Eliminating Fees Using Off-Chain Solutions
One of the most pressing issues in crypto transacting at present are the limitations of major blockchains at scale. From an accessibility and adoption point of view, high fees on congested networks can form a significant barrier to entry. When purchasing crypto on-chain, network fees can be excessively high during times of high volume usage, thus increasing the exchange rate or transaction fee itself.
In order to demonstrate our commitment to providing users with the most frictionless cryptopowered payments solutions around, Mercuryo has implemented off-chain processing to eliminate network fees, making transactions more affordable and accessible to a wider global audience.
Using Off-Chain Processing
In order to benefit from our off-chain feature, you’ll need to first sign up for a Mercuryo account . This allows you to collect and manage all crypto payments.
1. Registration for Merchants
Before registering for a Mercuryo wallet, merchants need to sign an additional agreement. If you have already provided Mercuryo with a statement about your company (registration data, information about the founder and director) during the registration process for on-off-ramps, then you do not need to provide additional documents.
In this case, you may sign the consent form for additional Terms and return it by email.
Attention! The business wallet does not allow customers to sell cryptocurrency. This wallet is needed to credit purchased cryptocurrency, and for withdrawals of cryptocurrency to external wallets. Further down the line, it will also be possible to buy and sell cryptocurrency within this wallet, though this will require additional verification
After signing the Terms, you may create a wallet (by registering ) and inform Mercuryo of the email that was used to register.
Note: This email must not have been used before to register for Mercuryo services
Once Mercuryo has received the email address linked to your wallet, the wallet will be set up as a business wallet and Mercuryo will then disable minimum commission parameters.
2. Finding Wallet Addresses
The Mercuryo address is accessible within the wallet, and will need to be used in place of the end user’s address to process transactions off-chain.
3. Receiving Funds
Once cryptocurrency has arrived in your Mercuryo Wallet, a callback will be displayed in the admin panel. You can also view the transaction status using the handle https://api.mercuryo.io/v1.6/sdk-partner/transactions
4. Withdrawing Crypto
You may login to the Mercuryo Wallet to withdraw cryptocurrencies to a third-party wallet at any given time.
Benefits
Where on-chain transactions are subject to network fees dependant on specific blockchains and congestion, off-chain processing allows for this to happen internally, securely, and rapidly, offering you even more savings and flexibility for payments management.
Originally published at https://blog.mercuryo.io.
