by What is Coinbase Commerce?
Coinbase Commerce is a next-generation payment processor for e-commerce that accepts cryptocurrency. It allows merchants to directly sell their products and services to customers in any country without the risk of chargebacks or fraud and with low fees. Connect your Coinbase account to start accepting Bitcoin, Bitcoin Cash, Litecoin, Ethereum & more.
Coinbase Commerce is the easiest and most trusted way to convert cryptocurrency into dollars. Sell products or services on your website (or anywhere) by adding a link to our Payment Page from Shopify, Bigcommerce, or Volusion. List items with your shipping and billing information and add a simple payment button for your customers to pay you in any currency. You can accept payments in over 30 different currencies, including bitcoin, Bitcoin Cash, Ethereum, Litecoin, and more. It is also easy to embed a payment form on your e-commerce website or blog.
How does Coinbase Commerce work?
Accept cryptocurrency directly as payment for goods or services. Integrate your existing web store with Coinbase Commerce. By adding a Coinbase button to your website or blog that leads customers to your payment page. When a customer clicks the Payment button, we automatically create a one-time use token and populate the customer’s shipping address and other details on the page.
This Platform allows you to embed payment buttons into your website or checkout flow or use a shopping cart widget. When customers choose to pay using cryptocurrency, they’re directed to Coinbase platform for payment, and the amount due is calculated based on the current exchange rate.
Customers are then returned to your site, where they receive a receipt and can check out with their digital currency. Merchants can also use our API to work directly with Coinbase Commerce and accept payments in real-time.
Why do merchants need to adopt cryptocurrencies?
The cryptocurrency market is booming. The first cryptocurrency ever launched, Bitcoin has a total value of about $1.75 trillion currently. Those Merchants who accept cryptocurrencies as a form of payment can avoid payment gateway fees and gain access to a global market spanning different continents. This also imbues another benefit in the lower transactional cost than traditional fiat methods because of its decentralized character; there is no need for third parties (e.g., banks).
How to use Coinbase Commerce?
Merchants can create a merchant account on Coinbase Commerce and start accepting cryptocurrency as a form of payment for goods or services on their online platform.
Initially, you will be required to enter your shipping details and billing information. Next, integrate the payment button into your website or checkout flow so that customers can pay using cryptocurrency upon checkout.
Steps to accept crypto payments
Step 1: Create a Coinbase Commerce integration by signing up on Coinbase.com and selecting Pay With Coinbase Commerce while creating an account.
Step 2: Add your store information from your preferred e-commerce platform (e.g., Shopify, Bigcommerce, Volusion, etc.) in the corresponding form on our site.
Step 3: Set up your payment gateway and complete the payment setup process.
Step 4: Send the verification details required to complete your transaction once you are ready.
What are the benefits of using Coinbase Commerce?
Lower transaction fees: Coinbase Commerce charges an additional 1% to convert your cryptocurrency into fiat and transfer funds to you. Merchants who want to avoid such fees can use our Instant Exchange feature instead by allowing customers to pay using the cryptocurrency we support directly.
Access to a global market: Customers from any country can pay merchants directly in cryptocurrency with no extra costs involved. Â This makes it possible for merchants to accept payments from customers worldwide to minimize chargebacks and fraud.
Global payments: There are many cryptocurrencies available in the market today. However, most of them are not accepted globally as a form of payment. Coinbase Commerce grant you to accept payments in over 30 currencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at present.
Fast and secure transactions: Cryptocurrency is more rapid than both wire transfers and credit cards due to its decentralized nature. Also, you don’t need to share sensitive information with third-party providers like banks before making your payment.
Merchant private keys: Coinbase Commerce allows you to keep your Bitcoin and Ethereum private keys stored at Coinbase. Merchants no need to worry about hosting cryptocurrency at a third-party provider like an exchange and keep your private keys as secure as possible.
Any merchant can start accepting cryptocurrencies as a form of payment. Using Coinbase Commerce, merchants can accept payments quickly and securely without worrying about the technicalities involved. Merchants can set up the payment gateway on their own and create payment buttons for their websites or checkout flow to pay using cryptocurrency upon checkout.
Who uses Coinbase Commerce?
- Shopify Plus merchants use Coinbase Commerce, e-commerce businesses, game servers, and more worldwide.
- Coinbase Commerce is a good choice for merchants who want to accept cryptocurrencies as a form of payment while keeping their private keys in storage with Coinbase.
- Merchants looking for a robust platform for integrating cryptocurrency payments into their existing e-commerce websites.
- Small and medium-sized businesses, as no minimum transaction amount is required to start accepting crypto payments on Coinbase Commerce.
Open Financial System Worldwide
Coinbase Commerce grants merchants to accept payments in over 30 currencies. This expansion has made it possible for the company to be among the world’s top 10 payment processors and handle transactions in over 190 countries and territories.
8000+ merchants are already using coinbase commerce as a payment processing platform worldwide. It is a good choice for merchants who want to accept cryptocurrencies as a form of payment while keeping their private keys in storage with Coinbase.
Complexity Ease of Use
Coinbase Commerce offers several features that help simplify accepting cryptocurrency payments from customers. This includes instant exchange, which allows consumers to pay using cryptocurrency directly from their wallets, fast and secure transactions. And private merchant keys stored at CoinBase for added security.
Instant Exchange
Coinbase Commerce is one of the few platforms that offers Instant Exchange, which allows users to pay using their cryptocurrency immediately upon clicking a payment button. It has leverages over 200+ marketplaces so merchants can accept payments from customers in real-time. You do not need to convert cryptocurrency back into fiat currency before processing payments. And customers can pay you in cryptocurrencies without waiting for you to send the funds to your bank account.
Non-custodial wallet
Coinbase Commerce is a non-custodial wallet, which means merchants do not store any private keys, metadata like addresses, or private keys of their customers. If a merchant finds it necessary, they can quickly recover their funds using the built-in interface on Coinbase.
