How to Use Speed WooCommerce Bitcoin Plugin for WordPress

With over 400,000 daily active users, Bitcoin is one of the strongest cryptocurrencies on the internet. Some of the most popular companies like Microsoft, Etsy, and Subway have already started accepting Bitcoin payments. That’s not all. Nowadays, even global NGOs accept Bitcoin donations. Its decentralized nature, low transaction fees, and global reach are a few primary reasons behind Bitcoin’s rapid adoption.

If you’re a WooCommerce store owner seeking to accept Bitcoin payments, download and integrate the Speed plugin into your WordPress website. It’s fast, secure, and easy to set up. To make the most of the plugin, you will need to sign up for a Speed account — it’s completely free. There are no platform charges or recurring maintenance fees.

➥ Other Speed Solutions

Speed has many features to help you accept lightning-fast Bitcoin payments. Here are a few features you can access when you sign up with Speed:

• Intuitive web app for creating payment links and QRs.
• Dedicated mobile app for managing your transactions.
• Generate checkout links and payment QRs for collecting payments
• POS app for accepting offline Bitcoin payments
• Live and test modes for testing connection and configuration

To use the plugin and access all the above features, you will need a Speed account. Once registered, you can use their web app to generate payment links, QRs, and manage your transactions.

➥ The Prerequisite

To install the Speed plugin, you need:

• WordPress Version 4.0 or newer (installed). Tested up to: 5.9.3.
• WooCommerce Version 3.9 or newer (installed and activated).
• PHP Version 7.4.29 or newer.
• Speed account. If you don’t already have a Speed account, sign up for one here.

➥ Installation & Activation

• Log in to WordPress Admin.
• Go to Plugins » Add New.
• Search for the WooCommerce Speed Bitcoin Payments plugin. The author is Speed.
• Click on Install Now and wait until the plugin is installed successfully.
• You can activate the plugin immediately by clicking on ‘Activate Now’ on the success page. If you want to activate it later, you can do so via Plugins » Installed Plugins.

To learn more, see Installing and Managing Plugins.

➥ Setup and configuration

Once the plugin is activated, you can start its configuration. Go to WooCommerce » Settings » Payments » Speed. Click Finish set up to configure Speed – Bitcoin settings. All the tabs & fields in these are required to complete the setup.

On the configuration page, you will see 4 settings tabs.

• General
• Test
• Live
• Order Status

➮ General Settings

Here, you will be able to view all the general plugin settings, like its status, transaction mode, payment method name, logo, and description. Let’s understand them individually:

Plugin Status: By default, the plugin status will be ‘Enable’. If you’d like to disable the plugin without deactivating it from WordPress, you can quickly do it by switching its status to ‘Disable’.

Transaction Mode: Speed allows you to test payments before enabling real transactions. You can quickly toggle between ‘Test’ and ‘Live’ modes through ‘Transaction Mode’ in General Settings.

Payment Method Name: Anything you enter here will be displayed in the payment method section on the checkout page.

Statement Description: This description will be displayed in your customer’s wallet app against their transaction on your website. You can customize this note to help your customers easily identify their transactions with you.

Description: This description will be displayed on the checkout page under the payment method. You can customize this to provide users with additional information about this payment method.

Checkout image: You can choose whether the Speed logo should be displayed or not on the checkout page.

Once you configure these settings, click on ‘Connect & Save Changes’ to lock your preferences.

➮ Test and Live Settings

Once you’ve successfully configured the general settings, it’s time to fix the test and live settings for accepting payments.

1. Enter the API keys to configure the Speed – Bitcoin payment with a new or existing Speed account (copy the keys from your Speed web application). Dashboard » Developers » API Keys » Standard Keys

2. Connect the webhook URL and Webhook Test Signing Secret Key.

Webhooks will keep the communication between Speed and your site. It provides information such as the status of the checkout session’s payment and is used to update the orders based on certain events.

• Copy the webhook URL

• Visit Speed web app: Navigate to Dashboard → Developers → Webhooks. (with “Test mode” enabled or disabled, depending on which mode is being configured).
• Click on Add endpoint and paste the webhook endpoint URL you copied earlier into the Endpoint URL field, and enter a description.
• Click next. You will see a list of events. Select your desired events. Make sure to select the following events
  • Checkout_session.paid
  • Checkout_session.created
  • Checkout_session.payment_paid
• Once the Webhook endpoint is added, go to details Copy the Signing secret (after clicking Reveal).
• Back in WooCommerce » Settings » Payments » Speed » Test/Live Settings, paste the secret into the Webhook Signing Secret Key field.

• Test your connection, and you are good to go.
• Repeat the same steps on live mode, and make sure on your Speed Web app you change the mode to LIVE mode.

3. Click on the Test Connection to see if these keys establish a successful connection. You must connect your website to a Speed account and then test the connection. For both modes, test or live.

➮ Order status settings

Initially, when an order is created, the order status is payment pending. Once your customer completes the payment, the order status changes to processing. This status is marked “processing” because of the default settings, as seen below.

You can select the order status of your choice from the three available options mentioned below to show that the customer has made the payment.

1. Processing
2. On-hold
3. Completed

Check all the details are filled in, and click Connect and Save Changes.

➥ Speed Checkout

Your customers can easily complete their payment by selecting the Speed – Bitcoin payment option on your store, as shown below. After placing an order, they will be redirected to the Speed payment page to complete the crypto transaction.