Are we able to create a simple payment processing setup currently? (USD > USD)

patrickbolle

Hi all. Just started looking into Stellar, loving the documentation so far - helping me understand it a lot easier than other blockchain type projects.

Reading about the Distributed Exchange here - https://www.stellar.org/developers/guides/concepts/exchange.html

It sounds super interesting - but I'm confused what the barriers are for implementing a relatively simple payment processing setup into a real world app (and why we aren't using this app yet if it does work).

For example -
I'm a freelancer. I use Paypal to send invoices to my clients, asking them to pay me $500 USD for example. They enter Paypal website, put their credit card info in which then (eventually) transfers to my account in the form of USD as well.

Is this possible with Stellar currently? Could someone give me a pointer into the right direction here.

Would the process be similar to -
1. Account A wants to send $500 USD to Account B.
2. Account A uses credit card / whatever to purchase Stellar asset recognized as USD.
3. That asset is set in transaction, goes through the Distributed Exchange and gets traded for XLM.
4. That XLM then gets sent to Account B.
5. Account B can then keep XLM or once again switch it to USD.
6. Account B sells XLM (or USD) to an exchange/company and receives actual USD in bank account.

No... that doesn't make sense. Any thoughts here? I might be way out of my league here but I'm trying my best to understand it.

Thanks so much.

Edit - This explainer snippet makes a bit more sense - https://www.stellar.org/how-it-works/stellar-basics/explainers/#Multi-currency_transactions

I guess I'm just confused - if this is working right now technically with Stellar, why is it not being used? Why am I not using a Stellar based payment system for my freelance clients day to day? Is there a major obstacle? Bank connections?

EDIT 2 - I guess the issue is rather with the anchors - not with Stellar. We need to put our trust in a third party in this situation which makes it slow, cumbersome and not worth it?

Cheers

DanUyemura

patrickbolle from what I understand you're semi on the right path and semi off.

XLM isn't inherently a currency. So while you could take payment in XLM and then decide to transfer to USD later, you also could just have a payment go thru the network that's USD -> USD if your goal is to get paid in USD.

In this case, the benefit would be saving the 3% Paypal fee in exchange for like 0.00002 XLM to fuel/pay for the transaction.

8181

patrickbolle Hi PB,

Did you ever solve this?

Thx

T@1world.energy

Codpiece

Hi
Thanks for the post. I have no answers for you although as an online retailer I too am looking for a way to accept Lumens as payment on my websites. I use Paypal as well although I am using Paypal Pro which is basically Paypals version of a shopping cart. I pay an awful lot of fees to them.
I like the spirit and ethics of Lumens so I have been purchasing them. Hopefully we get some direction here.

Torkus

Codpiece If you want to accept XLMs in your site and know some basic javascript then PayWithStellar is exactly what you're looking for.

If you need help setting it up just let me know.

Vindustrial

Codpiece why not just use a version of “federation address” or “qsr” image and structure payments around that? Correct me if im wrong but it would transfer xlm from the buyers wallet directly to the merchant wallet right? Eliminating paypal fees. I am working currently on something very similar to this for the creators and makers out there that want to get their products out to the consumer with out the hefty fees of current API and mega corp bs

patrickbolle

DanUyemura Thanks for the reply.

So I guess the issue is rather 'creating' the USD (through a credit card interface) - it sounds like Stellar should not have an issue with the actual transfer.

Is that correct?

Codpiece

patrickbolle t
I'm not even interested in a converting to USD. That can be done elsewhere and many many Devs are working on that. However the "conversion rate" is something that needs to be addressed first.
I believe that this is the way Lumens are going to be spread via smaller Ecommerce sites. I manage several e-commerce sites and I have one right now that I'm waiting for a Woocommerce plug-in in particular to be developed for. Why Woocommerce? The infrastructure is already in place.
Their are already millions of e-commerce sites around the world using Woocommerce. It's the same reason that Coinbase targeted Shopify sites. The infrastucture is there.

I personally will simply hodl all XLM that is generated by the below site. I have thousands of one off items that I would like to put on that site. I see each item needing and identifier such as a memo so I know what was ordered and by whom.
I am patiently waiting for this development so I don't have to go back and add an xml specific identifier to each item. Their are well over 10,000 items waiting to be parsed through this particular site all unique since they are from salvaged yachts and boats of varying makes, models, and ages

I would also offer a 5-20% variable discount for paying with Stellar to entice buyers into using Stellar.

A client side as opposed to a server side set up would be fine with me, as well many others I'm sure.
Again integration with Woocommerce I think would be Stellar ?
https://boatparts.us