Crypto Payment Processing

For e-commerce or token sales

What is it?

A merchants' e-commerce and token sale solution connected to
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Stellar, EOS...

What does it do?

The payment system comprises several parts:

  • A user interface based on the W3C Web Payment, packaged as a Woocommerce plug in and as an HTML web page
  • A ledger for accounting purposes. The ledger includes an automated blockchain reconciliation module
  • A reporting module

Crypto payments are entered through any of the supported user interfaces. The ledger module records all cryptocurrencies transactions into a journal. A ledger aggregates, into an account balance, all transactions associated to each users. The ledger is connected to 7 different blockchain networks through an automated reconcilation module to audit payments. Both the journal and the ledger are designed for accounting purposes. The ledger can be installed in merchant's facilities or accessed as a remote secured service (SaaS).



e-commerce

E-commerce solution

As of writing, the cryptocurrencies' total market capitalization is about 180 billions. Our solutions, presented as interactive demos below, are connected to the transledger financial network allowing cryptocurrencies to freely move across blockchains (see demo). Thus being transacted on faster and more efficient networks like Stellar, EOS or Hedera.
We currently support the following cryptocurrencies:

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • Stellar
  • Ripple

At the moment, we are testing the whole system on the different testnets until January. With our connection to several financial networks, our e-commerce solution also provides access to all USD-based stablecoins. Moreover, With the transledger financial network, these stablecoins can be moved to faster and more efficient networks, such as stellar or EOS, to be traded and transacted with the e-commerce solution. Instead of minutes or hours waiting, transactions will happen as fast as with Visa or Mastercard. in the next version due for January 2019,the Interblockchain e-commerce solution will provide access to Gemini USD, Trust USD, Circle USD, Paxos USD on the Ethereum platform, and to Stronghold USD on the Stellar platform. For Q1 2019, we will connect to the interledger network and expand the source of funds made available to merchants.

transaction workflow

Interactive Demos

Web payments

Accounting and Reporting

Several blockchains such as bitcoin and bitcoin-like blockchains are using miners for their consensus mechanism. These networks increasingly suffer from long delays for transaction confirmation. In the case of Bitcoin, it may take several minutes, sometimes days when transaction fees are too low for miners to consider the transaction as a priority. Miners order transactions mainly based on the fees attached to each transaction. These transactions are placed in a queue with larger fees prioritized and lower fees placed toward the end of the queue. As of writing, 26 887 transactions are waiting in the Bitcoin network and 70 142 transactions in the Ethereum network are waiting to be included in the blockchain, being in queue for several days. So, the blockchain event module checks when transactions are accepted and included into the blockchain and when this is the case, sends an event to the ledger, which, in turn, marks the transaction as validated.

Reports can be outputted from the ledger to display if transactions are validated or not. When a transaction is validated, it is then incorporated into a cryptocurrency ledger. If not, the payment is not yet received. The interblockchain event monitor will issue an event notifying the ledger when a transaction is finally included in the blockchain network. The ledger and the transaction log, through its reporting capacities, when funds are indeed paid.

transaction workflow

The Transaction Service Interface

The transaction module can be accessed either directly through a REST application Programming Interface (API) or more easily through a payment gateway like, for example, a woocommerce plugin.

transaction workflow

Connection with blockchains

The transaction system is actually connected to 7 blockchains. More connections are under development. Blockchain nodes containing the complete blockchain data, is increasing every days. Some nodes are very strained with more and more transactions. Some others are not yet under fire.

For the moment, several of these blockchains are not very well suited for e-commerce. They are adapted to support ICO fundraising, when confirmation delays are less important. For an ICO, to have access to more source of funds is obviously advantageous.

transaction workflow