Magnetize Your Website: Magnet Merchant Tools
April 14, 2018
April 14, 2018
As we are currently approaching the beta release of Merchant Tools for Magnet, I wanted to share a bit more details about the initial features we have been cooking up.
With Merchant Tools we want to step ahead and facilitate Magnet usage in real life scenarios as an online currency. At the same time, we don’t want to use these services as an excuse to centralize control (like many other payment providers) so we are designing our services to offer the least friction not only for users, but also for the merchants (see the Technical Notes section for more details).
Here is how we achieve this:
The system allows you to use your own Magnet address, so your private key is never stored nor sent to our servers. You remain in full control of withdrawals from your own wallet and the incoming money never transacts through our servers.
Any invoiced amount is directly sent to your merchant MAG address, so you can enjoy the payment as soon as it is made in real-time. No intermediaries, no string attached.
At its core, Merchant Tools provide streamlined online invoicing for your goods, services, gigs and charity donations. Your users can checkout and pay using any MAG wallet or directly from any exchange.
Integrating Magnet Payment buttons with your website to create an automated checkout process is fast and easy. We provide a custom button generator, you are just a few clicks away from integrating MAG payments to your website.
You can login to your account at any time to manage invoices, view real-time graphs and payments history. Besides, we are constantly working to improve the merchant features based on your feedback.
Keeping the system as decentralized as possible has been our main design goal since day one.
To achieve this, we are leveraging non intrusive and public features (such as “watch only) available on the wallet. Such features allows anyone to import a public MAG address without the need for its associated private key. This effectively limits the operational freedom of the server on the merchant accounts but ensures that the system remains fully decentralized at the transactions layer – the control remains fully on the merchant side.
In other words, the merchant back-end is only a “watcher” of transactions and our system design has been built around that. This clearly poses some challenges on our side (as developers), but we are up for them to not sacrifice the core concepts behind cryptocurrencies.
That’s it for now, the beta release will be imminent now as we have entered the final testing phase so keep posted.
Any questions, feel free to join us on Discord for some live talk.