Crypto Payments, E-Commerce Plugins
Magento 2 Plugin To Accept Bitcoin & Other Cryptocurrencies
Last updated: June 26, 2020 4 min read
Looking for a Magento 2 plugin that would allow you to accept cryptocurrency payments at your online store? Luckily, you’ve come to the right place!
CoinGate offers simple integration of the Magento 2 extension in your store’s checkout, allowing your customers to pay for goods and services with Bitcoin, Litecoin, Ether, Nano, XRP and 50+ other cryptocurrencies.
It’s a straightforward, convenient and risk-free installation with a fully automated payment processing and invoice system.
Once set up, merchants can choose to receive real-time settlements of the collected revenue in Euros or US Dollars – these payouts are made directly to the bank account.
This way, businesses are not exposed to price volatility risk and can enjoy fixed payouts no matter the price of the cryptocurrency. But it’s not the only option – CoinGate businesses can also settle coins to multiple crypto-assets and stablecoins. It’s your choice!
CoinGate payment extension for Magento 2 is free to download. No setup charges, hidden or subscription fees! Verify your CoinGate business account or pass the trial KYC to start accepting cryptocurrency payments in no time.
Magento 2 extension features:
- The CoinGate payment gateway is fully automatic – set it up and forget it;
- Receive automatic payment confirmations and order status updates;
- Your customers can pay with Bitcoin, Litecoin, Ether, XRP and 70+ other cryptocurrencies;
- Set your prices in any local fiat currency – the payment amount is calculated in cryptocurrencies using real-time exchange rates;
- Extend the invoice expiration time up to 24 hours;
- Refunds for unsuccessful payments are issued directly from the invoice;
- The ability to accept slight underpayments;
- Select the settlement currencies and payout options for each crypto-asset;
- Customize the invoice – disable/enable cryptocurrencies, change their position on the invoice, and more;
- The sandbox environment is available for testing with Testnet Bitcoin (sign up to try it out!);
- No chargebacks, ever – guaranteed!
Is it expensive?
The only fee that CoinGate charges for the service is a flat 1.0% rate of successfully processed payments.
Here’s how it works:
- Let’s say an item in your online shop costs 100 euros. A customer selects the item and chooses to pay with Bitcoin or other crypto-assets via CoinGate payment option;
- An order is generated on your Magento 2 store, and the customer is redirected to CoinGate payment window;
- The price on the invoice is calculated in real-time according to the current market rate, for example, 0.01 bitcoins.
- Using his Bitcoin wallet, the customer makes the payment, receives the confirmation immediately, and is returned to your store.
Once the invoice is paid, the merchant gets a notification and is credited 98.7 euros (100 euros minus a 1.0% flat fee), or 0.001 BTC. The payment is guaranteed and cannot be charged back!
And you, as a business, will receive payouts each week in the selected fiat currencies or cryptocurrencies.
Is the whole thing worth it? You decide.
Installation via Composer
You can install Magento 2 CoinGate plugin via Composer. Run the following command in your terminal:
1. Go to your Magento 2 root folder.
2. Enter following commands to install plugin and wait while dependencies are updated:
composer require coingate/magento2-plugin
3. Enter following commands to enable plugin:
php bin/magento module:enable CoinGate_Merchant - -clear-static-content
php bin/magento setup:upgrade
4. Enable and configure CoinGate plugin in Magento Admin under Stores / Configuration / Sales / Payment Methods / Bitcoin via CoinGate.
Looking or something else?
CoinGate has developed crypto payment plugins for several e-commerce platforms, including PrestaShop, WooCommerce, WHMCS, OpenCart and many more. Find the full list here.
If you have any questions, don’t hesitate to contact our support team at email@example.com.
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