How To Accept Crypto Payments on Magento 2?

Handling a Magento online store means knowing that offering your shoppers various payment choices is key. With cryptocurrency gaining traction, it becomes more significant to consider these payments.

But don’t worry – accepting crypto payments in Magento 2 isn’t as complicated as it may seem. It’s like adding another tool to your toolbox – just because you have a hammer doesn’t mean you can’t also use a screwdriver.

Adding crypto payments can help expand your customer base and increase revenue, so it’s worth considering. In this article, we’ll take a look at some of the best ways to accept cryptocurrency payments in Magento 2 and what you need to consider before getting started.

What do you need to accept cryptocurrency payments in your Magento store?

To accept cryptocurrency payments in your Magento store, you’ll need to set up a cryptocurrency wallet. This wallet will allow you to store and manage your digital assets securely.

You’ll also need a payment gateway suitable for Magento websites, such as BitPay or Coinbase Commerce. These gateways can seamlessly integrate with your store and process cryptocurrency transactions.

Remember, setting up these components properly is crucial to ensure smooth payment processing and customer satisfaction. So take the time to do it right!

Cryptocurrency wallet

A cryptocurrency wallet is a digital wallet that allows you to securely store, send and receive cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

There are different types of wallets available including software wallets, hardware wallets and paper wallets.

Software wallets are the most common type of wallet and they come in the form of mobile apps or desktop applications. These wallets allow you to easily manage your crypto funds and many of them are free to use.

Hardware wallets, on the other hand, are physical devices that you can plug into your compute. They offer offline storage for your private keys which makes them less vulnerable to hacking attempts.

Paper wallets are another option where you print out a QR code containing your public and private key pairs onto paper which can be stored offline for added security.

Overall, having a cryptocurrency wallet is an essential step towards accepting payments in crypto on your Magento store.

We at Coinlabz recommend Software wallets for beginners as they are more user friendly and quite straightforward to use. If you plan to hold on to a larger amount of digital currency we suggest storing them offline in a hardware wallet. Therefore you would retain full control and ownership of your crypto, while not relying on a third-party to protect your assets. They also have a PIN encryption with the option for some to include a biometric login to add another extra layer of protection.

Payment Gateway suitable for Magento websites

In order to accept cryptocurrency payments in your Magento e-commerce store, you will need to integrate a crypto payment gateway. Luckily, it is easier than it sounds.

First you would need to integrate the crypto payment gateway in your website or online store to begin accepting crypto payments. The crypto payment gateway processes the transaction, verifies the transaction details and checks for sufficient funds when a customer wants to pay with a cryptocurrency. Then it converts the cryptocurrency to a fiat and sends it back to the merchant’s account in the desired local currency. Usually the payment is settle within a few business days.

Fundamentally it is a processor that allows merchants to accept cryptocurrency payments in exchange for fiat currency.

Coingate Magento 2 plugin

You’ll be pleased to know that with the Coingate Magento 2 plugin, your online store can easily integrate a fully automated payment processing system for over 50 cryptocurrencies. This free-to-download plugin has no hidden or subscription fees and requires minimal setup charges.

Using Composer, you can install the plugin and configure it in Magento Admin. This payment gateway is fully automatic with automatic payment confirmations and order status updates. You can customize invoices as per your business requirements and extend expiration time up to 24 hours.

The Coingate Magento 2 plugin supports Bitcoin, Litecoin, Ether, XRP, Nano and many other popular cryptocurrencies. The prices for goods can be set in any local fiat currency while the payment amount will be calculated using real-time exchange rates of cryptocurrencies.

Merchants have an option to receive real-time settlements in Euros or US Dollars or settle coins into multiple crypto-assets and stablecoins. Additionally, businesses can accept slight underpayments too. With a flat 1% rate of successfully processed payments charged by CoinGate, there are no hidden charges to worry about.

Payouts are guaranteed and cannot be charged back making it a risk-free installation option for merchants looking to accept cryptocurrency payments on their online stores. The support team at support@coingate.com is available round the clock for any queries related to the product.

BitPay integration for Magento 2

BitPay’s Magento module provides direct checkout integration, allowing customers to pay with Bitcoins. This integration is easy to set up and can help you reach a wider audience by accepting cryptocurrency payments.

To integrate BitPay into your Magento 2 store, you must first create an account with BitPay and install the free Magento module. Once installed, configure it by entering the API key generated in your BitPay dashboard. After enabling the payment method, customers can simply select the Bitcoins payment option during checkout.

Here are some benefits of using BitPay for cryptocurrency payments on your Magento 2 store:

• Low transaction fees: With a flat rate plan ranging from $30 to $3000 per month depending on accounting needs, you could potentially save money compared to traditional payment processors.
• Volatility protection: As BitPay automatically converts cryptocurrency payments to your preferred fiat currency without any fees, as it protects you from the infamous price volatility of the crypto market and secures the value of your assets.
• Simple setup: The installation process is straightforward and requires only basic technical knowledge.
• Secure transactions: BitPay uses advanced security and fraud prevention measures to ensure the safety of the transactions.

Coinbase Commerce for Magento 2 (with Appy Pie)

Integrating Coinbase Commerce with Magento 2 through Appy Pie Connect can provide businesses with enhanced productivity and streamlined workflow. With Coinbase Commerce, merchants can accept payments in digital currencies like 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.

With Appy Pie Connect’s pre-built integration for Magento 2 and Coinbase Commerce, mapping data fields between the two apps is automated, reducing manual data entry and errors. This not only saves time but also improves accuracy in financial transactions. Additionally, integrating different apps with each other helps businesses improve collaboration among team members by making it easier to share information and stay on top of tasks.

Setting up the integration between Magento and Coinbase Commerce through Appy Pie Connect is a straightforward process that doesn’t 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 syncing.

Coinbase Commerce provides a secure payment processing as the funds go directly into the Merchant’s personal cryptocurrency wallet. It’s cost-effective for small businesses or startups that have limited budgets but want powerful integrations without sacrificing functionality or performance.