The crypto market is steadily rising, and Bitcoin seems like a lucrative asset to many. As a result, today, millions of people own Bitcoin, and some of them wish to exchange it for products and services. In turn, businesses are looking for a way to integrate Bitcoin payments and thus provide an opportunity to Bitcoin enthusiasts to spend their coins. Magento 2 is a popular online store management solution, and it is natural to expect that many merchants that use it also want to deploy their Bitcoin payment gateway. NOWPayments delivers several different tools to accept Bitcoin on Magento 2.
Key Points:
- Magento 2 is a well-known solution for managing online stores.
- A Magento Bitcoin payment gateway is an anonymous, fast, and private way of accepting Bitcoin.
- NOWPayments enables Magento 2 merchants to accept Bitcoin as payment using different tools.
What is so good about Bitcoin payments?
Bitcoin payments have numerous benefits and advantages, here are several of them:
Anonymity
Bitcoin is decentralized and anonymous. The Bitcoin blockchain does not have a single authority capable of controlling all users, allowing some to utilize the network and preventing others from doing it. In fact, there is even no formal registration process on the Bitcoin blockchain since all one needs to do to start using it is generate their private and public keys. Therefore, all Bitcoin payments are totally anonymous and do not contain any private information about the sender or the recipient. Magento 2 merchants can benefit from this Bitcoin feature and offer a private way of paying online to their clients.
Speed
Bitcoin is definitely not the fastest cryptocurrency out there. Yet, when looking at Bitcoin from the perspective of international payments, its performance can hardly be matched by the traditional ways of transferring money. Magento 2 merchants that work with foreign clients, suppliers, and contractors can considerably facilitate the process of international payments. While a standard international bank transfer can take a couple of days to arrive, an average Bitcoin transaction takes several minutes. Such a speed can be seen as practically instant compared to how banks deal with international transfers. Thus, if you have a Magento 2 store, you are guaranteed to benefit from the speed of Bitcoin transactions.
Security
Bitcoin is also an extremely secure system. In order to disrupt Bitcoin, a 51% attack needs to be carried out, which, currently, is nearly impossible to conduct because it would be too expensive and would require enormous amounts of power. Additionally, the private key allows users to retain full control over their funds. As long as they keep their private key a secret, they are protected from any kind of attack on their Bitcoin holdings. That is why a Magento Bitcoin payment gateway can also be considered a secure and safe way of transferring money.
Accepting Bitcoin on Magento
Magento 2 Bitcoin Plugin
NOWPayments’ Magento 2 Bitcoin plugin is the ultimate solution for all merchants using Magento 2. The plugin automates all incoming Bitcoin payments. It also automatically calculates the total sum of the order in Bitcoin and updates the price according to the latest exchange rate. Moreover, information about each payment processed by the plugin becomes available in the merchant’s NOWPayments account. NOWPayments does not hold the funds received by merchants and instantly transfers them to the merchant’s personal Bitcoin address. The plugin is free to install. Merchants who use the Magento 2 Bitcoin plugin need to pay only a small fee (starting from 0.4%) for each transaction processed by the plugin.
Point-of-Sale terminal
NOWPayments’ Point-of-Sale terminal is another viable solution for Magento 2 merchants. It gives more control to the merchant since it enables them to issue their own invoices. The Point-of-Sale terminal also automatically updates the price. The terminal allows merchants to keep all of their crypto payment options in one place.
Crypto invoices
NOWPayments also lets merchants create Bitcoin invoices without deploying the terminal. Crypto invoices can be reused an unlimited number of times, so it is a great solution to issue one crypto invoice for each product listed in your online store’s catalog.
How to accept BTC on Magento using NOWPayments
In order to use one of the aforementioned tools, you need to take several steps.
- First, it is necessary to create an account on NOWPayments’ official website.
- Next, you will be asked to provide your public Bitcoin address (Please, do not disclose your private address).
- Then, you will need to generate your API key, as well as the instant payment notifications (IPN) key.
Once you perform all of these steps, you will be able to choose your preferred way of accepting Bitcoin. For instance, if you wish to deploy the Magento 2 plugin, you will have to visit this page to download the plugin and read the instructions.
Conclusion
Deploying Magento Bitcoin payments can greatly benefit merchants that use Magento 2. The Magento 2 Bitcoin payment gateway enables merchants to offer an anonymous, fast, and secure payment method. NOWPayments delivers several tools, including a Magento Bitcoin payment module using a plugin.