Terms and definitions

Get familiar with key terms in crypto payments to ensure a smooth integration and streamlined transaction experience using our crypto payment solution.

Merchant – A business or service provider that connects to our system to accept cryptocurrency payments for their products or services.

Client – The end user or customer who completes a payment in cryptocurrency to the Merchant via our payment system.

KYC/KYB (Know Your Customer / Know Your Business) – A verification process for identifying and validating the identities of merchants required for regulatory compliance and secure transactions.

Native Currency Network – The primary token used on a blockchain to pay for network fees, such as ETH on Ethereum or BNB on BNB Chain.

Token – A type of digital asset created via a smart contract on a specific blockchain. Each token follows a particular protocol standard (e.g., ERC-20, BEP-20) defined by the network it is built on.

Fiat Asset – Government-issued currency such as USD, EUR, CNY, or JPY, recognized as legal tender in its respective country.

Transaction Fee – A service commission charged by Crypto Gator on each deposit made to the Merchant’s balance and Settlement Withdrawals of Merchant's asset . The final fee rate is based on the Merchant’s contract.

Network Fee – A fee paid by the sender to blockchain validators (or miners), required to process and confirm a cryptocurrency transaction successfully. Applied to Deposits and Withdrawals.

In Crypto Gator Network fee can is paid by Client. Here is example of network fee calculation: If a Client wants to make a payment of 100 USDT via the Tron network (TRC20), the total sent amount should be 100.90 USDT, as the network fee is approximately 10 TRX (~$0.90), regardless of the transaction size.

Webhook (Callback) – A real-time JSON notification sent to the Merchant’s configured webhook URL whenever a specific payment event occurs. This enables the Merchant to automatically track updates on Client payment statuses.

Transaction Hash – A unique string of letters and numbers that identifies a specific transaction on the blockchain. It allows users to verify the transaction’s status.

Wallet Address – A unique string of 26–35 alphanumeric characters that represents a blockchain wallet, similar to a bank account number, used for sending and receiving digital assets.

Deposit Wallet – A temporary wallet address generated for receiving each individual deposit from a Merchant’s client. A new address is issued for every deposit to improve traceability and security.