📄Glossary

Recurring

Recurring refers to something that occurs repeatedly at regular intervals or on-demand. In the context of payments, it describes transactions that are scheduled to happen automatically according to a predefined schedule (such as weekly, monthly, or annually) or triggered by specific events or usage (on-demand).

Web3 Wallet

Web3 Wallet is a digital wallet that enables users to interact with decentralized applications (dApps) and manage their cryptocurrency assets on the blockchain. Unlike traditional digital wallets, Web3 wallets are designed to support decentralized finance (DeFi) activities, smart contracts, and other blockchain-based functionalities.

Approve

Approve refers to the process where a user grants permission for a specific action or transaction within a blockchain environment. In the context of recurring payments, approval involves authorizing a smart contract to spend a certain amount of tokens from the user's wallet automatically. This is a necessary step to ensure that recurring transactions can be executed without manual intervention each time.

Merchant

An individual or organization with access to Inqud's API and authorized to use the Crypto Acquiring API.

User

Or end user (interchangeably), a customer of a merchant who will pay in cryptocurrency for the merchant's services or goods.

Project

A core entity of crypto recurring, linking all operations within its scope. Merchants can select cryptocurrencies available for payment and configure auto exchange settings for each project.

Plan

Plan refers to a structured arrangement for payments and services, detailing the specific terms and conditions under which payments will be made. In the context of recurring payments, a plan defines the frequency, amount, and type of payments. There are generally two types of plans:

• Subscription Plan: A fixed amount charged at regular intervals, such as weekly, monthly, or annually, suitable for services requiring consistent, predictable payments.

• On-Demand Plan: Payments based on actual usage, with varying amounts and billing periods, suitable for services where payment amounts fluctuate based on customer activity.

Authorization

Authorization in the Inqud system is an object that represents the end-user's approval for automated recurring transactions. This object encapsulates the user's permission for a smart contract to access and spend tokens from their wallet, directed to an Inqud-managed address. Once established, this authorization enables the system to process recurring payments automatically, ensuring secure and efficient transaction execution without requiring further manual approval from the user.

Subscription

Subscription is an entity that represents the user's authorization and a specific subscription plan. This managed entity encapsulates the details of the user's approval for recurring transactions, as well as the terms of the subscription plan, such as the billing amount and interval. The subscription entity ensures that payments are processed automatically according to the agreed-upon schedule, leveraging the initial authorization granted by the user to facilitate seamless and secure recurring transactions.

Invoice

Invoice is a request to transfer funds from a user's Web3 wallet according to the terms of a plan. This request initiates the transfer of the specified amount, based on the user's authorization and the predefined conditions of the subscription or on-demand payment plan.

Payment Intent

Payment Intent is an actual attempt to charge a user. Multiple payment intents can be associated with a single invoice, each representing an effort to collect the required funds from the user's Web3 wallet according to the terms of the plan. Payment intents track the success or failure of each charge attempt, ensuring that the system can manage retries and provide accurate transaction records.

Payment

Payment is an actual blockchain transaction representing a charge from the user. This transaction records the transfer of funds from the user's Web3 wallet to the specified recipient, completing the payment process as defined by the user's authorization and the terms of the associated plan. Payments are the final step in the transaction flow, ensuring that the funds are securely and accurately transferred on the blockchain.

Auto-Convert

For all recurring payments, Inqud automatically charges the user's cryptocurrency account according to the predefined schedule. Once the payment is processed, Inqud creates an exchange order based on the configured auto-conversion rules.