Polus Payments Core & Smart Contracts
Payment process on the merchant side:
Invoice creation: Merchant creates an invoice for payment. He defines in which blockchain networks, in which cryptocurrency and in what quantity he would like to receive the payment. This action takes place in the Polus Payments payment system using API/graphical interface/plugins. After, the merchant receives a link to the payment form and passes it to the buyer.
Payment initialization: Buyer follows the link to the payment form, connects his crypto wallet, selects a convenient network and cryptocurrency for payment.
Sending the transaction to the blockchain: After the user clicks the payment button, the payment is sent to the blockchain. A fee is charged for sending the transaction to the blockchain and for Polus Payments services.
Autoswap of cryptocurrency (if required): The next step is to automatically swap (exchange) the cryptocurrency that the buyer used for payment to the cryptocurrency that the merchant wants to receive. This swap happens through public decentralized exchanges (DEX) like 1inch or Uniswap.
Payment Status Webhook: After the first blockchain validator confirmation, a server-side notification is sent informing that the payment is in "In progress" status.
Second Webhook: If the payment complies with all rules and passes all blockchain validations, a second server notification is sent informing that the payment is in "success" status.
Confirmation of payment receipt and fulfillment of obligations: Merchant receives a server-side confirmation of payment receipt and the buyer receives the purchased good or service.
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