Bitcoin – the world’s first successful digital/cryptocurrency, is growing fast and is accepted more and more by ecommerce stores around the globe. Businesses are rapidly accepting Bitcoin, adapting to the changes in contemporary digital transactions. If you are an ecommerce store owner, the sooner you start accepting Bitcoin on your online store, the better, because of the many advantages of the cryptocurrencies.
A low transaction fee is the biggest advantage of Bitcoin. PayPal or credit card payments typically include a transaction fee of 3% to 5%. However, Bitcoin only charges 1%, and there are no additional costs of the transactions. Secondly, payments made through Bitcoin are treated as the cash equivalent, which means there is no threat of chargebacks. Put simply, a transaction made through Bitcoin is similar to that of a payment made through a physical currency, such as bank notes.
Moreover, Bitcoin is highly secure in terms of payment information. In a credit card purchase, the CC number transmitted by the customer can be used maliciously for illegal transactions. However, Bitcoin uses public/private keys to authorize the payments. Even if hackers breach the store, no one is at risk of theft due to the secure payment process.
Accepting Bitcoin on Magento Stores
Accepting Bitcoin on Magento stores is super easy. You don’t need any programming skills; many Magento modules allow you to integrate Bitcoin payment method in your store easily within a few minutes. Of the many options, CoinGate Bitcoin Magento extension is very popular and is widely used to accept Bitcoin on Magento stores.
CoinGate Bitcoin Magento extension makes Bitcoin transactions hassle-free. In addition, it also helps the store accept other digital currencies, such as Altcoin. In this blog post, I have covered the step-by-step installation and integration process of CoinGate Bitcoin extension into the Magento platform. The process has the following steps:
- Signup and setup API credentials on CoinGate
- Install and enable the CoinGate Bitcoin Magento extension
- Configure the API credentials and other settings in CoinGate Bitcoin Magento extension
Note: CoinGate Bitcoin Magento 2 extension is also available for Magento 2 stores.
Signup and Setup API Credentials on CoinGate
First of all, you will need to sign up on the CoinGate official website for a production environment. You can try CoinGate’s sandbox environment to run a demo transaction and make sure everything works fine before going live.
For the Testing Mode to work, you must create a separate account on CoinGate sandbox environment and generate API credentials, since API credentials created on the CoinGate official website will not function in the sandbox environment.
Once you have signed up on CoinGate, you can either complete the auto-setup wizard or navigate to API > App and click + New App button to generate a set of API credentials.
Install CoinGate Bitcoin Magento Extension
Login to your Magento Admin Panel.
Go to System > Magento Connect > Magento Connect Manager.
Get the CoinGate Bitcoin Magento extension key from Magento Connect, paste it in the Magento Connect Manager and click Proceed button to install.
Once you are done, return to the Magento admin panel.
Configure the API credentials
Now navigate to System > Configuration.
Click on Payment Methods under SALES.
Expand Bitcoin via CoinGate.com section and enter the required information:
- Set Enabled to Yes.
- Enter the Title and Description.
- Enter your API credentials (App ID, API Key, and API Secret) that you have generated previously.
- Set Receive Currency if you wish to receive your payouts from CoinGate.
- Set Test mode? to Yes if you want to run tests with the CoinGate sandbox environment.
Once you are done, tap Save Config button.
Note: If the extension does not work or if you get the 500 error, Flush the Cache Storage and also rerun the Magento Compiler if it’s enabled.
Congratulations! Your Magento store is now ready to accept Bitcoin payments. At the checkout, if your customers select Bitcoin as a payment method, they will be redirected to the CoinGate gateway page to pay for their orders.
Have any questions? Feel free to leave a message in the comments section below.