![]() ![]() Merchants can choose how quickly they want to accept the payment as valid, where a higher speed increases the odds of failing validation later in the process: Once transferred, the invoice status moves to “paid” and the customer can then be presented with the order receipt, or in the case of redirect can click back on the merchant-provided backlink to the site to produce the receipt.īitPay then negotiates a validation process over the bitcoin network, where the payment is “complete” after 6 block confirmations. Upon successful invoice generation, the merchant can either redirect the customer to BitPay’s server to present the payment screen, or embed the same through an iframe to keep the customer on site, if preferred.Ĭustomer authorizes payment to transfer bitcoin from their digital wallet at the exchange rate provided from BitPay. Again, the general process is most similar to PayPal, although no component of address management is included.Īt the point where an authorization is normally issued for a credit card payment, instead the merchant generates a new invoice from BitPay, which starts in the status “new”. The BitPay ProcessĪt the point to finalize an order, a number of steps must be taken to complete the transaction using bitcoin. Each status update can be thought of as analogous to a credit card transaction, but instead of a number of independent transactions related through references, the same invoice and identifier are used throughout. The payment negotiation is managed by the creation of an invoice which tracks the state of the payment through a sequence of status updates. Merchants need not display or maintain conversion rates they can continue to use their native currency and BitPay will manage the exchange rate directly. In either case, all communication between customer and payment processor is direct.Ĭustomers with a digital wallet then approve a transfer for the converted amount of bitcoin. BitPay provides merchants with a solution similar in function to PayPal, where users are either redirected to the BitPay servers to complete payment, or the interaction with BitPay can be embedded directly into the merchant site via an iframe. BitPay Payment GatewayĪfter investigating their options, FrozenCPU elected to partner with BitPay to handle bitcoin payments. While ideally suited to function as an exchange medium for ecommerce, we had to seek solutions that allowed for its integration into the checkout process. ![]() Because of the newness of bitcoin, as well as its non-traditional nature as a cryptocurrency, traditional payment gateways do not support it. End Point recently began discussions with long-time Interchange client FrozenCPU about their desire to accept bitcoin payments. ![]()
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