Implementing Cryptocurrency Payments In Magento 2: Coppay Payment Gateway Overview
Cryptocurrency is no longer the next big thing looming large on the horizon – it’s already here. Over the past few years crypto payments have been gaining the public attention, and new crypto coins emerge on the market almost every day now. In view of this, cryptocurrency has become a widely accepted payment method booming across multiple industries, from banking to online commerce.
Is It Worth It?
Online retailers have reasonably become the pioneers in adopting the new trend. And it stands to reason. Cryptocurrency is able to overcome the majority of limitations traditional payments have, bringing a whole new experience of executing online transactions to both merchants and buyers. Blockchain-driven by nature, it provides a range of mission-critical advantages that make it a perfect option for executing ecommerce transactions, including:
Fraud & identity theft prevention
Ecommerce fraud and identity theft are the biggest issue in the modern digital world, and, despite all the efforts taken to address it, the number of fraud cases rises from year to year. In the second quarter of 2017 alone, the account takeover fraud increased by 45%, causing a loss of $3.3 billion dollars for online merchants. When making a traditional payment, you pass over all your credit card and payment history details to an online retailer. This can become a honeypot for cyber criminals. In case with crypto, no information apart from the receiver and the transfer amount is needed to carry out the transaction. Any sensitive data remains under your full control.
Low transaction fees& fast, really fast payments
The cryptocurrency transaction fees are way lower than those for traditional money transfers. When you make a payment through a bank or any third-party service provider, your money may be redirected to intermediate institutions first. On each step of the process, you will most probably be charged. As soon as no third-parties are involved into cryptocurrency transactions, the fees will only include those for using the blockchain and exchanging the currency, if needed. Thus, whether you send a payment across the street or to another continent, the crypto fees will be insignificant. And it won’t take long for the money transfer to be completed.
As of 20018, there are 4.1 billion internet users worldwide, and cryptocurrency is available to any one of them. Traditional payment systems may not be present in a certain region or market, whilst one only needs the internet connection to use cryptopayment services. This simplifies and promotes international trade, making it possible to carry out cross-world transfers with no limits.
How Online Stores Can Adopt the Trend?
There are a number of ways online stores can capitalize on the opportunities provided by cryptocurrencies and implement this type of payments on their websites. For instance, they can set up special wallets and exchange accounts or make use of external payment processing systems. However, one of the easiest approaches to enabling crypto payments are plug-ins and modules designed specifically for this purpose.
In this post, we are going to talk about the CopPay Payment Gateway for Magento 2 – a handy extension by Aitocthat allows buyers to pay in cryptocurrencies when shopping online on Magento-driven websites. Let’s explore its capabilities and features in detail.
What is the CopPay Payment Gateway?
Magento 2 CopPay Payment Gateway is a specialized plug-in allowing store owners based in the EU and the UK to integrate the CopPay payment system into Magento 2-based websites. Leveraging the extension, registered CopPaymerchants get the ability to easily accept the core crypto coins from their customers. No hidden costs, no additional fees! Whilst shoppers pay for orders in cryptocurrency, store owners have the freedom to choose from the two modes of receiving payments:
- Exchange mode. With this mode, online retailers receive the full order amount in pounds or euros straight in their bank accounts. The conversion is carried out by CopPay within seconds, with no volatility risks involved.
- Cryptocurrency mode. As soon as a customer completes a transaction, the cryptocurrency payment is transferred to the merchant’s CopPay cold wallet.
Thus, ecommerce businesses can easily manage the incoming revenue flows, keeping accounting records compliant with legislation.
There are hundreds of cryptocurrencies used across the world today. But as a trusted service provider, CopPay works only with the most popular and reliable crypto coins to ensure complete transparency and security to both merchants and buyers. The crypto coins supported by system include:
- Bitcoin Cash
How to Activate the Extension?
To start using the extension, retailers should first sign up with the CopPay system and verify their business info. As soon the verification process is complete, merchants will be able to get the CopPay Payment Gateway completely for free and install it on their Magento stores.
Upon installing the CopPay Payment Gateway, Magento admins will be able to activate crypto payments with just in a few clicks.
To configure the settings, go to Stores > Configuration > Payment Methods on the Magento admin panel.
Here, you can enable the CopPay Payment Gateway for the store by choosing ‘Yes’ and inserting the corresponding title for the given payment method to be displayed on the front-end.To connect to the CopPay API service, you should enter the CopPay API key.
Of course, you might want to test whether your customers prefer paying in crypto coins in the first place. Good news: there is an option to do that! You can choose the ‘Test’ mode to try out this payment method and change it to ‘Live’ to enable it on your Magento installation.
Shoppers, in their turn, will be able to pay for the order with crypto coins as either registered CopPay users (from the accounts created at the coppai.io) or as guests via the Quick Buy option.
Voila! The option to pay via CopPayment Gateway will be instantly available at the checkout page.
So, a couple of simple actions and you can accept cryptocurrencies at your store. Yes, it’s that easy!
How Can Crypto Payments Help Your Business Prosper?
As more and more buyers are getting into this new way of making payments, you unlock a whole range of advantages for your ecommerce business by implementing the CopPay Payment Gateway at your store. In particular you will be able to:
- Approach a new market niche by targeting forward-thinking individuals and enterprises that prefer cryptocurrency to traditional money
- Increase customers’ trust and confidence by ensuring highly secure, protected and fast payment transactions
- Attract more shoppers with significantly lower transaction fees
- Keep your books in order by receiving fiat money to your company’s bank account on the fly
- Stay fully compliant with the GDPR requirements when using the extension
Say Yes to Crypto Payments!
Download the extension now and reap the benefits from cryptocurrency support at your store.
What’s most exciting, the CopPay Payment Gateway for Magento 2 by Aitoc is completely free of charge! You can acquire and install it at no costs, saving up your budget yet getting an advantage over your competitors.
For more information on the CopPay payment system, please visit the official website www.coppay.io
Explore other Magento extensions by Aitoc to enhance your ecommerce store even further.