WordPress offers the most trusted CMS services for businesses that wish to build an online presence via a functional website.
One of the purposes of creating a website is to make it easier for your target customers to pay for the products or services they purchase much more quickly and conveniently.
Bitcoin is now a familiar payment option for a segment of online shoppers, especially in tech, gaming, digital products and international sales, and some of those customers actively look for stores that accept it.
Given that most websites use WordPress as their choosen CMS, it’s important to understand the benefits of incorporating Bitcoin payment into your website, including efficient payout reconciliation. Below are four reasons merchants accept Bitcoin, the downsides to weigh, and how to set it up on WordPress.
Holding Bitcoin as an Asset
Some businesses like to keep part of their crypto revenue as Bitcoin rather than converting it straight away, betting on long-term growth in the value of Bitcoin. You can also use it to pay suppliers or buy services that accept crypto.
Be realistic about the risk, though. Bitcoin’s price can rise or fall sharply within days, so a payment worth $100 today may be worth much less next week. Most merchants use a payment processor that converts crypto to their local currency instantly, and only hold what they can afford to see drop in value. This isn’t financial advice; talk to an accountant before keeping crypto on your balance sheet.
Cheaper Fees
As a business owner, optimizing profits and minimizing costs are the primary reasons you’re in business.
Since you’re already paying renewable premium WordPress and web hosting fees, among other digital marketing charges, finding ways to cut back on expenses is best. Accepting Bitcoin payments helps you transact at much lower fees than credit card payments.
Card processing usually costs a few percent per transaction. Crypto processors typically charge around 1% or less, and self-hosted options such as BTCPay Server charge no processing fee at all. Bitcoin network fees vary with demand, but the Lightning Network makes small payments fast and very cheap. You can track the bitcoin price today to understand how conversions work.
Lower processing costs can let you offer a small discount to customers who pay in crypto while still keeping more of each sale.
No Fraudulent Chargebacks
If yours is an eCommerce site, you’ve probably had instances where customers pay using credit cards, dispute the charge, and get their money back fraudulently.
While this is a painful way to lose money after delivering products or services, you can’t keep crying and not taking action.
With Bitcoin payment, you can now receive payments safely, and customers won’t have the option to dispute after a successful transaction.
The flip side is that refunds are entirely up to you. You’ll need a clear refund policy and a process for sending crypto back, and you should confirm the customer’s wallet address carefully, since mistaken transfers can’t be reversed.
This is because the Bitcoin network doesn’t have a central authority like banks do, so there’s nothing for customers to dispute when making payments.
Keeps You Ahead of the Competition
Regardless of your business size, offering Bitcoin can help you stand out to crypto-friendly customers who prefer to pay that way, especially in niches where competitors don’t offer it yet.
Customers could easily choose to do business with you if you offer the one thing your competitors aren’t offering, yet it matters most to them.
Accepting Bitcoin payment also transforms your brand image, giving customers the impression that you’re more advanced technologically than your competitors. It makes them see you as an advanced company that is well-versed in the changing technological trends.
Having your business site up and running on WordPress is one win, but having it integrated with Bitcoin as one of the payment options is a super win nowadays.
Whether it’s investment possibilities or staying ahead of the competition that motivates you, adding Bitcoin to your website will help establish your business.
With more individuals looking to buy Bitcoin, accepting Bitcoin payments can enhance your brand’s appeal and demonstrate forward-thinking innovation.
Things to Consider Before You Start
- Taxes and accounting: in many countries crypto received for goods is taxable income at its value on the day you receive it, so keep detailed records.
- Regulations: rules for accepting and holding crypto differ by country and keep changing, so check what applies to your business.
- Volatility: decide in advance whether you’ll convert payments to cash immediately or hold some in Bitcoin.
- Security: protect wallets and processor accounts with two-factor authentication, and never keep large balances in a hot wallet.
How to Accept Bitcoin on a WordPress Site
The easiest route is a WooCommerce payment plugin from a crypto payment processor. Options include BTCPay Server (free, open source and self-hosted), Coinbase Commerce and other hosted gateways that can auto-convert payments to your local currency. Install the plugin, connect your account or server, choose which coins to accept, and place a few small test orders before announcing the new payment option to customers.
