Coinbase to make it easier for merchants to accept crypto
WooCommerce reportedly handles between 21% - 28% of all payments for eCommerce retailers, controlling a significant amount of the space. Now, the San Francisco-based cryptocurrency exchange Coinbase has introduced a plugin for its Coinbase Commerce platform that should go a long way to helping crypto acceptance gather steam among merchants worldwide.
The plugin allows merchants to accept the four cryptocurrencies supported by Coinbase - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). While only BTC and LTC payments are now ready to be taken, support for BCH and ETH will be added soon. Additionally, Coinbase indicates that Coinbase Commerce now offers the ability to send BTC and LTC directly and will also add the BCH and ETH support before the end of the year.
The plugin is available for direct download via Coinbase's GitHub account. It is easy to set up and only requires the merchant to create an account with Coinbase. Payments made through the Coinbase Commerce platform are strictly peer-to-peer, meaning merchants are always in control over the transactions.
The ability to accept crypto by eCommerce retailers continues to become easier. With no overhead costs, there is no reason why retailers shouldn't implement a crypto payment option on their site. The fact that crypto transaction fees are small - typically less than a $1, regardless of the amount - means that they are a strong and viable alternative to credit and debit card payments, which routinely require retailers to pay anywhere from 4%-8%.