Payment processor Coin.co launched a new plugin for WHMCS last week to provide customers of the all-in-one support and billing solution with the opportunity to accept bitcoin payment.
The technology used by Coin.co allows businesses to receive US dollars into their bank accounts even when the transaction is paid in bitcoin.
WHMCS has over 75 payment gateways and supports sending invoices to customers in multiple currencies. The Coin.co plugin will allow WHMCS customers to avoid paying extra credit card fees.
Coin.co’s CEO Brendan Diaz has a background in hosting, making him particularly sensitive to understanding what service providers need to offer customers in order to succeed. Ease of use and integration are two key components, he said.
“Our hopes with this plug-in is to not only provide easy integration, but show that bitcoin is both attractive and scalable,” Diaz said. “It has been an absolute pleasure working with WHMCS to give their customers an attractive alternative to the high credit card fees that are avoided when paying with bitcoin.”
Bitcoin is becoming a more accepted form of payment. According to a panel at the CoinSummit conference in London last week, bitcoin mining operations may spend as much as $600 million on infrastructure in the rest of 2014 to process the growing number of transactions and expects those investment to continue into 2015.
The demand for bitcoin was demonstrated last week when it was announced that Bitcoins.com is up for sale, hoping to fetch around $750,000 in an auction next week.
Digital payments in general are on the rise. Predictions by Juniper Research show digital payments reaching $4.7 trillion by 2019, up from $2.5 trillion in 2014. Significant growth in this area is something service providers can’t ignore if they want to continue to thrive in an increasingly competitive marketplace. Parnterships such as the one between WHMCS and Coin.com should allow both companies to take advantage of growth in this area of the industry.
Global forms of payment such as bitcoin may benefit businesses by taking away some of the complexity of dealing with different currencies and countries. Ecommerce growth is expected to be strong in China, Japan and South Korea, according to a recent Forrester report, and simplifying payment options will allow ecommerce merchants to more easily grow in these regions.
WHMCS feels the partnership with Coin.co will allow service providers to take advantage of the expected ecommerce growth.
“WHMCS is thrilled to have another third party module available to our customers,” Aaron Phillips, Chief Business Officer of WHMCS said. “In utilizing our Payment Gateway SDK, Coin.co was able to deliver a fully functional module to allow hosting providers to easily accept bitcoin as a valid payment. Research from Coin.co suggests that by offering bitcoin as a valid payment options, hosting providers could see an increase in 1-5 percent revenue.”