Digital Paybox plugin is a premium plugin that works with digital products only. Among various payment gateways such as PayPal, Stripe, Skrill, and others, it allows you to accept Bitcoins through the BitPay portal. The plugin creates a “paybox” where customers can select BitPay as the payment gateway and submit their email address. When the transaction has been processed, customers will instantly get a link to their digital product.Pros:
Price: The plugin is free, however, successful transactions carry a processing fee
Brief History of BitCoin
Adding Bitcoin as a payment method on your site is a great choice for several reasons. Due to its somewhat anonymous nature, this is a perfect choice for customers who are concerned about their online privacy and are reluctant to hand over their sensitive information.
Bitcoin was created in 2009 by Satoshi Nakamoto. However, it’s worth mentioning that the true identity of Bitcoin’s creator is not known and the above name is his pseudonym.
Price: This plugin is freely available from the official repository
Benefits of BitCoin
CoPay is a great choice if you’d like to manage multiple Bitcoin wallets. It allows you not only to have a personal and a business wallet, but you can also setup a test wallet as well as share your wallets with your family or coworkers.
- Digital – Bitcoin is a cryptocurrency or a digital currency that doesn’t require a third-party banking entity to process the transaction. It’s completely peer-to-peer and organized with the help of a blockchain. In essence, blockchain is a ledger of sorts that keeps a secure and somewhat anonymous record of all transactions.
- Secure – unlike regular currency and purchases made with credit cards, payments made with Bitcoin don’t require personal information such as names, credit card numbers, addresses, and similar information. Bitcoins do need to be linked to one person, however, no sensitive information is revealed during the transaction. This is a great benefit for anyone who is concerned about their privacy and entering sensitive details during the online checkout process.
- Simple to use – Bitcoins are stored in a digital bitcoin wallet which can be used on any site that accepts bitcoins. From a consumer’s perspective, they don’t have to worry about whether your store accepts their credit card or not. From a business owner’s perspective, you no longer have to fear losing customers because you don’t accept all credit cards in existence.
- Lower costs – in most cases, Bitcoin transactions involve significantly lower processing fees and in some cases, there are no fees to begin with.
- Instant availability – unlike credit cards or bank-to-bank transfers, Bitcoin funds are immediately available after the transaction is complete.
- Lower fraud risk – every bitcoin comes with a hexadecimal code which is difficult to crack. That means transactions or wallets cannot be hacked easily. It’s also worth mentioning that transactions aren’t reversible which reduces the possibility of fraudulent payments.
- Irreversible transactions – as mentioned above, all Bitcoin transactions are final, making it near impossible to issue a refund. If your business does rely on customer satisfaction and refunds are a necessity, then Bitcoin may not be worth the hassle.
- No central governing body – Bitcoin is not governed by a bank or any financial institution for that matter. In essence, this means that the value of a Bitcoin is completely dependent on its users.
- Volatile exchange rate – finally, keep in mind that because of the decentralization of the currency, the value of Bitcoin fluctuates constantly. Currently, one Bitcoin is worth $4,376, however, just a year ago one Bitcoin was worth $454.
Over the last few years, Bitcoin has seen a surge in popularity. Even though it’s sometimes associated with scammers and deemed a currency for less than honorable dealings, there are some who enjoy the notion of anonymity it brings while shopping online.
What You’ll Need to Accept BitCoin Payments
Before diving into the plugins, it’s worth mentioning that you will need a Bitcoin wallet to start accepting Bitcoins. Think of Bitcoin wallets like digital bank accounts. When a transaction occurs, Bitcoins received are placed into the wallet and then converted into regular currency if you decide to do so.
Price: The plugin is freely available from the official repository
Here are some of the main benefits that make Bitcoin an attractive option:
The Coingate for WooCommerce extension is a simple no-frills solution for accepting cryptocurrencies on your site. Payments received from customers can be instantly converted to local currency and you can receive payouts in Euros and U.S. Dollars directly to your bank account or PayPal.
Regardless of its negative associations, Bitcoin is a viable payment method. While it certainly isn’t a mainstream currency, Bitcoin comes with several benefits that make it an attractive option for both the consumers and the online merchants.
8 Plugins to Accept BitCoin Payments on Your Site
Digital Paybox Plugin
The conversion is one of the biggest advantages of a Bitcoin wallet. There are several Bitcoin wallet providers and most of them offer the ability to convert the cryptocurrency into your local currency. You can also use your Bitcoin wallet to send Bitcoins to other people as well as make your own online purchase. Some of the most popular Bitcoin Wallets include the following:
- Support for multiple payment gateways
- Can be used for donations and customers can set their own price
- Download links can be set to expire after a certain amount of time
- Complete system for selling digital products
- Easy to setup
- Numerous extensions available for integrating EDD with your email list, accounting software
- No monthly or transaction fees
- Supports other cryptocurrencies and more than 100 local currencies
- Works with both digital and physical products
- Can be integrated with WooCommerce as a separate addon
- Direct integration in your site without the use of third-party gateways
- Combines several extension options into one solid plugin
- Configurable payout periods so you can choose a daily, weekly or monthly payout schedule
- Support for WooCommerce subscriptions so you can accept recurring payments
- Adds support for credit cards as well as Apple Pay and Bitcoin
- Basic currency conversion features
- Customization options
- Fully automated
- Easy setup
- Support for more than 40 digital currencies
- Support for both physical and digital downloadable products
- No transaction fees
- Add bitcoin payments option with alternative main currency
- Payments go directly into your own bitcoin wallet
- All major HD wallets like trezor, blockchain.info, mycelium supported
- No approvals of API key/documentation required
- Supports all major fiat currencies
Bitcoin Payments for WooCommerce is another plugin for WooCommerce that integrates your WooCommerce store with your Bitcoin wallet. You and the buyer will be notified of the transaction instantly and you can specify your own exchange rate.
- The setup can be a little confusing for complete beginners
Stripe is becoming increasingly popular and many business owners prefer it over PayPal. However, Stripe can be used for more than just credit cards. With the help of this plugin for WooCommerce, you can enable additional payments such as Bitcoin on your WooCommerce store.
This plugin is a great choice for anyone who wants to monetize their website through paid content or through membership sites. It allows you to accept payments in various cryptocurrencies without any fees and the ability to set your own prices in more than 100 currencies. It also allows you to sell physical products and accept payment for them in any of the supported cryptocurrency.