Selecting Web3 Wallet
To access and use Smarty Pay Dashboard, a merchant must have a cryptocurrency wallet. This wallet ensures that only the merchant has custody of the funds received, and Smarty Pay does not have access to these tokens.
However, merchants are advised to carefully select a cryptocurrency wallet to maintain the security of their funds.
Private Key Owner
Only the merchant has access to funds in Smarty Pay. Therefore, the merchant must understand how to securely store their private key. The owner of the private key has complete control over all funds. Safeguarding the private key is paramount for the merchant.
We recommend assessing the number of individuals who could potentially have access to the merchant's private key, and consequently, to all funds in Smarty Pay:
- Small business: Only one person (the owner) has access to the private key. This is typical for small companies or Solo LLC.
- Medium business: Several individuals (small partnerships) may have access to the private key.
- Big company: A large number of people may have access to the private key.
Choosing the Right Crypto Wallet
After assessing your company's size based on the number of individuals with access to the private key, you can select from the following crypto wallet options for use with Smarty Pay:
Small business
We recommend MetaMask, a self-custody wallet.
Your private key will be stored locally on your device.
If necessary, you can export the key as a file and store it offline.
MetaMask is convenient when only one person owns the private key and manages all Smarty Pay funds. The responsibility of safeguarding the private key lies solely with you.
Medium business
Like small businesses, MetaMask can be a good starting point. It stores your private key on your device, giving you full control. But if several people need to access your funds, you might want to look into third-party custody services like Qredo. These services handle your private key for you, making it easier for multiple people to manage.
Our recommendations:
If more than one person needs to access the funds, we suggest using a third-party custody service instead of MetaMask. These services are designed for businesses and offer higher levels of security and insurance.
Big company
For large companies, as with medium-sized companies, the issue of multiple individuals having access to the private key becomes even more pronounced. Therefore, we do not recommend using simple cryptocurrency wallets where the private key is stored locally on the user's device. We recommend considering third-party custody services like Qredo. These services are designed for businesses and offer higher levels of security and insurance.
Our recommendations:
For even greater security in accessing the private key, you may want to explore decentralized custody solutions. This is a special type of custodian, sometimes also referred to as a third-party custodian, where the storage of funds is controlled by a smart contract. Gnosis-Safe is a prominent example of this type of custodian.
Google Auth or email
We know that managing cryptocurrency wallets can be tricky. That's why we offer a simpler way to log in to Smarty Pay: using your Gmail or email account. If you choose this option, you won't have direct access to your private key, but don't worry - Torus will keep it safe for you.
While this is a convenient option, it might not be the best choice if you need complete control over your funds. It's perfect for those who just want to get started without diving deep into cryptocurrency wallets.
While this is an option, it's not the most secure choice.
We encourage you to take control of your private key for enhanced safety.