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March 9 2021
Here at Finrax we're absolutely thrilled to announce the release of our Instant Deposits feature - a way for your end-users to make crypto payments in the blink of an eye without any security compromising.
Before the addition of Instant Deposits, the deposit flow looked like this: when an end-payer selected their preferred deposit currency on the Finrax checkout page, they were presented with an amount and an address to deposit to. Finrax monitored all of the blockchains in real-time and once a deposit had been made against this payment link, we showed the payment with an 'Awaiting' status. Only after the transaction was confirmed on the block-chain after some time, the deposit would be credited to the end-user and the payment was considered processed:
Processing takes hours
It usually took from 30 minutes to several hours between the time the deposit had been seen on the network until it was confirmed.
As mentioned above, without Finrax Instant Deposits, the processing of crypto payments can take hours. Until confirmed on the blockchain, transactions are known as 'zero-confirm' and are generally unsafe to rely on since the sender may have already spent the money elsewhere before the transaction is confirmed. As a result, most crypto businesses wait for multiple confirmations before crediting a deposit, which can take anywhere from 20 minutes to several hours and sometimes even days. With Finrax Instant Deposits, funds are available within seconds after the receipt! This makes for a way better payment experience for your end-users:
Processing takes seconds
When we receive a new deposit against a payment link, Finrax does numerous risk checks to ensure that the transaction is not double spent or sent with a very low blockchain fee.
Currently, only deposits under a certain amount and in the following currencies are eligible for Finrax Instant Deposits: BTC, LTC & BCH. And if you would like to learn more about Instant Deposits, do not hesitate to contact us at [email protected]