Onramp to Merchant Deposit
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This product empowers merchants to receive payments in crypto from their customers, who do not have access to cryptocurrencies. Through this gateway product, your users can pay in fiat currency while you receive it in crypto currency. This ensures that your payment success rate is higher than expected.
Nivapay Onramp journey for your user begins when you call our APIs to generate a new order and redirect your user to our hosted checkout URL. Refer to the API Documentation section to know what all information you need to send to generate a new order.
On the first page, we collect user's email address to send transactional emails. If you pass their email address in the order creation request, we will pre-fill this information.
Then we show the conversion quote from fiat to crypto. Fiat currency, fiat amount and crypto currency are pre-selected as per the order request and are not editable by the user. Typically this crypto currency is the one which the merchant prefers and is willing to receive.
The Total fees shown is charged to the user and depends on the payment method selected. Displayed payment methods depend on the fiat currency, device compatibility and service availability. For example, EUR has SEPA and GBP has Open Banking and Faster Payments. In addition Apple Pay, Google Pay and credit/debit cards are almost always available for all currencies. Please note that currently only Visa and Mastercard credit and debit cards are supported.
After this the user needs to login to their user account via an OTP received on their email. For first time users, they can use any email to authenticate themselves and create a user account. This account is required to hold their KYC details & save their payment methods. Hence, a user needs to go through the KYC flow only for the first time.
The standard KYC flow has typically 4 steps as shown below, depending on the user’s country of residence. You can send the relevant user data during order creation to pre-fill the first two forms for user’s convenience. Check the Create Order endpoint to see the list of user parameters and data format. Users have the option to complete the KYC flow on their desktop or mobile device as per their convenience.
In the next step (Payment & Auth), the user has to enter the payment details and complete the payment instrument’s authentication process (if asked). For example, if the card was the chosen instrument, then the user needs to enter their card details and enter the 3DS auth code required by say Visa.
Processing step: Once user has triggered the payment, we will await its receipt. Once this fiat amount is received & reconciliation, we will issue the crypto funds to a staging wallet generated by us on behalf of the user. The amount of crypto issued here closely matches the one shown on the quotes page. It could differ slightly due to crypto volatility.
Transferring step: Once the crypto funds are received in the user's wallet in our custody, we will initiate the transfer of those funds to the merchant. Success message will be shown once the transfer is completed, and the user is auto-redirected back to the merchant’s platform.
The estimated time to complete the Processing step depends on the payment method chosen and the crypto currency in question. It is possible that after triggering the fiat payment user become inactive or their session gets interrupted. Even in that case, Nivapay ensures that users are updated promptly and timely on the order progress via email. In addition, the merchant receives real-time updates on the order status via webhook. Refer to the Webhooks section for more information.
In case the user has cancelled the session midway or the payment fails due to any reason, then we will show Failure status to the user and redirect them back to your URL. In this case also, user will receive transactional email and merchant will receive webhook events.
