How to use Balancesoft to receive and make crypto payments for Invoicing and E-Commerce (for small-medium businesses)?

What is Balancesoft?

Balancesoft is financial software infrastructure for companies to receive on-chain (crypto) payments and have blockchain transactions automatically reconciled into accounting systems.

Landing Page

Who should use it and how can it benefit you?

Suitable users are small-medium companies issuing payment invoices online, either to customers or to other businesses. Relevant industries are e-commerce platforms, gaming services, web services and fundraising organizations, especially so when the user base is more tech-savvy.

Going forward, more crypto funds will stay on-chain to participate in price appreciation, or to earn yield. Also, bearing in mind that it is still quite cumbersome to go on-off ramp for crypto funds. Balancesoft facilitates on-chain payments, to receive and spend funds.

Versus sending directly to a wallet address, Balancesoft provides a hosted page in which you can add meta-data (details) to the payment link. The user can connect their Solana wallet straight to the page and the payments will be updated into the merchant’s dashboard, with email notifications sent out. This reduces friction and errors (wrong wallet address, wrong amount) in the payment flow.

There are 2 types of payment links available, “one-time” for a single issued payment link and “recurring/multi-pay” for a payment link from which the users can make repeated purchases from (i.e. for different users to make repeated purchases on an e-commerce item page).

Setting up Balancesoft

You need to have a supported wallet with existing coins in it. Currently supported wallets are Sollet, Ledger, Phantom and MathWallet. Sollet and Phantom wallets are recommended to get started on — they work like a chrome extension.

Next, use FTX to on-ramp your fiat to crypto. There are many user guides there depending onwhat country and currency you are funding it from.

Go onto the Balancesoft website, sign up and account and then log in to Balancesoft (the web2 way). Account information is stored in our own database for info like invoice information. Then connect your funded Solana wallet (the web3 way) and you are ready to go.

Account Login and Connect Wallet

Creating “one-time” payment link

A “one-time” payment link expires when the first payment is made. This is usually used for custom invoices.

Some parameters to walk you through:

Payment Type: Either one-time or recurring (will be explained later)
Item Title: Title/name of your invoice
Select: What coins to receive, for new coins, you need to first create the associated token account, before it will be enabled in the UI. Easy way to do this is to send or swap a nominal sum of coin to the same wallet.
No. of Coin: The quantity needed for the invoice.
Alert Email: The email which the notification will be sent out, where you receive a successful payment on your invoice.
Item Picture: Provide a visual representation of the good or service which you are selling.
Merchant Memo: Leave a customized message to your user, to provide more information.
Due: Due date on which you expect the invoice to be paid, a visual reminder to the user.
Required Info: Indicate user data that you need to collect before you can fulfil the order, these will be required fields for the user before one can make the payment.

Create Payment Request

After you create the payment link, it will be reflected in your dashboard and you can retrieve the shareable link. The format will be: getbalancesoft.com/#/pay/{link_id} which you send share via direct message to your user or share it from your own hosted e-commerce page.

Shareable Link

Creating “multi-pay” payment link

From the create invoice page, change the payment type to “recurring”. Recurring means that the invoice remains active even after payment, so you can collect multiple payments from a single payment link. This can be useful for e-commerce with multiple inventories to clear.

Payment Type — Recurring

How the user will pay from the payment link

Users load the link in a browser connected with a Solana wallet. If the merchant requested any additional information from the user, it will be shown. Users will make the a few clicks on the transaction will be done and made transparent to all.

Payment Page

How to check the status of your existing payment links?

Go to your main dashboard. You can expand the row of each table to get more information on the transaction.

Dashboard

Have fun and share your use cases!

Have fun using Balancesoft and show us what you build out of it. Tag us at “getbalancesoft” on Twitter and we could repost your interesting use cases.

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