attention to its claim of security and whether the plugin complies with government regulations as well as policies. You should also look closely into what details they collect and how your data will be processed and stored.
• UX/UI: User interface and the payment gateway ecosystem are important to both you and your customers. Consider scheduling a demo for a short period of time before committing long-term to see how user-friendly their web is and how smooth their mobile applications run to prevent delays and difficulties when transactions actually happen.
• Transaction fees: While cryptocurrency payment gateway for WooCommerce generally has low transaction fee, you should review their pricing (including transaction charges and withdrawal fees which might not be listed in the description) before integrating it into your store.
• Third-party Integration Capability: As your business grows and new needs arise, you will need additional tools to manage your transactions. Therefore, it is crucial to make sure that your payment gateway of choice can be seamlessly integrated with add-ons.

Top cryptocurrency payment gateway for WooCommerce

There are many cryptocurrency payment gateways/plugins out there to choose for your WooCommerce store. Below are the top 5 that we have carefully reviewed and selected to help with choosing your own plugin.

XAIGATE

XAIGATE is a user-friendly and secured cryptocurrency payment gateway for WooCommerce and offers many benefits to store owners all around the world. Some of XAIGATE’s outstanding features include:

• Low crypto processing fees: XAIGATE offers competitive processing fees compared with other payment gateways on the market.
• No monthly cost
• Easy setup: With its user-friendly UX/UI, you can easily and seamlessly integrate XAIGATE into your WooCommerce store.
• Offer invoice services: XAIGATE assist clients with requesting payments and processing them through our blockchain API.
• Global payments: We accept crypto payments from all over the world.

Check out our global payment capability in more details: The Ultimate Crypto Payment Gateway for Global Sales

• Secured: Security is at the top of our priority list and you can rest assured when using XAIGATE as your cryptocurrency payment gateway for WooCommerce store.

Coingate

Coingate is one of the most popular cryptocurrency payment gateway for WooCommerce and offers many features that are desirable to both store owners and customers.

• Accept over 70 cryptocurrencies and is available in over 100 countries all around the world.
• Offer multiple payout options: you can choose to keep the currency you collect, convert it to fiat, or to another crypto.
• Open-source software available for free on WordPress plugin repository.
• Offers variety of payment collection instruments like payment buttons, web-based POS, API connections and third-party plugins.
• Fee: 1% fee for all buttons, plugins, web PoS, APIs, and billing

NOWPayments

NOWPayments is another commonly used plugin for WooCommerce store to accept cryptocurrency as a payment method. Some of NOWPayments special features include:

• Support over 160 cryptocurrencies, from Bitcoin (BTC) to Birgert (BRISE) and everything in between.
• Instant payout and transaction fees starting at 0.5%
• 24/7 customer support with a dedicated account manager to make sure you can integrate this plugin into your store seamlessly.
• Can upgrade to pro with additional cost for additional add-ons and more advanced features.

Coinbase Commerce

Coinbase is one of the most popular cryptocurrency payment gateways in the market today and offers customers as well as store owners with a fast, reliable, and secured way of exchanging currency. Some of their main advantages are:

• Accept multiple cryptocurrencies such as Bitcoin, Bitcoin Cash, DAI, Ethereum, USD Coin, and Tether USD.
• Easy-to-use configuration panel: you can easily enable/disable the payment method from your WooCommerce setting page.
• Integrated with Coinbase wallet: you can hold the crypto or withdraw for cash.
• Low transaction fee
• Additional more advanced features are available for additional fees.

CryptoCloud

CryptoCloud offers store owners with a plugin that can be easily and seamlessly integrated with their WooCommerce store. Some of their special features include:

• Accept many cryptocurrencies such as USDT, Ethereum, Litecoin, and USDC.
• Low transaction fees
• Checkout page is customizable according to your preferences
• Excellent customer support team

Adding a cryptocurrency payment gateway for WooCommerce is definitely one of the best moves you can take to advance your online business to a new level and bring a plethora of new customers to your store. At XAIGATE, we are committed to providing you with the best customer support and ensure that you can integrate our payment plugin seamlessly and securely to your WooCommerce store. If you are interested, please reach out and we are always happy to assist you every step of the way.

Next on XAIGATE: Accept Request Payments – REQ Payment Gateway