How to accept bitcoin payments in an online store
Dchoose this form of payment. How to integrate your online shop with the bitcoin payment processor? How to minimize the risk of exchange rate changes? I will try to answer these questions in this guide.
In order to accept cryptographic payments we need the right software, but not everyone can afford to hire specialists who would write such software for the shop. External companies come to the aid of our shop, which have ready-made modules (software) for our shop, and using their system (payment processor) handle the payment and settle with the seller earning commission on the value of purchases. It works like PayPal, , PayU.
There are many payment processors, but I would like to describe CoinGate, it is one of the most interesting projects, because it offers payments not only in bitcoin, but also in other crypto machines. Besides, CoinGate is developing, adding new functionalities, new crypto, soon it will also be possible to accept instant payments using Lightning Network for bitcoin. An example of how it works in testnet https://example.coingate.com.
At CoinGate, the price is updated in real time and compares real time exchange rates across multiple exchange platforms and selects the best one. This means that CoinGate buyers, traders and customers pay as little as possible. The commission is only 1% of the purchase value.
Payment processing is fast and hassle-free and all withdrawals are automatically sent to merchants’ accounts. Withdrawals can be made in bitcoin or converted into euros or dollars immediately, minimizing the risk of exchange rate fluctuations.
Crypto payment modules for shops
CoinGate offers modules for shop engines: WooComerce, Magneto, Opencart, PrestaShop, Megneto 2, OsCommerce, VirtueMart, WHMCS, Blesta, Zen Cart, Thirty Bees. All of them can be downloaded on the CoinGate modules page.
Installation of the module is a simple matter, which I will describe on the example of PrestaShop’s engine.
However, first you should register in the system using this link > CoinGate.
Then perform personal verification (trader) and company verification (merchant), usually it takes no longer than 24 hours. https://coingate.com/account/settings/verification
We download the selected module from the CoinGate modules page usually it is a file packed in .zip
Log in to the back office of our PrestaShop webshop and select the modules tab, then click the add new module button and select the .zip module file you downloaded earlier.
After installation we will see the module that needs to be configured. Go to Configure Settings tab, where you have to enter the Auth Token API code and choose the accounting method, BTC Euro or Dollars.
The Auth Token API code is created in the GoinGate panel by going to API>Apps https://coingate.com/account/apps. Click the new App button and basically fill in two fields – name for the application, e.g. my shop (Title) and shop’s web address (Integration URL or Description).
At the very bottom of the form it is worth to check the box “Send a notification to my email each time a payment is received with this app. It is also possible to set the value of coverage from your own pocket when someone transfers an equal amount of money from the exchange, but the exchange will take the commission from this amount, however, this is normally excluded. Click Create.
We will now generate a page, which we can not close to the knockout. We will not copy the Auth Token API code, because this code will be visible only once. The copied code should be pasted into the module settings in the back of our shop described above and saved.
From now on we can accept payments in bitcoin, litecoin natively while in about 50 other cryptocurrenciesalso, but they are converted through ShapeShift.
After accepting the verification, we still have to add a bank account or bitcoin address to which customer payments will be paid – in the CoinGate panel Payout Settings tab.
You should also pay attention to the translations of the module
CoinGate also allows you to download POS applications to your bulletins or smartphones, which is useful when you want to allow crypted payments in stationary stores, restaurants etc.
CoinGate is also an exchange office where we can quickly buy or sell cryptocurrencies, you can buy with a credit card, which speeds up the process, this is important because in Poland the transfer to the stock exchange, from banks is becoming an increasing problem. By registering from our referral link you will receive a lower commission.