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Best Payment Gateway for Bitcoin: WooCommerce Edition

Bitcoin usage is going up every month. Here are some current bitcoin statistics:

  • 11% of Americans currently hold Bitcoin.
  • Over 100 million valuable bitcoin wallets exist currently.
  • Over 16,000 wallets with 100+ bitcoin were open as of October 2020.

Two of the top cryptocurrency payment gateway options, BitPay and Coinbase, are live on over 2,700 websites around the world.

We’ll talk a lot about bitcoin, but it’s only one of the cryptocurrencies available around the world. Customers also use Ethereum, Litecoin, Dogecoin, and Cardano, among others.

TheeCommerce Bitcoin WooCommerce 2000x1050

What Makes a Good Crypto Payment Gateway?

Now that you know you can accept bitcoin and set up your payment processor, let’s talk about a few of the ways to evaluate which WordPress plugin for WooCommerce will be the best one for you.

Security

Security is one key features of cryptocurrency. Your WooCommerce bitcoin plugin should reinforce the native security of bitcoin transactions.

Fees

Each developer levies fees on a per-transaction basis. When you’re evaluating which payment processor to choose, you should evaluate the fees you’re going to be charged.

Ease of Use

There are a few elements to the ease of use of cryptocurrency payment gateways. Here are some things to evaluate:

  • How many bitcoin wallet options does it support?
  • Does it use external payment pages?
  • Can you white label the payment integration?
  • Do you receive payments directly or through a custodial system?

As we go through the options available to you, we’ll mention some of these criteria.

What is the best crypto payment gateway for WooCommerce?

Our choice for the best bitcoin payment gateway plugin for WooCommerce is Blockonomics.

Blockonomics

TheeCommerce Bitcoin Payment Gateway Blockonomics

Overview of Blockonomics

Blockonomics has over 6,000 active installations according to WordPress.org. This makes it the most widely used bitcoin payment gateway for WooCommerce.

Blockonomics is also a true peer-to-peer system. It enables you to accept payments directly from a bitcoin wallet into your bitcoin wallet. There are no external payment pages or custodial accounts.

Currently, Blockonomics accepts Bitcoin and Bitcoin Cash as cryptocurrency. Other forms of cryptocurrency are not supported.

Why is Blockonomics Our Top Pick?

Other payment gateways are less expensive. Blockonomics charges a 1% fee after the first ten transactions. However, Blockonomics is a solid choice because:

  • Blocknomics offers easy white label possibilities.
  • Blocknomics allows withdrawals to your local currency.
  • Supports all major fiat currencies, such as USD, GBP, EUR, and CND.
  • Faster to get started with a setup time lower than ten minutes for an experienced developer.

Blockonomics is our choice for the best way to receive payment in Bitcoin.

Other Bitcoin Payment Gateway Options

If you want to look at other bitcoin options, we’ve made a short list for you. These include options for transactions in alternative cryptocurrencies, using open source WordPress plugins, and other features.

Let’s take a quick look at a few of them.

TheeCommerceBitcoin Payment Gateway TripleA

TripleA is a strong contender for the prize of being the best bitcoin payment solution. It shares many features with Blockonomics. It’s free to install, free to receive bitcoin, and only charges a 0.8% fee when you withdraw cryptocurrencies into local currency in your bank account.

Why isn’t this the top solution?

TripleA has a smaller customer base than Blockonomics. Their support for your local currency is more limited, although the major currencies should be covered.

TheeCommerce Bitcoin Payment Gateway GoURL

GoURL was one of the most popular WooCommerce bitcoin plugin solutions a few years ago. Now, it has lost market share to more updated competitors. Like other providers, your customers will scan a QR Code on the checkout page to process their transaction.

GoURL is open source, which we feel is a good thing. However, it’s not top of our list because it doesn’t seem to be maintained and supported as well on WordPress.org’s plugin repository.

TheeCommerce Bitcoin Payment Gateway MyCryptoCheckout

MyCryptoCheckout is another strong contender. This one is unique because it doesn’t charge any transaction fees, either in crypto or in payments to your bank account. Instead, you’ll pay an annual license (currently $59) to use the service.

MyCryptoCheckout also offers support for many cryptocurrencies, over 138 to be more precise. The plugin collects payment in these currencies and can send funds to your bank accounts with no extra charges.

So why isn’t this our top pick?

It could easily be top, but it’s slightly less popular. Maybe this isn’t a problem for you, but we trust the many more reviewers of Blockonomics.

TheeCommerce Bitcoin Payment Gateway BitPay

BitPay is a large alternative to other crypto plugin options for WooCommerce. It offers a very streamlined process for receiving payments in cryptocurrency and then depositing those funds into your bank account. The exchange rate is locked in at the time of the transaction, and funds are deposited into your bank account the next day.

What makes BitPay less desirable?

Two things make us hesitate to make this our top choice.

First, BitPay positions itself between you and your customer. The customer’s funds are transferred to BitPay and then exchanged into local currency before being deposited into your bank account.

Second, BitPay charges a 1% transaction fee. Thus, this service could end up being much more expensive than other options.

TheeCommerce Bitcoin Payment Gateway CoinBase

The last alternative we want to mention is Coinbase. Coinbase is a direct payment solution for accepting cryptocurrency. It offers secure, wallet-to-wallet payments. Coinbase is popular for those who deal primarily in cryptocurrency.

Why isn’t it our top choice?

Coinbase charges a per-transaction fee of $1.00-$5.00. It also lacks support for fiat currency withdrawals. If you’re going to be doing most of your business with fiat currencies, you should look at Blockonomics again.

Conclusion

Accepting bitcoin payments is one more way to make your shop accessible to customers. It’s probably not going to unlock a deluge of revenue, but it will help you connect to a specific and growing segment of shoppers.

Are You Looking for a WooCommerce Bitcoin Gateway Expert Who Can Help Take Your Ecommerce Site to the Next Level?

Call 919-336-1790 or click here to schedule a consultation with one of our web design experts.

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