As a Merchant using our payment gateway, you can improve your customer experience and conversions at checkout by using our extended API functionality to extend invoice expiration time (when payouts are in BTC).
We have 2 features that make the payment experience a bit more convenient for customers. We strongly recommend using them to prevent the bulk of issues that arise with Bitcoin payments.
This blog post covers the feature allowing you to prolong the time window during which customers can complete the payment.
Paying with Bitcoin for the first time might be a daunting task for the regular customer. The customer has to, first of all, set up a wallet, then buy some bitcoins, and then send a precise amount of bitcoins to the invoice address in a relatively short amount of time.
Accepting slight underpayments (covered here) ensures that your received payments will come through smoothly in case the customer sends the transaction from a service that deducts a fee from the sent amount (such as an exchange).
Extending your invoice expiration time allows more time for customers to complete the payment. The feature is useful because, to make payments, many Bitcoin newcomers use third-party services that delay transactions. Such services include, but are not limited to, exchanges and web wallets. Please note, the feature is only possible for merchants that receive Bitcoin payouts, and not EUR/USD.
A customer checks out on your store with Bitcoin and lands on our invoice page. The total payment amount equals 0.1 BTC.
The customer copy-pastes the amount and payment address to a Bitcoin exchange.
The exchange, in fact, does not process and send the bitcoins immediately, but rather completes the withdrawal after 30 minutes.
As a consequence, the 0.1 BTC transaction reaches the invoice after the 20 minute time window has passed and the invoice has expired, meaning that the order does not get processed automatically.
The customer contacts the merchant and CoinGate about payment status, we locate the transaction and proceed from there.
How to extend invoice expiration time
Bitcoin is still a rather new thing in the payments industry. As such, quite a few technical barriers exist that make Bitcoin seem complicated to use for newcomers. Therefore, we have developed that allows you to extend invoice expiration time, making the payment experience less stressful for customers. Our experience shows that increasing invoice expiration time ensures that there are very few payment issues that need to be dealt with manually (both for the merchant, and for us, the payment processor).
The steps to access this feature are as follows:
- login to your CoinGate account dashboard
- locate the Merchant Tool(s) you are currently using: API, Payment Button or POS app
- on your right handside, open up the menu and click Edit
- from there, locate Invoice Time and select your preferred invoice expiration time window. You may have to click on “Show Advanced Settings” to see the feature.
We recommend setting the parameter to 2 hours. From our experience, is more than enough time for a customer to complete the transaction, even if sent from an exchange. However, depending on your needs, it is possible to set the timer anywhere between 20 minutes and 24 hours.
We sincerely hope that you will find this feature useful. Please let us know if you have any questions, and also consider another recommended API feature to accept underpayments automatically.
Thank you for reading, and happy selling!