The growth of cryptocurrency is prompting retailers to accept digital coins as a payment method. Bitcoin is the undisputed leader here, so it makes sense to start with Bitcoin if you intend to begin accepting cryptocurrencies.
This post offers a step-by-step guide to accepting Bitcoin payments in either a Shopify or WooCommerce setting. Both solutions are derived from the well-known Coinbase exchange and payment system using their Coinbase Commerce solution.
Your first step is to sign up for a Coinbase Commerce account. You can do that by visiting the Coinbase website and following the appropriate links. Signing up will require e-mail address verification as well as two-step authentication. You are going to need to save a seed phrase as well.
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Next, you will need to generate an API key:
Understand that Coinbase cannot reveal your key to you if you should lose it. This is a one-shot deal. Lose your key and you will have to start over from scratch.
With your Coinbase Commerce account established and your API key generated, it is time to integrate with Shopify.
You are now ready to accept Bitcoin payments within Shopify. Note that you can go back into the alternative payments section at any time to modify your choices. Change the coins you accept or eliminate the cryptocurrency option altogether.
Integrating Coinbase Commerce with WooCommerce is just as easy as integrating it with Shopify. Once you have your Coinbase Commerce account established and your API key generated, you can begin integration.
Start by generating a webhook shared secret. You do this by navigating to the Coinbase Commerce Settings and clicking on the Webhook Subscriptions link. Click Add an endpoint to generate the secret. Write down or copy the appearing code for use later. Also make multiple copies and save them.
Integrating Coinbase Commerce with both Shopify and WooCommerce can be accomplished in mere minutes. Once it’s done, your cryptocurrency payment options will show up with any other options already enabled for your site. Do yourself a favour and protect your API key, webhook secret, and seed phrase by storing them in a secure place and making multiple backups. Losing this information could prove detrimental.