Withdrawal of `Tera Wallet funds in Cryptocurrency2022-04-28T03:10:29+05:30

Home Forums WooWallet Withdrawal Withdrawal of `Tera Wallet funds in Cryptocurrency

Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • Derrick Mkandla
    Participant
    Post count: 5

    This query is reposted from the public forum:

    Hi,

    I am currently developing a site that has a vendor marketplace and an affiliate program. Both vendor and affiliate payments are sent to the respective vendor and affiliate’s tera wallet. As my site is worldwide, I need a facility for vendors and affiliate to withdraw their funds in cryptocurrency only, but I note that your “withdrawal add-on” only offers PayPal and Bank Deposits as withdrawal options, which are cumbersome and expensive to operate worldwide, and are limited in not being available to people in certain parts of the world. Crypto is universal and can reach parts of the world nit catered for by conventional banking systems.

    I wonder therefore if I purchased the withdrawal add-on, would it be possible to provide a piece of code that would hide the Paypal and Bank withdrawal options and instead present a field for users to enter their Ethereum wallet address for payment of commissions in an Ethereum based stablecoin. The relavant Ethereum address is actually present within the user’s account on the platform, so an even better solution would be for this to be integrated in tera wallet to eliminate keying errors when entering the Ethereun wallet address during a withdrawal request. I envisage that, once a user requests a withdrawal, the withdrawal amount would be pending in the back end, set alongside the relevant Ethereum address for Admin to action, either individually or enmass via a cvs download, which would be uploaded to a mass crypto payment tool like https://multisender.app. The withdrawal would then be marked as paid by admin in the back end, once the crypto payment has been sent.

    Derrick Mkandla
    Participant
    Post count: 5

    Please advise what needs to happen to action the above request.

    Derrick Mkandla
    Participant
    Post count: 5

    Further to my earlier posts, would it be possible to provide a code snippet that I would run in my child theme that would replicate the wallet top-up functionality but instead, the button would be labeled “Withdraw funds” and when the user inputs the amount they would like to withdraw in the next screen, and the click “add’, it would add a cryptocurrency product to the cart, in the same way that the top-up functionality adds an add funds product to the cart? I have created the required crypto product, and when users check out and pay with their tera wallet balance, this would have the effect of withdrawing their tera wallet funds and receiving the cryptocurrency in their internal crypto wallet?

    Subrata Mal
    Keymaster
    Post count: 175

    Hi Derrick,

    Thanks for reaching out. As per your requirement, we can solve this with our wallet withdrawal extension. We understand we don’t have any crypto payment method for the withdrawal but we can write custom code to add a crypto withdrawal method in our plugin. Our withdrawal plugin cost is $49/Year and the customisation cost will be $35 (one time).

    In our custom plugin, we will add a settings field to fill up the crypto address and also will add an export functionality to export withdrawal requests as a CSV file.

    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

    Derrick Mkandla
    Participant
    Post count: 5

    Hi Subrata,

    As there does not appear to be a way to upload attachments on this platform, I tried to add a couple of links to screen shots by way of example, but the system would not accept the links.

    Subrata Mal
    Keymaster
    Post count: 175
    This reply has been marked as private.
Viewing 7 posts - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.