WooCommerce is the most popular plugin for WordPress which is used for a wide variety of eCommerce businesses, one of the most common being online stores. With WooCommerce you can accept various payment systems such as local bank transfers (list of Indonesia’s largest banks), credit cards and online payment systems such as PayPal and others. But the most recent is that you can also accept payments in Bitcoin digital currency on your WooCommerce online shop.
By adding a payment system bitcoin, that means you are opening up your business market that is much more advanced and accepted by users around the world because bitcoin payments are currently in great demand and the process is much faster and easier than other payment systems. The great thing about bitcoin is that there are no restrictive country rules online payment system this.
In this article, I will introduce you to a way to accept payments on WooCommerce with bitcoin without third parties with the Blockonomics plugin.
What is Blockonomics?
Blockconomics is a decentralized bitcoin payment solution that provides users with special transaction tools that increase their use of BTC. The benefits of this platform include:
- Decentralized payment solution
- Users get paid directly through their wallet or without intermediaries
- The platform is secure because no one has access to the user’s private key except the owner
- This platform is permissionless and without limits as no documentation or KYC is required, you have to use your email to get a payment solution.
- The entire checkout process takes place on your website – there’s no need to send your visitors off your site.
Blockconomics is a payment solution for e-commerce stores who want to integrate cryptocurrency as another payment option that is more modern and easily accepted by users around the world with a fast and problem-free payment process.
Blockonomics for Whom?
Anyone of you who is currently running an eCommerce business or an online store can use the services offered by Blockonomics.
By adding bitcoin payment options, it is very possible that you will be more successful and your income will increase. This is because customers and e-commerce stores will both benefit from using Blockconomics with a profitable bitcoin payment system.
In addition, blockconomics allows e-commerce stores and buyers to get rid of huge credit card transaction fees that are detrimental to both sellers and buyers.
Blockconomics is also very easy to integrate into payment systems from various types of websites so that it is easier to use. Especially for users of web platforms such as WordPress, Prestashop, Magento, Opencart, and WHMC, all special plugins have been provided for each of these platforms, making it easier for you to integrate blockonomics into your website.
Blockonomics is a free plugin and their service is also free for your first 10 transactions. After that, you will pay a flat 1% transaction fee on all transactions. Since none of your money has ever touched the Blockonomics wallet, you should actually pre-pay these transaction fees after your 10 free transactions are complete. You can get this money back if you don’t use it, so there are no additional costs except what you process.
The fees charged by Blockonomics are much lower than when you accept payments by PayPal or credit card. You will get far more profit than having to have your money cut by other payment systems.
How the Blockonomics Plugin Works
Here I will explain how the blockonomic plugin for WooCommerce works, and it will work similarly to plugins for other platforms.
First, Blockonomics allows you to accept Bitcoin payments on WooCommerce without acting as a direct intermediary. Where, buyers who carry out the checkout process remain on your site until the transaction is complete and the money goes directly to your online store wallet.
The process is that users have a timer that limits when they can send payments (ranging from 10-30 minutes). Furthermore, the Blockonomics API will look at the blockchain to look for these specific transactions.
Furthermore, once the payment is confirmed twice on the blockchain, Blockonomics automatically marks the order as paid.
If there is no payment within the time window (plus buffer), Blockonomics automatically marks the order as canceled.
Besides, everything else about the process is pretty normal! Users will still use the normal WooCommerce cart and checkout – they’ll just get a new Bitcoin payment method to choose from.
How to Use Blockonomics in WooCommerce
The first thing you need to do is install and activate the plugin WooCommece Bitcoin Payment Blockonomics, of course, you already have WooCommerce installed on your WordPress site.
After you activate Blockonomic, please enter the menu Settings »Blockonomics. In this setup section, you only need to configure a few basic settings.
Basically, the most important thing is to include the Blockonomics API. Apart from configuring the Blockonomics API Key, you can also choose:
- Whether or not to accept Altcoin payments with Shapeshift
- How long will the timer take to leave the buyer at the checkout page (this is how long it will take for them to send the payment to your address) The timeframe you can choose is 10 to 30 minutes.
To get the Blockonomics API, please visit the Blockonomis website and enter the ‘Merchant’ page, please register for a free Blockonomics account.
You must confirm your email. And once you do, you have to enter the xpub address Bitcoin wallet You:
And after that, Blockonomics will provide you with the API keys you need. You need to add that API key to your WordPress dashboard in the “Blockonomics API Key” box:
Next, you can test your setup by pressing the “Test Setup” button. And if successful, there will be a message “Congratulations! Setup is all done ‘and hit the’ Save ‘button.
Now that the basic setup is done, let’s move on to setting up Blockonomics in WooCommerce.
Configuring Blockonomics on WooCommerce
To configure Blockonomics on the WooCommerce payment system, please enter on the menu WooCommerce »Settings» Payment:
You will see a payment system with the name “Bitcoin” added. Please activate it and click the ‘Manage’ button, you can change the name of the payment method during the checking process or leave it like that.
If so, please click the ‘Save Changes’ button to save your settings.
Next let’s see how the purchase process at WooCommerce with the bitcoin payment system.
The product purchase process is the same as usual. Only now, when buyers will checkout, they will see a new Bitcoin payment option added to the payment system:
After they check the Bitcoin method, they will be able to:
- See conversions for total orders from fiat to cryptocurrency
- Scan the QR code to send payment
- Send directly to your wallet address
- Pay with Altcoins using ShapeShift (if you enable this feature)
They will also have that timer at the top, which again, you can adjust the length:
If the shopper doesn’t send the payment on time, they’ll see a payment expiration notification with instructions to return and try again.
Otherwise, they just need to wait for their payment to be confirmed on the blockchain.
Furthermore, you as an online shop owner or seller, while you are waiting for the buyer to send Bitcoin to your wallet, the order will be displayed with the status “Pending Payment” on your WooCommerce dashboard:
And the order will remain as a Pending Hold until the payment gets two confirmations on the blockchain (in this case it will be confirmed) and for the Timer expires (in this case it will show as canceled). Note, there is actually a bit of buffer beyond the timer that is seen by the customer, which I presume allows the time for a transaction to be confirmed on the blockchain if the user sends near the counter.
So everything is still done automatically even though there is no third party. You do not need to manually intervene to change order status.
Blockonomics is a bitcoin payment system solution for various eCommerce sites. With blockonomics, payment with bitcoin is easier because it is integrated with various web platforms.
There is nothing difficult with Blockonomics, as the whole setup process only takes a few very easy minutes as you can see in this article. Once you are done, you will receive a cryptocurrency payment in no time. And your online shop is now able to accept payments in bitcoin digital currency.
The fee requested by Blockonomics is also very light, which is only 1% of each transaction, of course this is a cheap service and can take your business to a more successful direction.