Coinbase Commerce is a merchant service separate from Coinbase's main branch of services. The service allows users to accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin for their online shop. The service integrates with e-commerce platforms such as Shopify and Woocommerce. Users will be provided with a recovery seed in case they lose access to their account or if it is compromised. The accounts will be completely different from traditional Coinbase accounts as it is an entirely different service. The service is still in its early stages and was only launched this year in 2018. With the product only being launched recently, there are still some features which are missing. Currently, users can only withdraw Bitcoin and Litecoin. For Bitcoin Cash and Ethereum, users can import their keys into an external wallet such as Jaxx to manage the funds.
To process payments, there is a checkout landing page with a wallet address and a QR code. Payments open for fifteen minutes and after this time, they cancel. All payments are processed on-chain. In terms of fees, there are no fees to accept payments. Users can enable two-factor authentication to add an extra layer of security.
- Enables merchants to accept payments from users
- No fees for accepting payments
- Users can enable two-factor authentication
- Payments are processed on-chain
- Only four cryptocurrencies supported
- Users have to import their keys to an external wallet to fully manage account
- Still in the early stages of implementation and not fully functioning