Recently in my journey into cryptocurrencies I discovered Magnet and I found several things which distinguish it from many other cryptocurrencies. Green energy attitude, nice team, good masternode investment opportunity, good staking percentage of 14%
All these aspects can be topics of separate articles, here I will focus on merchant payment solution which Magnet provides. As for me such solutions are necessary for the adoption of cryptocurrencies by more people, especially those who are new to the blockchain world and not necessarily have strong technical skills.
Magnet merchant solution provides possibility of direct wallet to wallet payments, without middlemen and without fees . No third party holds the coins, the merchant receives them directly and the customer receives direct link to download purchased product.
So let's start with example. You need to sign up at https://merchant.magnetwork.io/
Then it's very easy to setup payment button and the link to your digital product (book, music track, photo, video, etc.) You can also set up the price to be converted using current MAG/USD or MAG/BTC exchange rate. That's good that BTC rate is also available as I know some people who prefer to live into cryptoeconomy and avoid counting everything in dollars.
Here is how the button looks on my site where I set up it for test reasons
Then I asked one of my friends who uses Magnet to purchase it and got payment very soon
Here is the payment in Magnet wallet
And here you can see it in the Merchant dashboard:
So everything is very easy.
And those people who don't have Magnet can easily get it on Cryptopia
Here are some Updates from Magnet Blog
Automatic Price Conversion
This feature allows merchants to specify their price in USD or BTC. The invoice system will automatically convert these prices to MAG on the invoice presented to the user.
The payment buttons can also show up-to-date prices by simply adding a script which we provide (Click the Payment Buttons tab from your merchant account).
This feature allows you to hedge against market volatility as you will always get the amount of MAG at current BTC/USD rate (e.g. selling a product for $10 will always give you that amount).
Checksum
We have also added a checksum to protect the data integrity ensuring the buttons were created from your merchant account.
For example, this prevents users from editing the price field of your buttons as our invoice system will automatically reject invalid checksums.
Download Product Feature
With this option you can now provide a download link to a product (music, ebook, app…) that your users will be able to download immediately after invoice payment is confirmed.
We also take care of delivering the content to the user without revealing your initial link. The user is provided with a temporary link that will automatically expire after 24h.
To benefit from these updates simply log in to your merchant account. Note also that existing merchant buttons and invoices are backward compatible.
