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What is the process of crypto payment processing using a BitPay clone script?
A BitPay clone script for processing crypto payments aims to enable merchants to receive digital currencies effortlessly. When a customer wants to make a payment, the system generates an invoice for the merchant. This invoice includes the payment amount, the type of cryptocurrency, the wallet address, and a time limit.
The customer transfers the crypto to the specified address. The system monitors the blockchain and automatically detects incoming transactions. After the required number of confirmations is received, the payment is considered successful.
Merchants have two different options: they can hold the received crypto in their wallet, or it can be automatically converted into fiat currency. This automatic conversion is convenient as it protects merchants from price fluctuations. The funds can be deposited into the merchant’s bank account or internal wallet.
The Bitpay clone script also includes dashboards where merchants can monitor payments, invoices, settlements, and transaction history. APIs can be integrated with e-commerce websites, applications, and billing systems.
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