How to accept crypto payments

accept crypto payments

In the emerging trend of cryptocurrency’s adoption in our lives, businesses and enterprises are seeking out the technological paths to coordinate crypto installments and complete quick and advantageous payouts. APIs are once again being put to use, due to their strong points in reliability and reusability. 

Merchant accounts and services, the smart ones at least, are demanding payment gateway for the accompanying competitive advantages: 

  1. It represents another choice for customers to pay(accept crypto payments, which is available at any time of the day throughout the year
  2. It puts 0 importance to physical distances. 
  3. The potential of reaching customers globally increases
  4. Fewer fees, more credibility for the business 
  5. Profit money gets diversified in fiat and crypto, which makes your business a potential investor in the world of crypto in the future 

The implementation way plays as much importance here as the rest of the advantages. Moving funds from hot wallets to cold wallets is a common practice in the market, it’s used by all exchanges, wallets or payment providers. Payment Forwarding can automatically move any received funds to another wallet. Enterprises can subscribe for payment forwarding for any wallet/address they own while specifying where to move the funds and how to notify them once done. 

Crypto APIs is an important factor in this process. It makes sure to:

  1. Monitor the wallet/address that companies choose to subscribe for 
  2. Move the received funds to the target wallet/address
  3. Notify the user by sending a call to the specified URL
  4. Commerce without necessarily requiring extensive setup barriers, like registering new accounts.

Now, let’s see some of the endpoints that these advantages are implemented in:

Create Bitcoin Payment Forwarding

HD Wallet

Firstly, in order to create a payment forwarding with the address from HD Wallet you need to include the following data (POST request):

  • Wallet
  • From
  • To
  • Callback (url)
  • Wallet password
  • Confirmations
  • Fee (optional)

 Address

Secondly, in order to create a payment forwarding with the address you need to include the following data (POST request):

  • From
  • To
  • Callback (url)
  • From Address Wif
  • Confirmations
  • Fee (optional)

Create Ethereum Payment Forwarding

Alternatively, there are two ways to create an automated payment forwarding for Ethereum:

Account on Crypto APIs

If you have a Keystore file/account create on our servers you need to provide the following information:

  • From
  • To
  • Callback (URL)
  • Password
  • Confirmations
  • After how many confirmations to execute Payment Forwarding
  • gasPrice (optional)
  • gasLimit (optional)

Other

In order to create an automated payment forwarding for an address that is not stored on our servers you should prove the following information:

  • From
  • To
  • Callback (URL)
  • Private key
  • Confirmations
  • After how many confirmations to execute Payment Forwarding
  • gasPrice (optional)
  • gasLimit (optional)

Delete Bitcoin/Ethereum Payment

Moreover, if the user wants to delete a payment forwarding just specify the uuid of the payment in the URL request.

The DELETE request will return the following response body:

{ “payload”: { “message”: “Payment forwarding with uuid: d2f41deb-3e13-4e19-b197-c2481f9d9eba was successfully deleted!” } }

In a nutshell, our Payment Forwarding API is the easiest way to accept crypto payments securely imposing the need to create accounts and jump through unnecessary loops. It’s also a generic way to automatically transfer value from one address to another. Enterprises could easily incorporate the acceptance of Crypto payments.

Find out more in our docs.