CryptoWoo Release 0.24.1

CryptoWoo 0.24.1 has just been released. See the full changelog here: Changelog

Apart from minor improvements and fixes we would like to highlight two new developments:

1) Timeout Action

You can now select the behavior of CryptoWoo when the Order Expiration Time runs out. The default is the WooCommerce order status “Cancelled”. The Timeout Action feature allows you to set these order to “Failed”, “On Hold”, and “Quote Refresh”.

CryptoWoo Timeut Action Feature

What is a “Quote Refresh”?

Let’s take one step back and look at the default behavior of CryptoWoo: Without the “Quote Refresh” feature, the customer has the given Order Expiration Time to broadcast his transaction. If the customer does not send the payment during that time period, the WooCommerce order is set to “cancelled”.

This means there is a dilemma between the exchange rate risk of the merchant and the convenience for the customer. If the merchant gives the customer only a short time window to send the payment, he may lose customers that fail to send the payment in time and do not want to place a new order. On the other hand, if the merchant sets a very long Order Expiration Time, he is accepting the quoted cryptocurrency amount regardless of all exchange rate fluctuations.

This is where the “Quote Refresh” feature comes in: Instead of cancelling the WooCommerce order upon reaching the Order Expiration Time, it allows you to refresh the cryptocurrency order total of the existing order according to the latest exchange rate, thereby lowering the inconvenience for the customer and increasing the chance hew will send his payment.

This is achieved by adding a new custom order status “Quote Refresh Needed” and moving the orders to this status instead of the default WooCommerce order status “Cancelled”.

So if the Order Expiration Time is reached, the customer will be redirected to the checkout page where he can re-submit the order. If the customer already left the payment page, he will receive an email with a link to pick up the same order but with a refreshed cryptocurrency amount. An additional benefit of this approach is that it allows the customer to switch to a different payment method instead of fully abandoning the order.

TL;DR: In conclusion, the “Quote Refresh” feature allows you set a short Order Expiration Time while keeping a lower abandonment rate of your cryptocurrency orders compared to outright cancelling expired orders.

Check out the new feature in the “General” > “Checkout Configuration” section of the CryptoWoo settings.

2) Monero Add-on

It is finally available:

The Monero Add-on enables you to accept Monero (XMR) payments with CryptoWoo directly to your own wallet. Currently the add-on uses the API to process the payments. Support for processing via monero full node and additional block explorer APIs coming soon.

Monero Add-on