icpay

Product Introduction

1. icpay is a cryptocurrency payment processing platform that enables businesses to accept global crypto payments with sub-2 second transaction settlements and a 0.5% fee structure. It operates on the Internet Computer blockchain, offering fully programmable transactions and instant fund availability. The platform positions itself as a faster, cheaper, and borderless alternative to traditional payment processors like Stripe. Developers can integrate it via an SDK for seamless payment processing in web applications.

2. The core value of icpay lies in its ability to eliminate chargebacks, reduce transaction costs by 88% compared to conventional processors, and provide near-instant settlement times. It leverages blockchain technology to enable global payments without geographic restrictions or intermediary delays. The platform is designed for businesses seeking crypto-native payment solutions with enterprise-grade reliability and developer-friendly APIs.

Main Features

1. icpay processes transactions in under 2 seconds using the Internet Computer's chain key cryptography, enabling real-time payment confirmation and immediate merchant fund access. This is achieved through blockchain finality mechanisms rather than traditional banking infrastructure. The system handles 1,069 transactions per second (TPS) at peak capacity.

2. The platform charges a flat 0.5% transaction fee with no additional costs for currency conversion, chargebacks, or monthly subscriptions. This contrasts with industry averages of 2.9% + $0.30 per transaction for fiat processors. Fees are automatically deducted from settled amounts without requiring separate billing arrangements.

3. Developers can integrate icpay using a TypeScript/JavaScript SDK (npm install @ic-pay/icpay-sdk) with prebuilt functions for payment creation, subscription management, and webhook handling. The API supports multi-currency settlements including Bitcoin, Ethereum, and USDC, with atomic swaps handled automatically through smart contracts. Merchant dashboards provide real-time analytics and transaction tracking.

Problems Solved

1. icpay addresses the high processing fees (up to 3.5% per transaction) and multi-day settlement delays inherent in traditional payment systems like credit card processors. It eliminates chargeback fraud through blockchain's immutable transaction records, reducing merchant risk exposure. The platform solves liquidity fragmentation across geographic markets by enabling direct crypto settlements.

2. The target user group includes web3 startups, e-commerce platforms, SaaS companies, and any business requiring global payment infrastructure with crypto compatibility. It particularly serves merchants in high-risk industries or regions underserved by traditional banking systems. Developers building decentralized applications (dApps) on the Internet Computer blockchain are primary adopters.

3. Typical use cases include subscription billing for SaaS platforms using programmable recurring payments, instant checkout flows for NFT marketplaces, and cross-border B2B settlements without currency conversion losses. Non-custodial wallet integrations enable direct merchant payments without third-party escrow services. The system also supports donation platforms requiring transparent, traceable transactions.

Unique Advantages

1. Unlike Stripe and PayPal, icpay settles transactions directly on-chain without relying on banking partners, reducing intermediary dependencies and regulatory friction. The platform offers 400x faster settlement times compared to Ethereum-based payment solutions (2 seconds vs. 15 minutes for 6 confirmations). It supports native crypto payments rather than just fiat-to-crypto conversions.

2. The Internet Computer's reverse gas model allows merchants to cover transaction fees instead of end-users, creating a familiar web2-style payment experience. Smart contracts enable programmable payment conditions like milestone-based releases or refund automation. Chain-key TLS encryption secures payment channels without requiring manual certificate management.

3. Competitive advantages include 24/7 operational uptime through decentralized node distribution, zero chargeback guarantees due to blockchain immutability, and atomic multi-chain settlements via direct integration with Bitcoin and Ethereum networks. The platform's free merchant dashboard includes built-in tax reporting tools and real-time currency conversion rate APIs.

Frequently Asked Questions (FAQ)

1. How does icpay's transaction fee compare to Stripe? icpay charges a flat 0.5% fee per transaction with no additional costs, compared to Stripe's 2.9% + $0.30 fee structure. For a $100 payment, this translates to $0.50 vs $3.20 in processing fees. There are no monthly subscriptions, setup fees, or hidden charges for international payments.

2. What cryptocurrencies does icpay support? The platform natively supports Bitcoin, Ethereum, and USD Coin (USDC), with automatic conversions to ICP (Internet Computer Protocol tokens) for settlements. Support for additional tokens like Solana and Dogecoin is planned for Q4 2024 through cross-chain integration modules.

3. How do developers integrate icpay? Developers install the @ic-pay/icpay-sdk package via npm, initialize the SDK with an API key from the merchant dashboard, and use methods like icpay.payments.create() to process transactions. The SDK handles wallet interactions, transaction signing, and payment status updates through WebSocket connections.

4. How are settlements processed? Payments settle directly to merchant-controlled blockchain addresses within 2 seconds of transaction confirmation. Funds remain in crypto unless converted through integrated exchanges, with optional daily auto-conversion to stablecoins. Settlement reports are generated hourly and accessible via API or dashboard export.

5. What security measures does icpay employ? All transactions use Internet Computer's chain-key TLS encryption for end-to-end security. Private keys are never exposed through the SDK, with cryptographic proofs validating each payment's authenticity. The system undergoes quarterly third-party audits and maintains ISO 27001 certification for payment infrastructure.