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Speed Magento 2 Plugin To Accept Bitcoin Payment

One of the most versatile eCommerce platforms, Magento is used by 708,941 websites around the world. If you are a Magento store owner seeking to accept Bitcoin payments, Speed can help.

In this blog, we will understand Speed, its features, and how you can add it to your Magento store. If that sounds exciting, let’s get going.

Speed — a one-stop payment solution for accepting Bitcoins

Magento store. Once you sign up for a Speed merchant account, you can access all its features — from payment links to a pre-built checkout page — for free. There are no platform fees or recurring charges whatsoever.

Here are a few Speed features that you can use as soon as you sign up:

  • Checkout: With Speed, you can create a custom checkout page that enables seamless Bitcoin payments in real time. You can customize the page, color, and fonts to match your brand’s identity.
  • Payment Links: Speed allows you to receive payments through links that can be shared with your customers through email or social media. Your customers can pay from their preferred wallet via On-chain or Lightning wallet.
  • Payment QR: You can create static and dynamic QRs for collecting payments with just a few clicks from Speed’s web application.
  • Mobile Point-of-sale App: Speed offers a dedicated mobile Point-of-Sale app for collecting payments across your offline outlets and touchpoints. You can create a payment QR in real time to collect payments through the Speed mPOS app.
  • Speed Wallet: Send and receive Bitcoins at zero transaction fees with Speed’s Bitcoin Lightning Wallet app. It’s available for Android already and will be soon available for iOS platform as well.

Speed is by far the most feature-rich Bitcoin payment processor that supports both On-chain and Lightning Network payments. With its ready-to-use Magento extension, you can enable Bitcoin payments on your store. Let’s understand how.

How to accept Bitcoin on your Magento store?

Integrating our Magento extension into your store will allow you to accept Bitcoin payments in real time. The extension works across all browsers and is compatible with the latest version of Magento.

To get started, install the extension on your Magento store. Follow the following installation steps:

  1. Log in to Magento Admin.
  2. Go to Magento Marketplace.
  3. Search for Bitcoin Payments by Speed. The author is Speed.
  4. Add the plugin to your cart and place an order.
  5. Log in to your Adobe account. Make sure it is the same as the Magento admin.
  6. Go to Marketplace » My Purchases.
  7. Locate the Speed plugin and note its component-name and version number.
  8. Update the Magento composer.json file by opening the command prompt and running the command “composer require tryspeed/magento-payment-plugin:1.0.0” to add the extension to your site.

Setup and Configuration

Once the extension is installed, you can proceed with the configuration process.

To configure your Bitcoin Payments by Speed plugin, go to Stores » Configuration » Sales » Payment Methods » Recommended Solutions. Click Configure.

Magento Speed Bitcoin Payment ConfigurationThere are 3 types of settings tabs you will find on the Speed Configure page.

  • General
  • Test
  • Live

Let’s understand them one by one.

General Settings

The plugin status here will be enabled, as the plugin is already activated after installation. You can toggle this tab to enable/disable Speed payments at the checkout.

General Settings of Speed Magento 2 Plugin To Accept Bitcoin Payment

  • First, you can choose the transaction mode here.
    1. If you want to test payments before accepting real bitcoins, select the transaction mode as Test. You can simulate various payments in test mode.
    2. However, if you want to start accepting payments with Speed, select the live mode and save your changes.

Whichever mode you select, you will find the mode displayed on the top-most right corner of the Speed Configure settings page.

Configuration Setting of Speed Magento 2 Plugin to Accept Bitcoin Payment

  • Although Speed by default suggests the payment method name and description, you can modify them as you see fit.
  • Next, you will see the statement descriptor, which is additional information about a payment made to your account via Speed. You can add a customized one as well.
  • Enable the logo or no logo button, depending on whether you want your payment page to show the Speed logo or not.

Test and Live Settings

Next, let’s fill in the Test and Live settings’ required fields. For Test mode details, make sure you turn on the “Test mode” toggle in Speed web application. For live settings, keep this toggle off.

  • Enter the Publishable API keys in test mode to configure the Bitcoin Payments by Speed with a new or existing Speed account (copy the keys from your Speed web application) by keeping the toggle on in Speed web application.

Test Publishable API key of Speed Magento 2 to Accept Bitcoin Payment

  • Fill in the webhook URL and Webhook Test Signing Secret Key. Refer to the Webhooks section to learn more about it.
  • Click on the Test Connection to see if Test / Live keys provided establish a successful connection or not. As this would be required to connect your website to your Speed account.


Webhooks will help your site communicate with the Speed platform. They provide crucial payment updates, whether the payment is received or not. Let’s learn how you can enable webhooks for your Magento website:

  • Head to Stores » Configuration » Sales » Payment methods » Bitcoin Payments by Speed. Click Configure to configure your Bitcoin Payments by Speed settings. Under the Live/Test settings section, you’ll find a webhook endpoint URL ready for you to copy and paste into your Speed web application.

Configuration setting of Speed Magento 2 Plugin To Accept Bitcoin Payment

  • Log into your Speed web application with your login credentials.
  • Navigate to Dashboard → Developers → Webhooks. (with “Test mode” enabled or disabled, depending on which mode is being configured).
  • On the left sidebar, click Add endpoint.
  • Paste the webhook endpoint URL you copied earlier into the Endpoint URL field, and enter a description.
  • Select the version of your choice.
  • Click next. You will see a list of events. Select your desired events. Make sure to select the following events at a minimum.
  • For example, you must select below given events,
    • Checkout_session.paid
    • Checkout_session.created
    • Checkout_session.payment_paid
  • After selecting events, you can see the selected ones in the sample endpoint code on the Speed web application.
  • Click Add endpoint. This will take you to the webhook detail page, where you can find the webhook endpoint status, secret, id, and many other details.
  • Copy the Signing secret (wsec_xxxxxxxxxxxxxxxxxxxx) after clicking Reveal.
  • Now, go back to your Magento dashboard, in Stores » Configuration » Sales » Payment Methods » Speed » Test/Live Settings, paste the secret into the Webhook Signing Secret Key field.

Configuration setting for Webhook test signing secret key - Speed Magento 2 Plugin

  • Test your connection, and if it is successful, then you are good to go using Speed at your website.
  • If this was done in test mode, repeat the process after switching to live mode.

Speed payment at checkout

If everything is configured correctly, you will be able to see the Speed payment method on the checkout page. Whenever a customer selects the ‘Speed Bitcoin Payment’ at checkout, they will be redirected to the Speed Payment page to complete their transaction. The customers can pay either through On-chain or Lightning network.

Sign up with Speed today

Speed is a safe, secure, and feature-focused Bitcoin payment processor with the lowest transaction fees on the market. Having helped 550+ merchants and businesses across 21+ countries, we know what it takes to help you accept Bitcoins across your online and offline touchpoints. Sign up with Speed today to experience lightning-fast Bitcoin payments on the go.

Speed Team