Decentralized marketplaces are becoming more popular than traditional marketplaces. Even though the cryptocurrency market is still difficult to understand where blockchain technology is still a much safer alternative. To bridge the gap between traditional and crypto markets, Coingate is a secure WooCommerce-compatible option.
When it comes to customers who prefer new technology and variety, Coingate is one of the best choices. So let’s take a look at all the features of this excellent payment gateway that will allow you to collect payment of selling digital and physical goods from your online store.
CoinGate Review: Quick Overview
Coingate was founded in 2014 by Dmitrijus Borisenka, Jonas Gilys, and Irmantas Baciulis. The company has achieved great success after collaborating with companies such as Simplex, Changelly, and DAOpay.
Recently, Hostinger, a well-known hosting company, partnered with Coingate. Moreover, Hostinger will offer its clients the option of paying for their services in cryptocurrency and conventional currency.
Coingate is an all-in-one solution to meet the needs of crypto-marketers and an alternative payment gateway for traditional businesses. You can buy and sell more than 70 currencies and receive cryptocurrency payments.
Coingate is a cryptocurrency trading platform, payment processor, and gift card retailer all in one. So, you can sell gift cards in cryptocurrency.
This software solution is available as a SaaS or a WordPress plugin. Payments can be made directly with credit cards or debit cards in cryptocurrency. Using this tool, cryptocurrency can reach a wider audience with minimal friction and better understand the system.
Moreover, if you are selling or buying cryptocurrency, your users can receive real cash in exchange for their crypto coins.
Why Should You Accept Crypto Payments on Your Website?
Cryptocurrencies are the future of exchange. Blockchain technology is more secure than traditional methods of payment and offers anonymity. Furthermore, it offers an additional method of payment for clients. However, many countries have international payments or high currency exchange rate restrictions.
Taking payments in cryptocurrency eliminates all these obstacles. Adding a new payment gateway increases the trust that new buyers will place in your business, as crypto is a safer payment method.
Additionally, the buyer sometimes pays bank or currency exchange fees when making international payments. Often, these fees are much higher than the product price, discouraging customers from purchasing the product.
The reduction of payment fees for crypto payments allows additional benefits such as anonymous payments and fraud protection. Therefore, there is no reason not to use cryptocurrency payments when adding them is becoming easier daily.
Features of CoinGate
Let’s take a look at the features that this tool provides. I will elaborate on them when necessary.
Multiple Currencies Accepted
Coingate supports more than 70 different types of cryptocurrencies. As a result, there are options beyond Bitcoin and Ethereum. For example, you can accept payments in either of these currencies with easy conversion into fiat currency.
Although the minimum withdrawal fee is 50 dollars, you can convert and withdraw at any point once the threshold has been reached.
With the advancement of security technology, hackers also have advanced. Blockchain technology is excellent when it comes to security. However, some reports indicate fraud and unauthorized access to accounts have occurred.
Coingate adds another layer of security. Your account and funds will be held in cloud storage, so there will be no way to access or steal funds from the account.
Strong Business Network
Partnering with established organizations is an advantage of marketing. Coingate has taken this very seriously, and this is yet another reason to trust the company. Bitcoin, Changelly, DAOpay, and Hostinger are enough to determine the legitimacy of the business.
Multiple Countries Supported
Since cryptocurrency is not allowed in all countries, that’s why Coingate is not available in every country. However, businesses from over 70 countries can use Coingate to receive payments or sell cryptocurrency.
CoinGate Pros and Cons
- Support for merchants
- Security: Two-factor authentication and the use of cold storage
- 24/7 Customer Support: Users can contact customer support via email or by submitting a support request
- CoinGate offers 70 cryptocurrencies,
- Referral Program: CoinGate rewards the referrer 1%;
- Buy cryptocurrency instantly: with a credit/debit card or via SWIFT/SEPA.
- Multiple uses: crypto payments solution, buying and selling crypto, and supports purchasing and sending gift cards
- Multiple Integrations
- The platform does not support the deposit of cryptocurrencies;
- English and Spanish are the only languages supported by the platform.
- No CoinGate wallet is available.
Multiple Integration Method
Integration is one of the most important features of any plugin or tool. If you are running a WordPress website or another type of website, you need to choose the most effective integration method.
Coingate allows users to integrate the tool using 4 methods.
- Payment Button (HTML)
- P.O.S. Solution
- WordPress Plugin.
Using the WordPress plugin makes it easy to keep things organized in the WordPress dashboard. You can also choose any of the other 3 options and manage everything from your Coingate Account dashboard.
How it works?
Coingate is similar to typical payment gateways for eCommerce websites, such as PayPal and Stripe. You may include Coingate as a payment option in your WooCommerce settings or make it the only payment option.
The customer can choose between 70+ payment options, including Coingate and their preferred cryptocurrency. In this case, they can view the receiver’s account number and the amount for the product. Once the order is confirmed, the vendor receives a Woocommerce notification, and the customer can track the payment in real time.
You can set the receiving currency for payments to a single option (e.g., all payments received in Bitcoin) or even to a single fiat currency, for example, USD or E.U.R. It is automatic and easy for you to manage rather than checking on all 70 cryptocurrencies manually.
