Coinbase has launched a new plugin that would enable merchants to integrate payments made in crypto to their websites. The plugin is called Coinbase Commerce, and works like embedded payment plugins from PayPal and Stripe.
This new plugin brings wider accessibility for trading goods and making transactions online, with merchants and buyers now able to directly interact with the Coinbase Commerce plugin, even without a Coinbase account logged into the browser. The plugin wasn’t launched to much fanfare, with a simple login page providing no further information. The extended feature, however, isn’t available for new merchants—only existing merchants with verified Coinbase accounts can use the plugin, possibly due to security reasons.
The new plugin follows the standard checkout process for purchasing online goods and services, with features similar to that of Litepay, Bitpay, and UTrust. When a buyer goes through the checkout process, a new window is opened to complete the transaction, which is summarized with cost details and cryptocurrency addresses for the user or buyer to confirm. Scanning a QR code is optional, but also works seamlessly. At the moment, Coinbase Commerce only accepts Ethereum, Litecoin, Bitcoin Cash, and legacy Bitcoin (BTC). Here’s a sample screenshot from trustnodes.com, comparing the plugin with the traditional methods:
Previously, fees for Coinbase merchants have indicated a sales limit, with Coinbase support stating that “Receiving bitcoin payments is completely free on Coinbase. If you decide to cash out your bitcoins to a bank account we charge a 1% fee — but only after your first $1,000,000 in sales.” This might be subject to change with Coinbase Commerce, and it remains to be seen if server backlog issues in the BTC network might affect the process’ overall reliability for both merchants and consumers.
User-facing improvements in the Bitcoin Cash ecosystem are steadily making their way into the broader cryptocurrency community. With mass adoption of cryptocurrencies like Bitcoin Cash comes the responsibility of exchanges and services providers like Coinbase to provide clear and adequate information for their users.
[UPDATE] Coinbase Commerce has officially launched. Merchants preferring Bitcoin Cash may now sign up on their platform.