The Blockchain Payments Scanner is a component integrated into our SaaS product that allows issuers to seamlessly settle crypto payments made by their investors. As cryptocurrencies gain widespread acceptance and adoption, it becomes increasingly vital for businesses to efficiently process and reconcile these transactions. Our Blockchain Payments Scanner takes center stage in addressing this need, simplifying the payment settlement process for businesses and enhancing the overall transaction experience.
Important: The scanner is available for BTC, ETH, USDT, USDC & POL. Not for FIAT currencies.
Key Benefits
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Seamless Payment Settlement: Automating the process, significantly reduces the time and effort required to reconcile transactions.
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Real-time Transaction Monitoring: Real-time monitoring capabilities, enable issuers to track incoming crypto payments instantly.
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Secure and Trustworthy: The Blockchain Payments Scanner leverages blockchain technology, ensuring the highest level of security and trust in the payment settlement process.
GETTING STARTED
Prerequisites
Before utilizing the Blockchain Payments Scanner, issuers must fulfill the following prerequisites:
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Active Subscription: The issuer must have an active subscription to our SaaS platform to access and use the Blockchain Payments Scanner.
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Crypto Wallet Setup: Depending on the chosen cryptocurrency, the issuer needs to provide a wallet address to receive payments from investors.
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For cryptocurrencies like ETH, USDT, USDC, and POL, a single wallet address is sufficient.
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For BTC, the issuer needs to provide a list of sub-wallets derived from a parent wallet that they control. All BTC payments will be received in this parent wallet.
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Network Specification: It's crucial for the issuer to specify the blockchain network they are expecting to receive payments. This information ensures that the scanner correctly processes and reconciles transactions on the designated network. The issuer should communicate this to the customer agent.
Configuration
Once the issuer has provided the necessary wallet details, our customer agent will assist in configuring the Blockchain Payments Scanner to suit their specific requirements.
Upon successful configuration, the Blockchain Payments Scanner takes charge of the payment settlement process automatically. Every crypto payment made by investors will be efficiently processed and settled without manual intervention, ensuring a smooth and convenient experience for the issuer and investor.
STEP-BY-STEP GUIDE
Step 1: Subscription Activation and Wallet Setup
To get started, the issuer should have an active subscription. Next, they provide to customer agent with the wallet address and specify the blockchain network where they wish to receive payments from investors.
Step 2: Investor Subscription Order
Investors initiate a subscription order, and they will find the issuer’s wallet assigned for payment transfer. Our platform offers a user-friendly tutorial to guide investors through the payment process seamlessly. The subscription order status remains "Pending" until the payment is confirmed on the blockchain.
Step 3:Automated Settlement Process
Using the specified blockchain network, investors transfer the payment to the issuer's wallet as designated. Our Blockchain Payments Scanner monitors the blockchain for incoming transfers and automatically settles the corresponding order within our platform. Once the payment transfer is detected and confirmed, the order status is updated to "Order confirmed”. The tx hash is recorded on the subscription orders table for optimal data records.
Security measures, manual confirmation and order limit
A. As an added layer of security, the subscription order can be confirmed manually by the issuer, even when the Blockchain Payments Scanner is enabled. However, it is essential to note that manual settlement is only recommended for edge cases, such as blockchain reorganization events. The automated settlement process ensures efficient and error-free transaction processing, making manual intervention unnecessary in most cases.
B. To ensure proper transaction detection, investors are allowed to have only one pending order per cryptocurrency at a time. Once the order is confirmed or cancelled, they can create a new one. This rule optimizes the scanner's performance and streamlines transaction processing, enhancing accuracy and efficiency.
Frequently Asked Questions
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What is the reason for BTC scanner functioning differently from other cryptocurrencies?
BTC operates differently from other cryptocurrencies due to its network design. Unlike other cryptocurrencies, the BTC network does not store information about the sender of transactions, making it challenging to track the identity of investors transferring funds.
To address this limitation, we implement a solution by assigning a unique wallet to each investor when they create an order using BTC as the payment method. This personalized wallet acts as the designated recipient for their transactions. Whenever an investor transfers funds to this specific wallet, our scanner detects and settles the corresponding order.