This article is specific to legacy merchants operating on Coinbase Commerce. Below are ways to tell whether you are a legacy merchant for the existing Self-managed and Coinbase-managed offerings:
Legacy Self-managed merchants will have a “Balances” section on their dashboard
Legacy Coinbase-managed merchants will have an “Invoices” section on their dashboard
Benefits of the Onchain Payment Protocol
We are announcing a large update to our Coinbase Commerce product, now built on top of our new open source Onchain Payments Protocol, which offers instant settlement, low fees, and broad asset support to improve the payments experience for merchants and their customers. Below are some of the benefits:
Removing crypto volatility risk by swapping your client’s preferred payment currency to your settlement currency onchain before settling to your wallet.
Removing payment exceptions, meaning no more over/under, delayed, or multiple payment issues.
Removing wrong address/network sends, ensuring funds arrive to your merchant wallet every time
Dramatically increasing the number of crypto assets your customers can pay with on supported networks.
How do I opt in or out?
To opt in/out of the upgraded payment experience, please follow the below steps:
Sign-in to Coinbase Commerce via: https://beta.commerce.coinbase.com/sign-in.
Navigate to Settings.
Select the “on/off” toggle next to Upgraded payment experience.
The ability to operate on legacy Commerce will be available until we roll out the Onchain Payment Protocol to all merchants later this year.
For all feedback, please fill out this form.
What is changing to the merchant experience?
How will I receive funds?
Merchants, whether previously using the Self-managed or Coinbase-managed will now receive payments in USDC.
For legacy Self-managed merchants: USDC payments will settle in your existing Commerce wallet.
For legacy Coinbase-managed merchants: USDC payments will be deposited in your unified USD/USDC account in Coinbase Exchange.
What happened to Bitcoin, Bitcoin Cash, Doge, and Litecoin payments?
You can still accept Bitcoin, Bitcoin Cash, Doge, and Litecoin payments as long as your customer has a Coinbase.com account. These currencies are no longer supported for payment from self-custody wallets or third party exchanges.
Additionally, your customers will now be able to make a payment with any cryptocurrency in their Coinbase.com account.
Why can’t I create an Invoice anymore?
Coinbase Commerce has removed the Invoice checkout type. However, you can use checkouts to create custom payment links which behave in a similar manner to legacy Invoices.
Generated addresses for charges:
The upgraded processing system has transitioned from generating unique cryptocurrency addresses for each charge. Your customer’s will still be able to pay with their favorite cryptocurrencies from their favorite wallets with the ability to also pay from their Coinbase account.
For information on how the payment experience has changed for your customers, please see our help center article here.
Changes to webhooks:
The commerce webhooks and charge payload will have a few added fields to provide details about the onchain transaction. Refer to our documentation for more details.