Reply To: Withdrawal of `Tera Wallet funds in Cryptocurrency2022-05-19T03:23:49+05:30

Home Forums WooWallet Withdrawal Withdrawal of `Tera Wallet funds in Cryptocurrency Reply To: Withdrawal of `Tera Wallet funds in Cryptocurrency

Derrick Mkandla
Participant
Post count: 5

Hi Subrata,

Thank you for your prompt reply.

I have just purchased the withdrawal extension (Order #9741) and I will be happy pay the $35 one-time customisation charge mentioned in your message for providing custom code to add a crypto withdrawal option to the plugin. Please advise on how and when I should remit this in order for this work to proceed.

In the meantime, there are a couple of points to consider in relation to the crypto withdrawal solution that I am seeking:

1. The reason I had proposed the idea of providing custom code that would provide a withdrawal method that replicates the top-up functionality of the plugin by allowing users to purchase a crypto product is that this would:

a) enable each user to withdraw his or her funds when it suits them, by simply purchasing the crypto product, just as they do when they purchase the top-up product to add funds to their wallet. The wallet would be the only available payment gateway for the crypto product, The only job of Admin in this scenario is to ensure that sufficient crypto funds exist in the “hot wallet” to meet withdrawal requests at all times.

b) withdrawing wallet funds by purchasing a crypto product will provide the user with a receipt or invoice, complete with the crypto wallet address and the Etherscan Hash transaction number (I plan to use an Ehthereum based ERC20 stable coin for withdrawals,) which would provide the user with irrefutable proof of payment of their funds. Like the top-up product, the crypto product sales numbers would, of course, not be included in sales revenue data.

The downside of this method is that it would takeaway the ability for Admin to have some control over withdrawal requests, and I am not sure if this would be a problem.

2. Regarding your suggestion of adding a crypto option to the withdrawal extension, by providing a field that would allow users to enter their crypto address, this is fine, although I wonder how one would provide evidence of a successful completion of payments, in case of disputes. The only way I can think of doing this would be to provide a text field in the approval screen where one could record the transaction Hash number, which would, in turn, appear in the user’s transaction history on the wallet. However, this would be a manual process that would become labor intensive when there are a lot of member withdrawals to process.

The another downside of this approach is that it would be subject to human error when users input their crypto wallet address into the available field. Crypto addresses are notoriously long and subject to error when being keyed or copied into required fields. One solution would be to integrate the tera wallet plugin with the Ethereumico.io wallet plugin that provides each user with an Ethereum wallet address when they register on the platform. This Ethereum wallet plugin and the Etheremico plugin for woocomerce work to automatically populate the wallet address field at checkout, when the user is purchasing a crypto product, thus removing the possibility of errors which arise when users manually enter the address.

I realise that I have presented above issues that are probably beyond the scope of what you had in mind when quoting for the customisation work, however, these are legitimate concerns that I have about any potential solution and I would welcome your feedback on how we might address them.

With kind regards,
Derrick