Market Analysis Report (16 Jun 2021)
16 Jun 2021
When it comes to accepting crypto payments on your e-commerce store, there are plenty of crypto payment gateways such as Coinpayments, Coinbase commerce, and so on. Recently, I integrated CoinSutra VIP with Coinbase commerce, and here I’m sharing my learnings and experiences with you all. Especially if you have been thinking to integrate Coinbase commerce with your WooCommerce website, this tutorial will be a holy grail for you.
A little background:
Last month we launched VIP.CoinSutra.com which is a premium crypto course on-grid bot trading. I built the platform on WordPress + WooCommerce. The choice of payment system was cryptocurrencies, and since Coinbase commerce is the preferred Bitcoin payment gateway, I decided to integrate it.
Since Coinbase commerce offers an easy-to-use WordPress plugin, the integration was swift and flawless. In fact, I was not even sure if people are going to use it to make payments, but it simply worked.
Here are the steps you need to follow to integrate Coinbase commerce with WooCommerce.
Once you have added the API key and created a Web-hook subscription, you are ready to start accepting Crypto payments on your Woo-commerce site using Coinbase commerce payment gateway.
You can generate reports of all your transactions and export it for accounting.
Connect it with Coinbase:
You can connect your Coinbase commerce account with Coinbase to withdraw funds and convert it into cash. This is the easiest way to convert your accepted payments into cash.
Send crypto to another wallet:
You can also send crypto to your private wallets or another wallets of your choice.
Send an invoice:
Using Coinbase commerce you can also send direct invoice to your customers via email, and customers can make payment in all allowed cryptocurrencies.
Unlike other payment gateways like Coinpayments, Coinbase commerce is absolutely free to use and there are no payment processing fees.
My experience with Coinbase commerce is beyond pleasant, but still, there is one thing that I did not like about Coinbase commerce. The answer is in the below image:
The limited amount of cryptocurrencies is a big limitation IMHO. Lack of Bitcoin lightning and USDT-TRC20 is a big turn off for the users who are not looking to pay high transactions fees. Especially Bitcoin lightning is something Coinbase commerce should integrate in the days to come.
For now, I would be trying a different payment gateway that works with Bitcoin lightning network or allows us to accept payment in USDT (TRC-20) token.
For anyone looking to accept crypto payments on WooCommerce, Coinbase commerce is perhaps one of the easiest and fastest ways to get started. There are Zero payment processing fees, and you can enable/disable which crypto you wish to accept. Overall Coinbase commerce is a solid product, and I would look forward to seeing this one growing.
Also see: Coinpayments review
Now it is your turn to let me know which crypto payment gateway are you using on your WooCommerce or online store? Share your views and experience in the comment section below.News appeared first on: Coinsutra.com