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Aug 1, 2020

How To Accept Bitcoin and Get Paid to your Bank Account with COINQVEST for Magento

This guide walks you through installation and configuration of the official COINQVEST extension for Magento. Learn how to easily accept payments in Bitcoin, Stellar Lumens, or other cryptocurrencies in your Magento shop and automatically settle in your national currency.

This guide walks you step-by-step through the installation of the COINQVEST extension for Magento 2 and explains how to configure the payment settings and translate the extension.

Key Features of the COINQVEST extension for Magento 2

  • Accepts Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar Lumens (XLM) and Litecoin (LTC) payments from customers
  • Instantly settles in your preferred national currency (USD, EUR, NGN, BRL)
  • Integrates seemlessly into Magento 2
  • Automatically updates orders to processing
  • Adds a direct link in the order view of the admin area to the payment details page on www.coinqvest.com
  • Sets the product price in your national currency
  • Eliminates chargebacks and gives you control over refunds
  • Eliminates currency volatility risks due to instant conversions and settlement
  • Ensures tax compliance
  • Automatically generates invoices


Screenshot of the COINQVEST payment method on the checkout form: COINQVEST Payment Method Display on Checkout Form

Step 1: Installation

Requirements

  • A COINQVEST merchant account -> Sign up here.
  • API Key and API Secret -> Find them here.
  • Complete your account master data here.
  • Download the extension from the Magento Marketplace here.

Extension installation

  • Create a folder structure in Magento root as app/code/Coinqvest/PaymentGateway.
  • Download and extract the zip folder from the Magento Marketplace and upload the extension files to app/code/Coinqvest/PaymentGateway.
  • Login to your SSH and run below commands:
    • php bin/magento setup:upgrade
    • For Magento version 2.0.x to 2.1.x - php bin/magento setup:static-content:deploy
    • For Magento version 2.2.x & above - php bin/magento setup:static-content:deploy –f
    • php bin/magento cache:flush

Step 2: Payment Extension Configuration

Login to Magento 2 and navigate to Stores -> Configuration -> Sales -> Payment Methods -> COINQVEST. Click on the Configure button to view the settings options.

COINQVEST Payment Method Settings in Magento Admin Area

Available settings:

  • Enabled:
    Set “YES” to enable the payment method.
  • Title:
    Set the title for the payment method to be displayed on the checkout page.
  • API Key:
    Enter your API key.
  • API Secret:
    Enter your API secret.
  • Settlement Currency:
    Set the currency that the crypto payments get converted to. If you don't choose a currency here, the settlement currency will be the billing currency. Enter your API credentials and press the “Save Config” button in order for currency options to show up.
  • Cart Price Display Method:
    Choose “Detailed” to list all products, taxes, shipping costs and discounts on the COINQVEST hosted checkout page. Only choose if your product price settings exclude tax. Choose “Simple” to show only the grand total checkout value on the COINQVEST checkout page. Choose if your product price settings include tax.
  • Show COINQVEST Logo:
    Select “YES” to show the COINQVEST icon on the checkout page alongside the payment method.
  • Checkout Page Message:
    Customize the checkout page redirect message. Leave blank if not required.
  • Payment from Applicable Countries:
    Select countries to allow using this payment method.
  • Payment from Specific Countries:
    Select specific countries to allow using this payment method.
  • Sort Order:
    Enter sort order of the payment method.

Step 3: Order Update in Admin Area

Additional information is added to the order upon successful payment as well as a link to the payment details page on www.coinqvest.com.

COINQVEST Order Update in Magento Admin Area

Tax Compliance and Invoice Generation

To be tax compliant and for automatic invoice generation, the following fields in the checkout form must be provided: First name, Last name, Email, Address, ZIP, City, and Country. These fields are mandatory on the Magento checkout form, but if you customized these fields, take note.

The Merchant Account on COINQVEST

Manage all payments and customers in your merchant account. You are notified by email about every new transaction.

We Love to Help!

If you have questions, feedback, or improvement suggestions, please feel free to contact us directly anytime.

magentomagento 2extensionpluginguide
Stefan Schneider COINQVEST Co-Founder