Core Concepts

In this guide, we will discuss the fundamental concepts you may encounter while working with SMARTy Pay. We aim to explain their purpose and application as clearly and accessibly as possible, so you have the full understanding when using our platform.

Partner

SMARTy Pay is designed so that you, as a payment service provider or Partner, can offer your merchants the ability to accept cryptocurrency as payment.

Partners have full control over their Merchants in terms of crypto payments and work with SMARTy Pay via API, and Merchants should never directly interact with SMARTy Pay API. Partners also redirect their Merchants' customers (or payers) to SMARTy Pay's various payment forms to carry out payments, create and manage subscriptions, and more. This is similar to how payers are redirected to the bank card payments form and back to the Merchant when the payment finishes.

Although the Partner performs all the preliminary setup for Merchants and fully controls the payment process, they do not control the funds (tokens) received by the Merchant as payment; these are accessible only to the Merchant. This separation is ensured by using the decentralized on-chain payment protocol SMARTy.

Merchant

Merchants are the clients of a Partner who consume payment services. Merchants can sell various goods and services and accept payments for them, not necessarily only in cryptocurrency but in any method provided by the Partner.

For each Merchant in SMARTy Pay, there is a separate setup and record in the system. Also, for each Merchant, within the decentralized payment protocol, a separate smart contract (called the MerchantWallet) is created where the Merchant's funds will be accumulated. Access to withdraw funds from this smart contract is within the Merchant's control.

The Merchant does not work directly with SMARTy Pay, only indirectly through the Partner.

Learn how to get merhcnats via the API

Merchant's Address

The Merchant's Address, or the store owner's address, is a web3 address, the private key of which is controlled by the Merchant themselves. Upon withdrawal (or settlement), tokens will be transferred exclusively to this address.

It is crucial to securely store access to the private key of this address.

Gas wallets

A Gas Wallet is a special address (or set of addresses) created separately for each Merchant and for each blockchain network individually. This address is replenished with the native tokens of the network to which this Gas Wallet belongs (ETH for Ethereum, BNB for Binance Smart Chain, MATIC for Polygon, etc.). T hese funds will be used by SMARTy Pay to perform various operations on the blockchain that are necessary for processing payments.

It is important to ensure that the balance on this address remains positive at all times; otherwise, payment processing may be suspended.

It is assumed that the Partner replenishes this wallet on behalf of the Merchant.

Learn how to get gas wallets via the API

Fees

The foundation of the SMARTy Pay platform is a decentralized on-chain payment protocol, the logic of which is implemented in the form of smart contracts. This ensures a higher level of reliability and security for payments. Many operations on the platform involve executing transactions on the blockchain, which require a network fee. The size of this fee greatly depends on the network and the type of transaction being executed. It is assumed that these fees are paid from the Gas Wallet.

Besides the network fee, there are two types of commissions:

The commission of the decentralized payment protocol. Its size is set at 0.3%.
The Partner's commission. Its size is determined by the Partner for each Merchant individually.

Both commissions are charged at the moment of withdrawing funds from the system.