Enabling Crypto Payments in Magento 2 without Coding
With online shopping booming, modern customers are well aware of available payment options to make a purchase. Credit and debit cards, as well as electronic payments via services like PayPal, top the list of the preferred payment methods for online shoppers across the world. But as the e-commerce industry evolves non-stop, the way businesses work constantly changes. Thanks to the new technology achievements and some undeniable advantages over traditional payments, alternative payment options such as cryptocurrency are slowly but steadily getting into position in the market.
Why Credit Card Payments Are No Longer the One and Only Option
Even though customers still lean to traditional credit and debit cards, there is a strong decline in their usage. For instance, in Germany, credit cards were the payment method of choice for 12% of shoppers in 2012. As of 2017, 9% of German customers opted for credit cards when shopping online. A 3% decrease in just 5 years!
There are a number of reasons why customers shift from credit cards to alternative payments. However, fraud and security concerns are the major ones.
A nightmare for both shoppers, credit card fraud has become common in the industry of online commerce. In 2017, card fraud losses in Europe rose by €30 million, hitting almost €2 billion in total. Fraudulent purchases and identity theft can destroy consumers’ financial well-being, not to mention the impact they have on the overall shopping experience.
Lack of security and protection can become a prerequisite for cart abandonment. A study by Statista revealed that 17% of customers had left shopping carts at the checkout because of the concerns about the merchant’s payment security. Fair enough.
Can Cryptocurrency Be of Help?
It seems like it can. Cryptocurrency is able to address these concerns given its decentralized and irreversible nature. Based on blockchain, cryptocurrency provides a way higher level of security and protection. It’s just you and your customer — there are no intermediates involved in the process. Nobody else will be collecting sensitive data on orders, contacts, accounts. Nobody else will process the payment and slow down the transaction. Cryptocurrency has the power to streamline and optimize the entire payment process, revolutionizing the way people do business.
So, there’s no time better than now for online retailers to think outside the box and start adopting the crypto trend. Merchants running stores on Magento 2 can implement crypto payments with the help of CopPay Payment Gateway by Aitoc. In this post, we share a step-by-step guide on how to make use of this extension.
Allowing Customers to Pay in Crypto via CopPay Payment Gateway for Magento 2
Step 1 – Register with CopPay
To get started with CopPay Payment Gateway, first things first, you should register with the CopPay payment system itself. CopPay is a multi-cryptocurrency platform providing online merchants with the ability to accept crypto on their websites. The registration process is a no-brainer: sign up with the system and submit standard business information to get verified. Upon receiving the verified status, you will be able to use the CopPay Payment Gateway at your Magento 2 store.
Step 2 – Download and install the extension
CopPay Payment Gateway for Magento 2 can be downloaded and installed absolutely free of charge! Just head over to the Aitoc website and get the module at no costs.
To install CopPay Payment Gateway, unzip and upload the extension file into your root Magento folder, connect to your server by SSH and head back to the root folder. Here you should perform the following command:
php bin/magento setup: upgrade
_requirejs; adminhtml; frontend.
Great! Now you have the extension installed on your Magento 2 based website.
Step 3 – Configure some simple settings
What’s great about the extension is that you won’t have to spend hours setting it up. The solution provides a very simple pack of settings available on a single page on the admin panel. Enable it by hitting ‘Yes’ on the drop-down menu, enter the CopPay API key to connect to the CopPay API service and select the mode you’d like to work in.
There are two modes available in the system:
- Regular mode allows online retailers to accept payment in cryptocurrency and receive the payment to their private cold wallets
- Exchange mode provides automatic conversion of the received crypto payments into fiat money
So, whether you want to store your income in crypto or prefer to protect yourself from volatility risks and receive full order amount in traditional currencies – the CopPay platform has it covered.
Step 4 – Test the extension, if you want to
Still not sure if crypto payments would be convenient for your buyers? Then test the extension out first! There’s a Test mode designed specifically for that: enable it on the Global settings page and try it out to see how crypto payment method would work.
And that’s it! The extension will be all set and ready to serve your store. Your customers will see the option to pay via CopPay at the checkout page:
Crypto payments are a great leverage online retailers can use to overpass their competitors and nurture the loyalty and trust of forward-thinking buyers. However, configuring crypto wallets or integrating with crypto payment service providers by your own may become a difficult task. Fortunately, Magento store owners can tackle these challenges easily and implement cryptocurrency payments with the help of reliable tools like CopPay Payment Gateway.
So, you know what you should do. Allow your customers to pay in crypto and open up a spectrum of new opportunities for outstanding business growth.
To learn more about CopPay, please visit https://coppay.io. Seeking other solutions to upgrade your store? Have a look at the Magento extensions collection developed by Aitoc and you may find something useful.
We hope you enjoyed this promoted piece as much as we did!