3 types of crypto payments. How does Static Wallet, fixed and non-fixed amount deposits work?
Accepting cryptocurrency payments, merchants save on transaction fees due to the low fees of cryptocurrency processing services. Many of them allow you to accept digital coins using more than one type of payment. Let’s take a look at what types of payments exist and how cryptocurrency payments are accepted.
Depending on the business area, a crypto processing service can offer you three types of payments:
- Deposit with a fixed amount.
- Deposit without a fixed amount.
- Static Wallet.
Let’s take a look at the payment process for each one.
Deposit with a fixed amount. This method is popular among online stores and is used when it is necessary to pay an exact amount for a product or service. It’s easy for the customer of the store to make the payment. Thus, if you integrate the gateway 0xprocessing, the payment process takes only 3 steps:
1. Selecting the payment method — 0xprocessing.
2. Choice of cryptocurrency and payment amount in it (or equivalent in fiat currency).
3. Payment in the payment form as iFrame or by link via QR code, wallet address or via Web3 wallet, by clicking on the Connect Metamask button.
The waiting period for payment is 30 minutes. If all goes well, the received funds go to the storage of the seller’s account or to 0xprocessing Hedge Fund, where the cryptocurrency is automatically converted into stablecoin. Reaching the minimum amount set in the store account settings, the stablecoins are sent to the vault. Then they can be withdrawn into fiat using third-party services.
If the client did not have time to make a payment or closed the payment form, he simply creates another deposit with a new wallet address for payment.
Deposit without a fixed amount. The opposite side of the deposit with a fixed amount. It differs in that the customer can deposit an unlimited amount to pay for a service, just like a cell phone bill. Deposits without a fixed amount are popular in iGaming, the gambling industry, and betting platforms precisely because of the convenience of making payments. They can be integrated into a store’s payment window.
Using a cryptocurrency payment gateway, the payment process is as follows:
1. A balance is replenished on the merchant’s website.
2. Payment method and cryptocurrency is selected.
3. Funds are deposited in the payment form by QR code or wallet address.
Besides, at the merchant’s discretion, it’s possible to enable notification to the client about the status of the transaction. The merchant receives funds if the customer makes a payment over the minimum amount and transfers funds in the correct currency within 30 minutes of the payment process.
The merchant only needs to create and execute a payment form on its platform, which contains the data for payment.
Static Wallet. This is a new method of integrating deposits, presented in 0xprocessing. It allows you to create wallets for your customers with a permanent address. It’s very convenient because with every new deposit — no matter if it’s with a fixed or non-fixed amount — the wallet address always changes. With Static Wallet, it stays unchanged.
In order to use a static wallet, the client does the necessary steps:
1. Replenish balance on the merchant’s site.
2. Creates his wallets for different cryptocurrencies in personal account and replenishes any of them.
3. Transfers amount by QR code or wallet address.
Client can be notified about transaction status by merchant’s decision. After replenishment, any amount in the currency assigned to the wallet is credited as a successful replenishment of the customer’s balance.
All three types of payments represent a convenient payment process. Deposits without a fixed amount and Static Wallet are ideal for iGaming, and fixed amount deposits for e-commerce. You can also expand your options and add Static Wallet to deposits with fixed amount to make the payment process easier for you and your customers.
You can get it on 0xprocessing, one of the few processors that’s rightfully called technological and advanced thanks in large part to its unique features: agency processing, recurring payments, and Web3 wallet payments.