New WordPress Plugin Now Allows WooCommerce Merchants to be Paid in Crypto

New WordPress Plugin Now Allows WooCommerce Merchants to be Paid in Crypto

A new open-source plug-in, MyCryptoCheckout, has been released for WordPress. The tool has been designed to integrate directly with WooCommerce, the world’s leading eCommerce plug-in for WordPress websites, and essentially opens the door for tens of thousands of online merchants to accept payments in cryptocurrencies.

The WordPress-based cryptocurrency payment gateway accommodates payments in a variety of leading cryptocurrencies including BTC, Ethereum, Ethereum Classic, ZCash and Verge. However, it also permits payments for a host of ERC-20 compatible tokens amongst which can be found Bancor (BNT), Golem (GNT), Basic Attention Token (BAT) and QTUM.

Merchant Adoption

Whilst the WooCommerce extension opens the door to greater crypto-currency adoption, the number of active installations of the MyCryptoCheckout tool amounts to no more than two hundred at the time of writing.

“Online merchants generally have smaller margins and volatility is generally the last thing they need to deal with. Cryptos, of course, are volatile,” states Gavin Pland, an online merchant whose own websites accommodate payments in crypto.

The continuing issue of the cost of fees, particularly for smaller payments in BTC, also acts as another barrier to entry according to some analysts, as does security. However, the move is nonetheless likely to represent a positive step for crypto commerce more generally which so far has been largely confined to niche services within the mainstream business landscape.