Channel
Deposit Flow
A channel deposit is a way to receive any amount
of cryptocurrency at the address
generated by CryptoProcessing.com
Types of deposits
01
Crypto deposit
without exchange
Is an operation that allows merchants to receive cryptocurrency at the
address generated by the Cryptoprocessing.com. If the transaction is
successful, the balance will be topped up with the appropriate amount in cryptocurrency that was sent to the generated address. For example, a
user sends a certain amount in BTC on the website, and the merchant
receives the top up of the BTC balance.
02
Crypto deposit
with exchange
to cryptocurrency
Is an operation that allows merchants to accept funds that are
automatically exchanged to a specific type of cryptocurrency from
another currency at the current exchange rate before being added to a
balance. For example, if a user sends a certain amount in BTC on the
website, the merchant receives the top up of the USDT Balance.
03
Crypto deposit
with exchange
to Fiat currency
Is an operation that allows merchants to accept
funds that are automatically exchanged to a specific
type of Fiat currency from another currency at the
current exchange rate before being added to a
balance. For example, if a user sends a certain
amount in BTC on the website, the merchant receives
the top up of the EUR Balance.
04
Fiat balance top up
If a merchant has a bank account confirmed
and verified, it is possible to top up the merchant’s
balance in the corresponding fiat currency by
means of bank transfer in SEPA and SWIFT.
How does it work?
In simple words…
A merchant has a crypto payment form on his
website.
When a new user presses “pay with crypto” button
and chooses the currency, the merchant sends us an
addresses/take request.
In the response we send him a newly generated
address that the merchant shows to the user. This
address can be either a simple deposit address or a
deposit-exchange address in case if the merchant
keeps his balance in a certain currency.
The user copies this address or scans the QR code
generated by the merchant and goes to his wallet app.
In his wallet he submits the amount and sends the funds to the
generated address.
We will be able to recognise this transaction when it
will reach the network. When it is confirmed either
by GAP600 or in the network we credit the funds to
the merchant account and send him a callback with
a ‘confirmed’ status. After that the merchant adds
the balance to the user on his side.
This address from now will be linked to the user on
the side of the merchant. The user can save it and
send funds to it anytime he wants. This address
doesn’t expire.