Coinbase Commerce makes it quick and easy to start accepting cryptocurrency payments on your website or online shop. Here’s everything you need to know.
What Is Coinbase Commerce?
Coinbase Commerce is a digital payment system, designed for use on websites. It lets you accept a variety of cryptocurrencies, paid directly into your crypto wallet. It’s easy to get started and crypto exchange Coinbase run it. We’ve recently started using it to accept donations, and you can too!
Coinbase Commerce provides a variety of benefits for online business owners. Some of these are:
- Fast: Coinbase’s automated process means you can be up and running fast. Depending on the cryptocurrency project, you can also accept payments instantly
- Free: No fees to start accepting cryptocurrency.
- Global: There’s no need to support thousands of different foreign currencies, accept internationally available cryptocurrencies.
- Irreversible: Once transferred, customers cannot raise a chargeback or otherwise withdraw their payment.
- No middlemen: Transfers happen directly into your wallet. Not even Coinbase sit in on your transactions.
While many of these benefits come from cryptocurrency itself, Coinbase Commerce provides the tooling necessary to quickly and easily accept payments on your website.
How Does Coinbase Commerce Work?
Coinbase Commerce acts as an intermediary between you and your customers, but with a difference. The Coinbase Commerce plugin facilitates transactions between you and your customers. Coinbase Commerce handles the technical details, such as adjusting the price based on the current market rate of your chosen crypto, handling the optional QR code, and sharing your wallet address. It provides a nice interface for users to pay, a configurable time limit (which ensures customers can’t hold you to ransom over an old price), and encouragement to users who may change their minds.
In its most basic form, Coinbase Commerce simply shows users your wallet address. Users pay you directly, with no middle party taking a cut. This is a very altruistic service provided by Coinbase, and you don’t need to worry about security either. Payments happen on-chain, and you hold the private keys. Coinbase Commerce makes it easy to transfer funds to Coinbase, but you remain in full control of all your funds.
Getting Started With Coinbase Commerce
Coinbase Commerce supports a huge variety of different payment options. You can provide a donation button, or a single product purchase button. If you’re technically minded, you can use the Coinbase Commerce application programming interface (API) to programmatically raise new funding requests, or you can use the webhooks to update any of your own code.
This could be a database storing your stock levels, or a simple email system. The Coinbase Commerce dashboard provides advanced statistics, so you may not need to write any of this additional code. If you’re not a coder, the e-commerce plugins discussed above are the easiest way to sell your goods and accept crypto.
You can get started by creating a free account with an email address and password. Once you’ve verified your email address, you’ll need to enable two-factor authentication. Coinbase “take security very seriously”, and they won’t let you continue without configuring this. Finally, you’ll need to confirm your wallet seed. This is a standard security practice, and as Coinbase Commerce doesn’t have access to your funds, you’ll need to ensure you securely store this in a safe place.
Once registered, you’ll gain access to the Coinbase Commerce dashboard. This provides a summary of all your funds and lets you configure all the settings you need to accept payments.
Payment buttons or “checkouts” handle transactions for specific purchases, and you can have as many of them as you like. They consist of a product name, description, and price, along with an optional product image.
The simple dashboard highlights your balances, any payments received, and any existing checkouts. You can adjust your account settings, withdraw funds, and alter or delete any checkouts. If you’re worried about the stability of a cryptocurrency project, you can easily stop accepting payments in any of the four accepted
Start Using Coinbase Commerce Today
Coinbase Commerce is perhaps the quickest and easiest way to start accepting crypto payments on your website. It’s fast, free, secure, irreversible, easy to use, and works anywhere in the world.
As Coinbase Commerce acts more like a broker than an exchange, you don’t need to worry about the traditional problems with storing coins on an exchange. You own your own private keys, and Coinbase never handles your coins. Coinbase simply provides the tools you need to accept crypto, and that’s it. Regardless of how much hate Coinbase receive (and it’s a lot: #DeleteCoinbase), Coinbase can never steal your funds. Still, it doesn’t hurt to learn how to keep your crypto safe.
If you’ve started accepting cryptocurrency payments through Coinbase Commerce, then let us know in the comments section below.