Processing Magento’s online store means knowing that it’s important to provide shoppers with a variety of payment options. Once cryptocurrencies gain traction, it becomes even more important to consider these payments.
But don’t worry – accepting crypto payments with Magento 2 is not as complicated as it looks. It’s like adding another tool to your toolbox – just because you have a hammer doesn’t mean you can’t use the screwdriver either.
Adding Crypto payments is worth considering as they can help you grow your customer base and increase your revenue. In this article, we’ll take a look at some of the best ways to accept cryptocurrency payments for Magento 2, as well as some of the things you need to consider before you start.
What do you need to accept cryptocurrency payments in the Magento Store?
To accept cryptocurrency payments in the Magento Store, you will need to set up a cryptocurrency wallet. This wallet allows you to securely store and manage your digital assets.
You also need a payment gateway suitable for Magento websites such as BitPay and Coinbase Commerce. These gateways can seamlessly integrate with your store and process cryptocurrency transactions.
Proper configuration of these components is important to ensure smooth payment processing and customer satisfaction. So take the time to get it right!
Cryptocurrency wallet
Cryptocurrency wallets are digital wallets that allow you to safely store, send and receive cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
There are many different types of wallets, including software wallets, hardware wallets, and paper wallets.
Software wallets are the most common type of wallet and are offered in the form of mobile or desktop applications. These wallets allow you to easily manage your cryptocurrency funds, many of which are at your disposal.
Hardware wallets, on the other hand, are physical devices that can be connected to calculations. They provide offline storage for your private key, making them less vulnerable to hacking attempts.
Paper wallets are another option to print QR codes on paper, including public and private key pairs.
Overall, having a cryptocurrency wallet is an essential step in accepting Crypto payments for your Magento store.
We at Coinlabz recommend a beginner’s software wallet as it is more user-friendly and very easy to use for beginners. If you plan to keep a large amount of digital currency, we recommend storing it offline in your hardware wallet. Therefore, we do not rely on third parties to protect our assets, but we retain full control and ownership of the cryptographic. There is also Pin encryption with the option to include biometric logins that add other additional layers of protection.
A suitable payment gateway for Magento websites
To accept cryptocurrency payments in the Magento e-Commerce store, you need to integrate a crypto gateway. Luckily, it’s easier than you think.
First, to begin accepting cryptographic payments, you will need to integrate cryptographic payment gateways into your website or online store. Crypto Payment Gateway processes transactions, validates transaction details, and checks sufficient funds if the customer wants to pay in cryptocurrency. The cryptocurrency is then converted to Fiat and sent back to the merchant’s account in the local currency you are interested in. Payments are usually resolved within a few business days.
Essentially, it is a processor that allows merchants to accept cryptocurrency payments in exchange for Fiat currency.
Coingate Magento 2 plugin
With the Coingate Magento 2 plugin, we are delighted that your online store can easily integrate fully automated payment processing systems for over 50 cryptocurrencies. This free download plugin does not have any hidden or subscription fees and requires a minimum setup fee.
You can use Composer to install the plugin and configure it in Magento Admin. This payment gateway is fully automated with automated payment confirmations and order status updates. Customize your invoices according to your business requirements and extend your expiration date up to 24 hours.
The Coingate Magento 2 plugin supports Bitcoin, Litecoin, Ether, XRP, Nano and many other popular cryptocurrencies. The price of the item can be set in your local Fiat currency and payment amounts are calculated using the real-time cryptocurrency exchange rate.
Merchants have the option to receive real-time euro or US dollar settlements or settle coins on multiple crypto assets and stable coins. Furthermore, businesses can also accept small wages. With a flat 1% rate of successful processed payment rates charged by Coingate, there are no hidden fees to worry about.
Payments are guaranteed and cannot be billed to be a risk-free installation option for merchants seeking to accept cryptocurrency payments in their online store. The support team at support@coingate.com is 24 hours a day for product-related queries.
Magento 2 BitPay Integration
BitPay’s Magento module offers direct checkout integration, allowing customers to pay in Bitcoin. This integration is easy to set up and helps you reach a larger audience by accepting cryptocurrency payments.
To integrate BitPay into your Magento 2 store, you must first create an account using BitPay and install the free Magento module. Once installed, enter the generated API key to configure it in the BitPay dashboard. After enabling payment methods, customers can simply select Bitcoin payment options during checkout.
The benefits of using BitPay to pay for cryptocurrency on your Magento 2 store are:
Low transaction fees: Depending on your accounting needs, flat rate plans ranging from $30 to $3000 per month may save you money compared to traditional payment processors. Volatility Protection: BitPay automatically converts cryptocurrency payments to your desired Fiat currency to protect you from the infamous price volatility of the crypto market and ensure the value of your assets. Easy Setup: The installation process is simple and requires only basic technical knowledge. Secure Transactions: BitPay uses advanced security and fraud prevention measures to ensure the safety of your transactions.
Magento 2 Coinbase Commerce (with Affie Pie)
Integrating Coinbase Commerce and Magento 2 via Appy Pie Connect enables businesses to deliver productivity and streamlined workflows. Coinbase Commerce allows merchants to accept payments in digital currencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. By integrating this payment service with Magento 2, businesses can expand their customer base and offer more payment options to their clients.
Pre-built integration of Appy Pie Connect for Magento 2 and Coinbase Commerce automates data field mapping between two apps, reducing manual data entry and errors. This not only saves time, but also increases the accuracy of your financial transactions. Additionally, the integration of various apps with each other allows businesses to improve collaboration between team members by making it easier to share information and understand tasks.
Setting up Magento and Coinbase Commerce integration via Appy Pie Connect is a simple process that does not require extensive technical knowledge. The platform offers advanced features such as multi-step workflows, custom triggers/actions, conditional workflows, syncing specific fields, and real-time synchronization.
Coinbase Commerce provides secure payment processing as funds go directly into the merchant’s personal cryptocurrency wallet. It is cost-effective for small businesses and startups who are on a limited budget but want strong integration without sacrificing functionality or performance.