
Integrating Cryptocurrency Payments into Your WordPress Site

If you run any sort of commercial WordPress site, you likely pay a lot of attention to your payments. After all, that is the way that your site remains profitable, and whether you’re selling goods or services, you need to stay on top of your game. These days, a lot of WordPress site owners are embracing cryptocurrency payments and integrating them into their systems.
But why are these payment methods being implemented? How do you go about doing the same? In this article, we’ll touch on cryptocurrency payments and how they can supercharge your WordPress site.
What is Crypto?
If you’re going to be taking payments and cryptocurrency, you might as well know what exactly it is and how it works. Simply put, cryptocurrency is currency that is based on distributed Ledger technology. Distributed ledger technology is unique in that its processing power is, as the name implies, distributed across many different computer networks and not centralized. This means, essentially, that cryptocurrency is not controlled by a single person, even the people who issue it. Speaking of issuing, cryptocurrencies are typically created by private projects as opposed to governments.
Some of the most popular cryptos in the world include Bitcoin, Ether, and Dogecoin, and their value is determined by the forces of demand and supply. Cryptos have become a global phenomenon, and more merchants are turning to them. As Jose Aquino writes, many investors are looking towards resources like the 99Bitcoins top Dogecoin wallets to make it easy to spend their tokens at various businesses. Businesses, in response, are creating more avenues to spend crypto. As such, you might be thinking of doing the same.
Why Should You Take Crypto Payments?
You might be wondering why you should even bother taking crypto payments. The truth is there are many reasons for this. First, there is the global audience it exposes you to. Centralized payment methods like credit and debit cards can limit consumers in which brands they can shop with. For example, your business might not be optimized to accept certain card issuers in certain countries. This means that they are an entire population of people who cannot patronize your business.
Cryptocurrency, on the other hand, is not limited by any of these as crypto can be spent anywhere on the internet without restriction. Thus, by accepting cryptocurrency, you expand your reach towards millions of people. And believe us, there are millions of people using cryptocurrency and more embracing it every single year. By accepting cryptocurrency, you tap into a new audience of tech-savvy buyers who might remain loyal customers. Accepting cryptocurrency also means that your business will be seen as more forward-thinking and tech-savvy. Consumers are drawn to businesses that seem to embrace innovation, and by taking on cryptocurrency, you will be doing this.
Finally, there is simply the angle of profit. As we’ve said before, the value of cryptocurrencies is determined by the forces of demand and supply, which means they can increase or decline. If a customer spends a hundred dollars on your website and pays in fiat currency, the spending power of that money is not likely to swing dramatically. However, if they pay this hundred dollars in cryptocurrency, there is a chance that it will increase in value. It is not unheard of for crypto to double its value almost overnight, and by taking at least some payments and crypto, you increase your chances of a double profit.
How to Integrate Crypto Payments
To accept crypto payments for goods and services, you’ll need both a payment processor and a payment plugin. The payment processor is a business that will come, handle and process crypto payments for you, updating exchange rates as needed, collecting the token securely, and delivering them to you. Popular crypto payment processors include Bitpay and Coinbase. A crypto payments plug-in, on the other hand, refers to a software that will be installed on the back end of your site. There are tons of plugins that a WordPress site can use, including those for multimedia, taking donations, and also. A crypto payments plug-in will enable customers to make payments at checkout using cryptocurrency, and there are several options for this.
The first step would be to sign up with a crypto payment processor and get started. There are several options on the market, but you want to look at the one with the best fee structure, the best reputation in the market, and compatibility with your specific business model. Then, you want to choose a crypto payments plug-in and install it on the back end. To do this, navigate to your WordPress dashboard and click on the plugin link. Once you do this, select ‘add new plugin’ and then upload the zip file for whatever plugin you choose to use. Once this is done, your site should refresh, and the plugin should be live. After your plugin is set up, you’ll have to specify the cryptos that you plan to accept and make sure these are in line with those supported by your payment processor.
In the same way you would with any other plug-in, you should do a test run to make sure everything works correctly and double-check price conversions so that no one is overcharged or undercharged. Once the crypto payment plugin is deployed, monitor all crypto payments on the back end to determine how much of your sales is in crypto versus fiat currency. As your payment processor delivers the funds to you, you’ll have to decide whether or not you want to convert them to fiat currency. Some businesses opt to immediately change their crypto to fiat currency for easy spendability, while others hold the funds and crypto believing it will appreciate in value.
If you choose to do the latter, treat it like an investment and only do this with an amount of money your business can comfortably lose. Of course, practice good wallet safety by having a password and recovery phrase setup for your funds that only authorized members of your team have access to. The best way to keep your tokens, especially if they are not actively being used, is in a cold wallet that is not connected to the internet. This way, there is less chance of the wallet being hacked or your funds being stolen.
As a business, you also need to stay on top of your taxes, as cryptocurrency is taxable in most countries. Speak to a tax professional about your plans to accept cryptocurrency so that the proper tax amount is paid and you do not fall into trouble with the law.
Conclusion
Accepting crypto payments for your WordPress site can be the window to a whole new world of customers and opportunities. To take advantage of this, you’re best off installing a reputable plugin and signing up with a reliable payment processor. In this article, we’ve broken down the steps to do in both, and once you can, the crypto payment should start rolling in. As you do this, always make sure to practice good wallet safety and consult a tax expert to make sure everything is done properly and by the book.
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