Merchant Guide for Coinpayments
In my first article, we discussed the many advantages Litecoin has over other forms of payment. Here’s a recap with a few additional points:
- Payments are instant and are confirmed in 2.5 minutes or less. That means you get access to your financial resources faster.
- As a merchant, you incur 0 fees to accept payment. This is far more attractive than the average 1.6% plus $0.10 transaction fees credit cards may charge you.
- You can receive or make payments internationally without incurring hefty international charges. All you would need to pay is the standard .001 LTC mining fee. Again, you incur 0 fees to accept payment.
- Once a payment is initiated, there is little chance that payments will fall through. Once the payment is confirmed within 2.5 minutes, that chance drops to 0. This is particularly relevant to online merchants who regularly deal with false credit card disputes or checks that bounce.
- There is little extra cost to begin slowly integrating it into your store.
- It is possible that the payment you receive now will grow in value in the future if you do not convert it into fiat immediately.
Hopefully by now I’ve convinced you why Litecoin is a superior choice to cash and credit cards. Now let’s talk about how to integrate it into your business.
I recommend www.coinpayment.net because this service specializes in integrating various payment gateways such as Litecoin and traditional forms of payment like credit cards. This means you don’t have to exclusively accept cryptopayments. They also recently announced a partnership with shopify. However, the guide below goes over how to integrate coinpayments with woocommerce, as it's still in beta.
Step-By-Step Instructions for Coinpayments
1. Set up your account at www.coinpayments.net <-Use our referral link!
2. Once you reach the dashboard, select the “Merchant” option.
3. On the next screen, choose Option 2: Only Coins I Select.
4. Then input your own personal LTC address. You can set “Payout Mode” to ASAP and Coinpayments will send all LTC to your address immediately. If you don’t, you’ll have to manually withdraw it every time. Another option is “Nightly Sweeps.” Some merchants prefer Nightly Sweeps because it saves them money on transaction fees.
5. If you need access to fiat immediately, send it to the Litecoin address on your GDAX account (which is an extension of Coinbase) so that you can sell them your LTC without incurring any fees.
6. Alright. Now we have to set up the Coinpayments gateway for your website. Coinpayments has an extensive list of various shopping cart plugins you can utilize. Here’s how you would do it if you use wordpress. You can also follow their youtube tutorial. The format has changed but the steps should be the same.
7. First, download the WooCommerce Plugin from this website. Then go to your wordpress dashboard, go to Plugins in your sidebar, and then upload the WooCommerce plugin folder that you just downloaded.
8. Click “Install” then “Activate Plugin.”
9. Click on “Plugins” in your sidebar and install the WooCommerce Coinpayments.net Gateway.
10. Then click on “WooCommerce” in the side bar, then go to “Checkout” to “Coinpayment.net” then “Settings.”
11. From here, click “Enable Coinpayments.net” for your website and fill out the Title and Description sections.
12. Now you will need to grab your Merchant ID and create your IPN Secret with coinpayments.net:
- Your Merchant ID is back on the coinpayments.net website. Click “My Account” then “Account Settings” then “Basic Settings” to grab your Merchant ID.
- Next, click on “Merchant Settings” to create your own IPN Secret of your choice.
13. Enter both your Merchant ID and your IPN Secret into the WooCommerce plugin and save it.
14. Finally, give it a test run by placing an order through your website!
Voila! That’s it! You have officially joined the ranks of the merchant elite who are paving the way for Litecoin adoption.
Remember to share with your friends and donate below! Until next time, onwards and upwards. 😁
L.S.C. Donation Addresses
BTC: 3HFCMjr6xQKSfmU7wCPzrZJVvgwrdf7Qzd (Segwit address. Legacy and Segwit chains accepted)