Woocommerce being an ecommerce site offers plug-ins that allows traditional currencies in the form of cards or other payment options for their customer. But in recent times with the wide spread use and access of the Cryptocurrencies and on popular demand by their customers, they finally decided to go ahead and create a plug-in that allows users to integrate a payment gateway that deals with the user preferred Ethereum based ERC20 token.
When customers opt for a product or a paid service they have to pay upfront in a commonly accepted currency, for example the USD or EUR. This is all well and good, but the problem arises when the customer is from a totally different region and uses a totally different currency. If this is the case, then the customer has to go through the trouble of converting or interchanging their currency to the preferred currency.
This in-turn would mean different kinds of fee and commission being charged for the middle men such as intermediate banks. This is also why most ecommerce site tries to be versatile and have separate sites and products pertaining to the particular country. Though most payment gateways such as PayPal try to counter it by providing cross border payment services, but still this does not completely solve the shortcoming.
Payment Gateway integration with Cryptocurrency
- The main attribute of digital currencies is that, they have no border or boundary constraints
- With the Cryptocurrencies the customer reach is much more amplified and on a global scale
- The plugin act likes payment gateway and process payment with the help of MetaMask browser extension
- The value of the token may increase or decrease as it is completely depends on the exchange rate at the current point of time
- Once the payment process is completed, the plug-in then provides tracking possibilities
- WpAdverts is a plug-in used to display the Classified ads for the user under two plans i.e. free plan and premium plan. As of now for premium subscription the plug-in allows for payments in USD and not in digital currencies
- By introducing a payment gateway for WpAdverts users can have the ease of access of paying in digital currencies or tokens in exchange for classified services
- The payments are initiated with the help of a MetaMask extension for the plug-in.
- Customers can pay with Ethereum ERC20 tokens and once the transaction is completed it would be stored in the blockchain.