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

Last update: 2022/08/19

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 cryptocurrency payment gateway 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, ARS, BRL, NGN) or cryptocurrency (BTC, ETH, LTC, XLM, XRP)
• Sets the product price in your national currency – 45 fiat currencies and 5 crypto currencies are available, see full list here.
• 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
• Sets the checkout page in your preferred language
• Eliminates chargebacks and gives you control over refunds
• Eliminates currency volatility risks due to instant conversions and settlement
• Ensures tax compliance
• Automatically generates invoices

Supported Currencies

Argentine Peso (ARS), Australian Dollar (AUD), Bahraini Dinar (BHD), Bangladeshi Taka (BDT), Bermudian Dollar (BMD), Bitcoin (BTC), Brazilian Real (BRL), British Pound (GBP), Canadian Dollar (CAD), Chilean Peso (CLP), Chinese Yuan (CNY), Czech Koruna (CZK), Danish Krone (DKK), Emirati Dirham (AED), Ethereum (ETH), Euro (EUR), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Indian Rupee (INR), Indonesian Rupiah (IDR), Israeli Shekel (ILS), Japanese Yen (JPY), Korean Won (KRW), Kuwaiti Dinar (KWD), Litecoin (LTC), Malaysian Ringgit (MYR), Mexican Peso (MXN), Myanmar Kyat (MMK), New Zealand Dollar (NZD), Nigerian Naira (NGN), Norwegian Krone (NOK), Pakistani Rupee (PKR), Philippine Peso (PHP), Polish Zloty (PLN), Ripple (XRP), Russian Ruble (RUB), Saudi Arabian Riyal (SAR), Singapore Dollar (SGD), South African Rand (ZAR), Sri Lankan Rupee (LKR), Stellar (XLM), Swedish Krona (SEK), Swiss Franc (CHF), Taiwan Dollar (TWD), Thai Baht (THB), Turkish Lira (TRY), Ukrainian Hryvnia (UAH), US Dollar (USD), Venezuelan Bolivar (VEF), Vietnamese Dong (VND)

Screenshot of the COINQVEST payment method on the 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.
• Get the extension from the Magento Marketplace here.

Extension installation

• Follow instructions on how to install a Magento extension here.
• Login to your SSH and run the following commands in your Magento root folder:

composer require coinqvest/paymentgateway:1.1.5
php bin/magento module:enable Coinqvest_PaymentGateway --clear-static-content
php bin/magento setup:upgrade
php bin/magento setup:di:compile
php bin/magento cache:clean
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.

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 Asset:
  
  • Set the currency that the crypto payments get converted to.
  • Choose ORIGIN if you want to get credited in the exact same currency your customer paid in (without any conversion).
  • Enter your API credentials and press the “Save Config” button in order for currency options to show up.
• Cart Price Display Method:
  
  • Choose “Grand Total” to show only the grand total checkout value on the COINQVEST checkout page.
  • Choose “Detailed” to list all products, taxes, shipping costs and discounts on the COINQVEST hosted checkout page.
• 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.

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.