Online stores that decide to feature Ethereum Classic payments have numerous ways of doing it. Yet, the most efficient and reliable tool they can use to accept crypto payments is plugins. NOWPayments offers ETC payment plugins for different eCommerce platforms, and one of them is WooCommerce. There are thousands of stores hosted on WooCommerce, yet not many of them accept Ethereum Classic or other cryptocurrencies as payment. Nevertheless, Ethereum Classic can be a perfect payment solution for eCommerce stores since it possesses a long list of benefits and cool features.
Key points:
- Ethereum Classic is a universal blockchain powering ETC.
- ETC payments are private and borderless.
- NOWPayments lets WooCommerce stores accept ETC payments.
What is Ethereum Classic?
Ethereum Classic is a blockchain that provides open access to digital money and data-friendly services for everyone. It is a community-built technology that powers its native cryptocurrency, ETC, as well as numerous decentralized applications that people use every day. ETC is scarce digital money that people can use on the internet.
Pros and cons of accepting Ethereum on WooCommerce
Advantages
Borderless
One of the biggest advantages of Ethereum Classic for online businesses is the lack of any limitations when it comes to ETC transfers. Basically, Ethereum Classic can be transferred between crypto addresses in a matter of minutes. Moreover, it does not matter where the sender and the recipient live. Essentially, the processing speed of ETC transactions always remains stable and is not affected by the distance between the parties to the transaction. Fast and borderless transactions are particularly important for online stores that often have many international clients who experience problems when paying for products and services.
Private
Another cool feature of Ethereum Classic is the privacy that it offers to users. Ethereum Classic does not ask users to reveal their identities or go through Know-Your-Customer procedures. The registration process on Ethereum Classic is simple and anonymous. You only need to install a wallet and generate your crypto address. Businesses can utilize Ethereum Classic as a private way of payment. The mainstream payment services are controlled by banks which makes them non-private. Ethereum Classic transactions are peer-to-peer, so they involve only two parties without any intermediaries. This is why Ethereum Classic is a perfect private payment method.
Community-driven
The community of Ethereum is truly massive. There are millions of people who hold Ethereum Classic coins in their wallets. Businesses, by deploying an Ethereum Classic payment gateway, can instantly turn all of these people into their potential customers. Many crypto enthusiasts enjoy using their cryptocurrency holdings as a means of payment to purchase products and services with their coins. Online stores on WooCommerce can offer them such an opportunity by integrating NOWPayments’ plugin for WooCommerce.
Disadvantages
Price fluctuations
Another issue of Ethereum Classic, which nevertheless is common on the crypto market in general, is the price fluctuations. Basically, the price any crypto always fluctuates and does not remain stable. Sometimes value changes may be quite drastic, which may make some people less willing to spend their coins. Businesses that want to protect themselves from the price fluctuation problem can use NOWPayments’ auto-conversion feature. NOWPayments can automatically convert all of the payments made by your clients made in crypto to a fiat currency of your choice.
How to accept Ethereum Classic on WooCommerce
If you wish to deploy your Ethereum Classic payment gateway on WooCommerce using NOWPayments’ plugin, follow these steps:
- Sign up for a NOWPayments account by pressing this link.
- Specify your Ethereum Classic wallet address and generate an API Key.
- Go to this page to install the latest version of the WooCommerce plugin.
- Next, upload the nowpayments-payment-gateway-for-woocommerce directory to the /wp-content/plugins/directory.
- Activate the plugin through the ‘Plugins’ menu in WordPress.
- In the WooCommerce Settings page, go to the Payment Gateways tab, then click “Enable NOWPayments.”
- Go to the “Manage” section and enter your NOWPayments’ API Key.
- Click “Save changes” and the gateway will become active.
Conclusion
Ethereum Classic is one of the best cryptocurrencies for use as a payment solution on WooCommerce. NOWPayments enables businesses to accept ETC payments.