CoinGate WordPress Plugin
Coingate is a WordPress-based website, but they have an official plugin that makes things easy. If you would like an easy setup for your website and are not a techie, you will need the following.
Sign up for a free Coingate account
To accept payments through your WordPress website, you must sign up for a free Coingate account. Once your main account is created, you will have to set up your business account. It is required because the API will be needed to set up the payment gateway from that business account. This is a free process, just like creating any other account.
Installation and Configuring the Plugin
You can install the official Coingate plugin from the WordPress repository. To use Coingate, you must have the WooCommerce plugin installed.
After installing and activating both plugins, go to WooCommerce > Settings > Payments and turn on Coingate as the payment gateway.
Next, click Set up to add the gateway for customers. From this tab, you will need to perform two tasks.
Set up your auth token for connecting to your Coingate account.
Choose the preferred cryptocurrency or fiat currency in which you want to get paid.
How to create an API Key?
To get the API, you will have to log in to your Coingate account and follow this path: Marchant > API > Apps > New App.
Note- Before receiving payments with Coingate, you will need to verify your identity with legal documents unless you can’t generate an or Buy button.
Fill in this form with all necessary documents and invoice time for calls. Additionally, you can opt to cover some of the customer’s payment fee costs if the invoice exceeds 100 euros.
After completing the process, you should receive an API key similar to this. Add this API key to your WooCommerce payment settings, as shown above.
How to set up the Coinbase Payment button without a plugin?
Plugins make more HTTP requests and make your website heavier, so I understand you won’t want to add a payment gateway. If you’re going to use Coingate on a website, whether it’s a WordPress site or a custom one, you don’t need any plugins.
You can create this by going to Marchant > Payment Button > New Payment Button. Then, if you want to brand it, you can add a logo, a color, etc.
Upon configuring the settings, you will be taken to a page where you must select the cryptocurrency you want to accept as payment.
Then click next to get the button’s embed code. To sell your service or product, you must use this embed code. If you use the same code on multiple websites/pages, Coingate may ban your account. Use the custom HTML block in WordPress or have a developer do it for you on your custom website to use this code.
When the customer clicks on the button, they will be directed to the payment page. Alternatively, if you want a button with a custom design, you may use the direct link.
However, you must sign in to your Coingate account to view the order. In addition, if you want to see the notification on your WordPress dashboard, you will have to install the WooCommerce plugin.
Detailed Resources of Coingate
Receiving crypto payments can be confusing for a new user, so Coingate has thought ahead and they have prepared a comprehensive resource page. Read their blogs from the resource page to better understand crypto payments.
You can find all the information you need to get started, including F.A.Q.s and solutions to common problems. Additionally, you can check if your country is included in the supported countries list and the current exchange rate for the cryptocurrency you possess.
Coingate Customer Support and Resources
Customer support plays a significant role in the purchasing decision. If you prefer direct support over seeking solutions from others, Coingate is a suitable option.
Coingate provides detailed documentation for each section of the problem you can encounter. When you use this service, you will access all the information you may need. If you are still not convinced, you can click “Submit a request” to open a support ticket.
Coingate’s services do not end there. You can use their contact form to express your concerns directly. If that is not enough, there is a “live chat” option on their website so that you can get quick responses.
Coingate Pricing Plans
Coingate does not charge any fees for its services upfront. However, each payment will be subject to a 1% fee. This fee is considerably lower than most credit card processing fees. In addition, depending on the method and amount, you are charged a withdrawal fee. The following table provides an estimation of the withdrawal fee.
To avoid calculating withdrawal fees, withdraw your money using a SEPA bank in euros. However, if you want to withdraw money internationally, you will have to pay 1% for Euros and 0.02% for Dollars.
FAQs Realted to Coingate Payment
Can I open a CoinGate account in the United States?
Yes, you can use it in the United States. Remember that Coingate does not permit Marchant to use its services due to some regulatory reasons.
Do I have to verify my identity to buy and sell crypto on CoinGate?
Buying, selling, or receiving payments in cryptocurrency requires a KYC process. Additionally, you will also need to verify your account with legal documents to use various Coingate features.
Where is CoinGate based?
It is a fintech company based in Lithuania.
Has CoinGate a wallet?
Coingate does not have a wallet. Therefore, you will need an external cryptocurrency wallet to conduct transactions.
Can I use my debit/credit card to purchase crypto from Coingate?
You can safely purchase cryptocurrency on Coingate using your credit or debit card. However, it will cost you 8% of the money you will receive.
If you want to succeed in the future of online business, you will have to get involved in the crypto market. Although establishing a crypto payment is not simple, Coingate makes it much simpler. Additionally, if you consider the 1% cut on a payment, which is a low fee for handling 70+ cryptocurrencies.
Having a crypto payment gateway set up is a smart way to compete with the competition. The tool will handle most of the process automatically, so there is no need to get stressed.
It can give your business new opportunities that you may not have realized before. As crypto is supposed to be a future exchange currency, giving it a shot makes sense. Also, you can test out the tool in their sandbox feature before implementing it.