Your Ultimate Guide To Integrating Crypto Payment Gateway For Magento 2 Ecommerce Store

Crypto Payment Gateway

Cryptocurrency is spreading at a faster rate. It is now widely accepted by eCommerce stores around the globe. Businesses have welcomed the implementation of cryptocurrency and adapted to its changes in contemporary digital transactions.

Therefore, it’s high time for Magento eCommerce businesses to accept Magento cryptocurrency payments on their online stores development, for the tremendous benefits it offers. One such advantage is its low transaction fee of 1%. On the other hand, current eCommerce payment gateways have a higher fee of 3-5%.

Another advantage of integrating cryptocurrency in your Magento eCommerce store is its equivalence to cash, which means there won’t be any threat of chargebacks. To put it simply, a transaction made via cryptocurrency is similar to a payment made via a physical currency like bank notes. Approximately 70% of eCommerce stores suffer from friendly fraud or chargeback fraud. With Cryptocurrency like Bitcoin, this ratio of fraudulence gets decreased to great extent.

Above all, cryptocurrencies are highly secure in terms of payment information and user credentials. Unlike credit card payments where the CC number of the customer gets maliciously used for illegal transactions, cryptocurrencies use private/public keys to authorize the payments. Its triple-layer security protection means if the hackers breach the store, no customer will be at risk of theft due to the secure payment processes.

What is the relevance of Cryptocurrency payments in the Magento eCommerce store?

Magento has an impressive gross merchandise value worth more than $100 billion as an b2c/b2b eCommerce store platform. One credit for its gaining popularity goes to its plethora of built-in features that allow merchants to nurture and expand their eCommerce business worldwide.

While Magento 2 continues to expand as the leading platform for eCommerce solutions, many organizations planning to hire magento developers debate on establishing the viability of payment gateways for blockchain eCommerce. From its ability to secure transactions to lower processing fees, the crypto payment gateways for Magento store have numerous reasons for being part of a Magento 2 eCommerce store. However, businesses should not ignore the challenges associated with cryptocurrency payment gateways for eCommerce stores.

What is Cryptocurrency for the eCommerce industry?

In simple words, cryptocurrency refers to a digital asset that facilitates the decentralized mode of exchange. It means, the transactions are encrypted and validated using Blockchain technology, which consists of a series of computers to track records of transactions forgery-proof. It is somewhat similar to the digital peer-to-peer ledger books of banks.

Each crypto coin uses its Blockchain for recording and verifying the transactions dynamically. It enforces additional security to the entire process. There are numerous Cryptocurrencies available online with some of the popular ones named:

  • Bitcoin (BTC): It is one cryptocurrency with the largest market capital
  • Ethereum (ETH): It is an energy-efficient Cryptocurrency with the second largest market capital
  • XRP: It is the fastest international transaction method with the lowest transaction fees
  • Bitcoin Cash (BCH): It is similar to Bitcoin but is faster and cost-efficient

Why use a Crypto payment gateway for the Magento 2 eCommerce store?

Adding a crypto via Magento 2 payment gateway integration method provides an advantage over your business competitors. Although the concept of blockchain technology and crypto payments is in a growing phase, the technology and its implications will continue to proliferate in the foreseeable future. Some of the amazing benefits of crypto payment gateway integration in your Magento 2 eCommerce store include:

  • Vast market opportunity with tech-savvy consumers
  • Quick transactions, which enable quick access to the funds
  • Lower transaction fees per transaction
  • Enhanced security to prevent fraudulent transactions
  • Increased hype of your brand name and popularity in the market

How to integrate a crypto payment gateway in your Magento 2 store?

In a few years, experts have witnessed a surge increase in the number of payment gateways and processors to facilitate crypto payments on the Magento 2 eCommerce store. Magento marketplace store gives this opportunity to weigh down the pros and cons of such modules before integrating them into your business store. Some of the vital factors include:

  • Transaction fees
  • Frequency of the pay-outs
  • Support numerous countries and currencies
  • Effective customer service
  • Enhanced security against volatility

At Magento India, our dedicated team of Magento 2 developers helps business merchants to integrate custom cryptocurrency payment processor solutions in their stores. We customize the existing modules or build a crypto payment Magento 2 Module from scratch to overcome the major drawbacks of readily available options.

Features and functionalities of Magento 2 crypto payment gateways

If you are into an eCommerce business and want to extend your services by offering custom cryptocurrency payment gateways, it is wise to get an overview of all the features and functions of this service. So, let’s get started:

Option to choose crypto on the checkout page

When you integrate the custom Magento 2 payment method for Magento, your users will get an option to pay via cryptocurrencies on their checkout page. For a seamless buying experience, this feature wins the hearts of many customers worldwide. The buyer can choose crypto as their native payment option similar to how they chose other payment methods in the past.

Custom payment method to accept multiple cryptocurrencies

To offer an enhanced user experience to your customers, don’t restrict them to a single cryptocurrency payment processor. Consider adding multiple currencies like Bitcoin integration services, Ethereum, Utrust, and more to process and receive payments using famous crypto wallets. Apart from choosing their preferred cryptocurrency, users can also see their remaining balance to pay against the order value on any Magento eCommerce store.

Barcode scanner to expedite the payments

For a seamless shopping experience, users demand an option of a QR code to expedite their payment process, and Magento offers it. The customers can scan the QR code to complete their transactions using the crypto payment gateway integrated into your Magento 2 store.

Once the user scans the QR code or processes it manually, they will get redirected to the cryptocurrency wallet to confirm and make the payment with their desired crypto. This feature had a significant edge over modern, demanding, and tech-savvy consumers.

Conclusion

In the coming years, the world will witness continued momentum in the adoption of crypto payment gateways for eCommerce businesses. At Magento India, we are devoted to helping businesses build and integrate a crypto payment gateway to facilitate cryptocurrencies in their process of Magento store development.

Are you looking for an expert Magento 2 extension development company who can help you with Blockchain technology and cryptocurrency integration? We are here to help.

Call us today!

FAQs

How to accept crypto payments on my eCommerce store?

You can accept Bitcoin and other cryptocurrencies manually by signing up for a merchant account on a payment processor like BitPay. You can also take assistance from a Magento 2 eCommerce app development company to help you integrate crypto payment gateways in your business store.

How to add a payment gateway in the Magento store?

  • Step 1:Log in to your Magento Admin Panel
  • Step 2: Go to the System menu and click on the Configuration option
  • Step 3:You will see a list of options on the left side of your page
  • Step 4:Under the Payment Methods category, expand the PayPal Payment Gateways options

What is a Crypto gateway?

A crypto payment gateway is a highly flexible platform for payment processing. It enables vendors and merchants to accept payments in numerous cryptocurrencies without any risks. It eases the customers to transfer their money directly from one cryptocurrency wallet to another.

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