Coinbase is the most famous cryptocurrency exchange in the U. S. and the world’s second-largest. Small company sellers may want to experiment with adopting cryptocurrency as payment for services and goods as cryptocurrency becomes more broadly recognized. This is frequently done to support technology, reduce costs, or collect international payments fast.
If your company wants to incorporate cryptocurrency payments into its business, Coinbase Commerce is a fantastic place to start. However, it is crucial to learn more about the service before deciding whether or not to use it. Read further to learn about Coinbase Commerce, including its features, costs, and operations.
What Does Coinbase Commerce Do?
Coinbase Commerce intends to make cryptocurrency transactions more accessible to companies. Businesses may use this software to accept cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), among others.
Coinbase Commerce customers can create merchant accounts, simplify their cryptocurrency checkout experience, and incorporate their account information on their network. Furthermore, it allows the business to receive these payments immediately into their account and instantly withdraw them.
This allows service providers, online retailers, and businesses to handle cryptocurrency payments without creating cryptocurrency accounts and manually displaying their account details on websites or applications.
Coinbase Commerce Features
Coinbase Commerce is a simple service that prefers to delegate basic commerce and crypto-related operations to third-party apps. Let’s take a closer look at Coinbase Commerce’s features:
The primary function of Coinbase Commerce is to enable companies to accept crypto payments. This is accomplished by offering private wallets to enable your transactions. Furthermore, the account is offered in two options: self-managed and Coinbase-managed.
With a self-managed account, you will have total control over your personal keys and will be held liable for any conversions you do. Furthermore, Coinbase enables self-managed accounts to handle payments in fiat currency with no conversion fees manually.
Coinbase will handle settlements automatically for a managed account but will keep custody of your personal keys until you move the cryptocurrencies to your private wallet. Cryptocurrency will never leave your hands if you only deal in fiat currency. You should note that self-managed Coinbase accounts don’t support as many cryptocurrencies as Coinbase-managed accounts.
Coinbase Commerce allows you to create and price checkout goods. You can also request information from the buyer. When you’re through generating the item, Coinbase Commerce will send a URL and some HTML for you to incorporate into your website. Users who click on the product will be brought to the checkout page.
Coinbase Commerce enables you to build customized checkouts for your website by utilizing a payments API. Coinbase Commerce provides Ruby, Node.js, Python, and PHP libraries. You don’t need to be a coder to set up Coinbase Commerce. Furthermore, the service offers embedded buttons and hosted checkout support, both of which can be easily placed on your website.
Point of Sale (POS)
Coinbase Commerce offers minimal POS capabilities in the form of a virtual terminal. Coinbase Commerce provides a URL and a code that you can use to start the terminal on every device that can access the internet. You can then finalize the purchase by selecting a product or service you’ve developed.
Then, choose the cryptocurrency in which the consumer wishes to pay. Coinbase Commerce will produce a QR code that your customers can scan with their cryptocurrency wallet to pay you.
When you utilize Coinbase Commerce’s Invoicing functionality, you can rapidly produce timely invoices for your clients. The Coinbase Commerce UI makes the procedure simple. Your customers can pay the required amount using your Coinbase Commerce payment mechanism. This method of accepting regular and one-time payments is more professional and credible.
Coinbase Commerce offers quick interfaces with over 12 prominent eCommerce platforms, enabling you to set up payment services quickly. Coinbase Commerce makes it simple to communicate payment data to your customers using payment buttons and the checkout process flow. These connections are current in style and functionality to deliver the greatest user experience possible. This drastically decreases your setup expenses and time, allowing you to accept crypto payments through a trustworthy platform with flexibility and convenience.
Price changes are too common in the crypto market due to their volatility. Unless you utilize a stablecoin with a fiat currency value, you may anticipate these movements to be seen across all cryptocurrencies. However, Coinbase commerce has the potential to help manage this volatility. Setting flexible payment thresholds allows you to impose cost constraints above and below your list price.
This functionality enables your customers to change their expected payment based on the current market conditions while remaining within your minimal expenditures. This will allow you to make more sales without losing money.
Coinbase Commerce Costs
Coinbase Commerce doesn’t charge any service fees. This implies that anyone can register a free account. When transferring to another cryptocurrency wallet, you must still pay network fees. These fees vary depending on the scenario, with the money flowing directly to the applicable cryptocurrency network.
If you have a different Coinbase account on the exchange and want to deposit funds in fiat currency from your merchant account there, the system charges a 1% conversion fee. Coinbase Commerce offers a low-cost solution to include crypto payments in your business. If you want to keep using these services for continuous payments, you should consider the cost of network costs and possible conversion fees.
If you’ve been pushing away adopting cryptocurrencies because you’re concerned about how difficult the process would be, Coinbase Commerce will ease your concerns. If you have a Coinbase exchange account, implementing the solution becomes easier. However, before using Coinbase Commerce, you should thoroughly analyze your needs and any other important variables.