Crypto Payments in 2021
The growth in the number of cryptocurrencies and the growing number of cryptocurrencies mean one thing: the use of cryptocurrency is increasing. Le...
With Coinbase Commerce your customers can easily make payments to your online store using crypto currencies. After you receive a payment you can sell it for cash or USD coin.
Coinbase currently allows payments using the following popular crypto currencies:
Note: Your customers must make the payments through the network correspondent of the cryptocurrency they chose to pay with. Ex: Your customer chooses to pay with Ethereum, he must send the coins through the Ethereum Network (not from the BSC network or other networks).
The addition of coinbase as a payment method comes with a whole range of benefits, but the main ones are:
You can choose which crypto currencies you want to accept as payments out of all the crypto currencies that Coinbase supports, based on your analysis and preference.
Receive payments from customers anywhere in the world
Low transaction fee
Payment thresholds feature allows your customers to adjust their intended payment according to current market conditions while still staying in line with the price interval you set (this is specially useful since the crypto market can be quite volatile)
No fees are charged in order to use Coinbase Commerce. However, Coinbase charges a 1% transaction fee independently of the plan you choose.
In order to withdraw any funds you have received, you will need to pay a network fee to cryptocurrency miners.
If you would like to convert your cryptocurrency into fiat, an exchange may charge fees.
While Coinbase does have a presence globally, if you choose the “Coinbase managed” plan, in some countries its services may be limited or unavailable.
Create your merchant account if you haven’t already, by going to the Coinbase Commerce website and choosing one of the two plans offered (we recommend you choose the “Self managed” plan rather than the “Coinbase managed” since you aren’t limited by the availability of services in your country).
Once you are done with the registration process, click on your email or profile icon > Settings > Security tab > click the “New API key” button to copy it.
Go to the admin panel of your store and click the “Settings” button > Payments > Select “Coinbase” > “Add method”.
Paste the API key that was copied in the 1º step.
Copy the url that is in bold and go back to the Coinbase Commerce page. Click the “Notifications” tab > “Add an endpoint” > paste the url and click “Save”.
Finally, click “Show shared secret” > copy the code > return to the Jumpseller page > paste it on the “Secret key for events” field and click “Save”.
This is what the customer will see when they select Coinbase as the payment method:
To learn more about Coinbase Commerce, you can visit their extensive FAQ section.
If you have any questions regarding the integration, you can contact us at any time.
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