Magnet Cryptocurrency Woocommerce Plugin Setup Tutorial

August 22, 2018

Setting up Magnet Woocommerce Payment Gateway Plugin is simple and fast. With a Magnet Merchant account, fully synced wallet and a WooCommerce shop, you can be on your way to accepting cryptocurrency payments within minutes. Already existing stores can integrate the plugin seamlessly and add a growing market of cryptocurrency users to their customer base.

We do not require KYC (Know Your Customer) signup and there is no fees. Payments are made directly to your wallet address and this simply means no waiting for third party to release your funds.

1. MAGNET WALLET SETUP

If You are already a MAG user and have a fully synced wallet at your disposal – skip this part and continue to section 3. Magnet Merchant Account Setup.

1.1 Download Magnet Wallet from www.magnetwork.io/#wallet so you can start accepting cryptocurrency payments directly to your own wallet.

For beginners: Cryptocurrency wallets are programs on your computer and they contain your private keys. Wallet holding keys gives you access to your assets on the blockchain, usually called coins.

1.2 When the wallet file has finished downloading, start it and let the wallet sync up with the Magnetwork blockchain.

For beginners: syncing means blockchain file will be downloaded to your computer and all the blocks already found on that blockchain will be verified from start of the chain to current day, using that downloaded blockchain file which is also often called the ledger. Every chain has it own ledger to keep all the transactions.

1.3 Syncing can take hours to complete so let it run until You see the green checkmark icon in the bottom of the wallet.

Before signing up with merchant service, lets back up and encrypt your wallet so you can always recover your funds safely.

2. WALLET ENCRYPTION AND BACK UP

Wallets do not have to be necessarily encrypted or backed up, but we highly recommend doing so to maintain total control over your assets.

2.1 Open wallet and go to Settings > Encrypt Wallet

2.2  Enter Your passphrase for the wallet. IMPORTANT! Make sure you write down and back up the passphrase or you cannot access your funds in the future!

For beginners: It is not possible to recover passphrases for cryptocurrency wallets and once lost the assets cannot be retrieved.  Backing up your passphrase is very important – it is used every time you want to send funds or perform other administrative actions that require passphrase.

2.3 You will be prompted with a warning before encrypting.

2.4 Accept the encryption and wallet will be unresponsive for few moments.

2.5 Be patient and you will be prompted with another message that informs about wallet shutting down.

2.6 After the wallet closes you can start it again and try to unlock it ( Settings > Unlock Wallet ) to make sure your passphrase works.

Tip: If you somehow manage to mess up with encryption process – rename wallet.dat from Magnet data folder and next time wallet starts up, it will create a brand new wallet.dat for you. Instructions how to access data folder are in the next chapter! In any case of trouble – turn to our Discord and ask help from our support or community!

Let’s continue with backing up the wallet!

2.7  Close the wallet. It does not need to be synced fully.

2.8 Find a Magnet Wallet data folder.
Tip: You must start the wallet at least once for it to create the data folder!

Finding Magnet data folder is different for every operating system:

Windows
Copy %Appdata%/Magnet to your file browser window and press enter.

Linux
Ctrl+H in Home folder should reveal .magnet folder.

MacOS
Alt(Option key) + Finder > GO > Library
When the Library folder opens find Application Support > Magnet
Tip: If Magnet folder is not there, make sure you held Alt(Option key) while opening Finder > GO > Library

2.9 Once You are in data folder find the wallet.dat file in there. This is Your wallet file which holds all your transactions and funds.
Make sure you back it up! Save it to USB stick and put it away or have a designated hidden folder on your computer for this. There is lot of ways so be creative!
Remember – backing the wallet.dat up alone does not help if you did not write down and save your passphrase!

Tip: Whenever you need to access your wallet using back up, simply put this wallet.dat file to your Magnet data folder and start the wallet to load it up. This way you can migrate your wallet to another computer or have same wallet on multiple computers. Wallet.dat does not need to be backed up after every transaction, but it is a good practice to back it up every time you create a new receiving address. Otherwise you do not have the private keys for that address  backed up and this means no access to the funds the address holds.
In case of any trouble, you can always turn to our support with the wallet.dat file so we can help you to recover your funds. 

 

3. MERCHANT ACCOUNT SIGN UP

3.1 Go to merchant.magnetwork.io page and navigate to Sign up page.

3.2 Following information is needed:

Merchant Name – chosen name will be prompted to users on invoices and is picked once per account.

Merchant MAG Address – enter your Magnet address created in next section

E-mail – cannot be changed later and is picked only once. This address is also used when users want to contact the seller directly through payment gateway.

Password – at least 8 characters, 1 uppercase, lowercase and a number.

3.3 To create Magnet receiving address go to your Magnet wallet, find Receive tab and click on New Address button in the bottom.

3.4 Name the label of this new address and click OK.

3.5 You will be asked for the encryption passphrase. After entering it, new address will be created!

3.6 Copy the address and enter it to Merchant MAG Address field. We need it also for Woocommerce plugin setup later.

Tip: This address will be the receiving address of your online business. Do not use it for other receiving transactions. If You want to receive other transactions to the same wallet, create a new address for this!

3.7 Check your mailbox and confirm your e-mail by clicking on the confirmation link to finalize your account creation.

3.8 Log in to your Magnet Merchant account for the first time!

Here You can see your account Overview, create html Payment Buttons for your html page if needed and assign virtual products to them, look through your Paid Invoices or configure Settings for the account. You do not have to do anything additional with the Merchant account after signing in, but feel free to look around!

Now we can move on to the last step – installing Magnet Cryptocurrency Woocommerce Payment Gateway plugin for your store.

4. WOOCOMMERCE PLUGIN SETUP

4.1 Download the plugin.

4.2 Log in to your store admin dashboard and go to Plugins > Add Plugins > Upload Plugin > Browse your computer for Magnet Woocommerce plugin.

4.3 Click on Install Now.

4.4 Click on Activate plugin and you will be redirected to your plugins page.

4.5 Find Magnet Payment Gateway plugin from plugins list and make sure it’s activated.

 

4.6 Select Woocommerce > Settings > Payments Tab and make sure magnet gateway is turned on.

4.7 On the same Payments tab click on Manage button which is assigned to Magnet Payment Gateway.

4.8 Enter your  Magnet Wallet address you created for Merchant account.

Tip: Here You can choose if the store’s primary displayed currency is Magnet or default one. Also you can decide if you want to display Magnet logo next to product prices.

4.9 Save the changes and you are done.

Recommended: Send us a link to your shop so we can include it in our homepage merchants’ section.

Congratulations – your store is now officially accepting Magnet cryptocurrency!

Tip: If you want to see Magnet Woocommerce plugin in action, please visit this online store using our plugin at https://kilo.city/