WORDPRESS INTERAC E-TRANSFER & OXAPAY INTEGRATION

TO SIMPLIFY.
Find an Interac Etransfer plugin or APi and ensure its adjusted to accept payments automatically and is able to send real time notifications to customer.
COMBINE Interac etransfer (plugin or api) with Oxapay Plugin [login to view URL] [login to view URL] Simplified Software Requirements Specification (SRS) for Automated Interac e-Transfer Payment Onramp Plugin/API.
1.
Introduction 1.
Purpose This document outlines the requirements for an automated Interac e-Transfer payment onramp plugin or API.
It allows merchants to accept Canadian fiat payments via Interac e-Transfer, automatically converting them to a stablecoin (USDC or RLUSD) and sending it directly into a merchant's HD wallet.
The solution eliminates intermediaries and reduces chargebacks and payment holds by banks, offering a streamlined process for online merchants.
1.
Scope The solution will be offered as a Software-as-a-Service (SaaS) to e-commerce merchants, enabling them to integrate the payment onramp into their online stores.
It will handle.
Fiat-to-stablecoin conversion.
Canadian fiat currency converted into USDC or RLUSD.
Direct wallet transfer.
Stablecoins sent directly to a merchant's HD wallet.
Chargeback minimization.
Reduce risks associated with chargebacks and holds from traditional payment providers.
1.
Definitions and Acronyms Interac e-Transfer.
A service that allows Canadians to send and receive funds via email or mobile phone.
Stablecoin.
A cryptocurrency designed to maintain a stable value, such as USDC or RLUSD.
HD Wallet.
A hierarchical deterministic wallet, a type of cryptocurrency wallet that generates a new address for each transaction.
SaaS.
Software-as-a-Service, a cloud-based software delivery model.
2.
Overall Description 2.
Product Perspective This product will integrate seamlessly with existing e-commerce platforms (e.
., Shopify, WooCommerce) as a plugin or API, enabling merchants to accept payments in Canadian dollars that are automatically converted into stable-coins.
The merchant will not need to manually handle the cryptocurrency transactions, ensuring ease of use and secure payments.
2.
Product Features Automatic Payment Conversion.
Converts Canadian dollars received via Interac e-Transfer into USDC or RLUSD.
Direct Stablecoin Transfer.
Sends the stablecoin directly into a merchant’s HD wallet.
Chargeback Protection.
Mitigates the risk of chargebacks typically associated with credit card payments.
Seamless Merchant Integration.
Simple API/plugin for easy integration into e-commerce platforms.
Real-time Payment Confirmation.
Provides instant confirmation of payment and transaction status.
2.
User Classes and Characteristics Merchants.
E-commerce businesses that want to accept payments via Interac e-Transfer and receive stablecoin payments.
End Customers.
Online buyers who use Interac e-Transfer to make payments to merchants.
System Administrators.
Responsible for managing and monitoring the system.
2.
Operating Environment Platforms.
The plugin/API will be compatible with (Shopify, WooCommerce) API/Plugin.
Designed to work with RESTful APIs or as a downloadable plugin for easy integration.
Currency Conversion & Blockchain.
Canadian fiat will be converted to stablecoins USDC or RLUSD using blockchain-based protocols.
3.
Functional Requirements 3.
Payment Processing Interac e-Transfer Integration.
Merchants will receive payments via Interac e-Transfer from customers.
Automatic Fiat-to-Stablecoin Conversion.
Once a payment is received in Canadian dollars, it is automatically converted to USDC or RLUSD through the integrated service.
Direct Transfer to HD Wallet.
The stablecoins are sent directly to the merchant's HD wallet with no intermediary involvement.
3.
Merchant Account Setup API Integration.
Merchants will integrate the plugin or API into their e-commerce websites.
Wallet Setup.
Merchants will link their HD wallet address for receiving stablecoins.
Payment Confirmation.
Upon payment receipt, merchants will get real-time payment confirmation via the plugin/API.
3.
Chargeback Mitigation No Bank Involvement.
Since payments are made via cryptocurrency (stablecoins), chargebacks and holds imposed by banks on traditional payment gateways are avoided.
Instant Settlement.
Payments are settled instantly into the merchant’s HD wallet, reducing the risk of fraudulent claims.
3.
Currency Conversion Exchange Rate API.
Use reliable APIs (e.
., CoinGecko, CoinMarketCap) to get the real-time conversion rate for Canadian dollars to USDC or RLUSD.
Transparent Conversion Process.
Before finalizing the transaction, both the merchant and customer will be notified of the exchange rate, conversion fees, and expected stablecoin amount.
3.
Customer Support Automated Transaction Monitoring.
Provide support for merchants with transaction logs, error resolution, and troubleshooting.
In-App Help Center.
A knowledge base with setup guides, FAQ, and troubleshooting tips.
4.
Non-Functional Requirements 4.
Performance Requirements Scalability.
The system must be able to handle thousands of transactions concurrently, ensuring no delays during peak usage.
Transaction Latency.
Transactions should be confirmed within seconds after the e-transfer is completed.
4.
Security Requirements Encryption.
Use AES-256 encryption for storing sensitive data (e.
., wallet addresses, transaction details).
Two-Factor Authentication (2FA).
For user login and merchant account management.
API Key Management.
Ensure secure API access using encrypted keys.
4.
Usability Requirements Intuitive Setup.
The plugin/API should offer easy-to-follow integration documentation for merchants, with minimal setup required.
User-friendly Dashboard.
Merchants can view transaction history, payment status, and wallet balance via an easy-to-navigate interface.
5.
External Interface Requirements 5.
User Interfaces Merchant Dashboard.
A simple web dashboard for merchants to track payments, view transaction history, and configure wallet addresses.
Payment Confirmation Page.
After a successful Interac e-Transfer, a page showing transaction details and stablecoin conversion.
5.
Software Interfaces Interac e-Transfer Integration.
The plugin/API will interact with Interac’s payment system to receive funds.
Stablecoin Conversion API.
The system will integrate with cryptocurrency exchanges or APIs that support fiat-to-stablecoin conversion.
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