The following is the workflow for the Aquanow payment service which is a two-step process:
In stage 1, the user initiates a deposit request to the payment company. The payment company will send an requestPaymentAddress POST method request to Aquanow which will return the price, expiry time, quantity and cryptocurrency deposit information.
Stage 2 starts when the user sends cryptocurrency to the deposit address. Once Aquanow has detected the transaction confirmation on the blockchain, Aquanow will convert the deposited cryptocurrency into the destination currency.
There are two options available for the payment company to detect if the deposit has occurred: