Monetizing website has always been a big conversation among WordPress users. How do you get paid for your content without alienating readers? San Francisco based company Coil and WordPress agency Pragmatic, have come together to answer that question. Introducing the Coil Web Monetization.
Once a reader has set up a Coil subscription, they can enable it on any site of their choosing, and money is automatically taken from their online wallet.
“Now, more than ever, publishers and individual creators are seeking new revenue streams,” said Stefan Thomas, Founder and CEO of Coil. “At the same time, consumers are suffering from site-by-site subscription fatigue and the invasive privacy issues associated with ads. With the introduction of the Web Monetization plugin and more payout options for publishers and creators around the globe, our goal is to provide more choice and less friction for everyone.”
Site-owners can activate the plugin for their entire site, monetizing every piece of content, or pick specific pieces that only subscribers can access. Much like Patreon, the plugin provides a way to reward your most loyal fans. You can offer content early or create something exclusive just for them.
Along with the plugin, Coil is releasing a virtual wallet called Uphold. The wallet can manage over 50 currencies connecting to banks in over 35 countries. Readers can connect Uphold to their Coil account and subscription money will be taken directly out of it.
“Part of the inspiration for Coil was to break down the barriers that prevent creators from being paid for their work and their fans from being able to support them. By leveraging Interledger Protocol technology and partnering with Uphold, we’re continuing to tear down walls that make cross-currency transactions too expensive and inaccessible to many,” Thomas said.
The plugin is open source, free, and customizable. It is available in the plugin repository now.