When setting your crypto payment gateway using NOWPayments’ tools, it is important to pay attention to every minor detail during the process. This article highlights the need to always check the extra id field when entering your crypto wallet address and explains which coins imply using it.
- Memo, destination tag, and message are used by coins to identify crypto addresses.
- NOWPayments users need to enter these elements in the extra id field in their account settings.
- NOWPayments enables merchants to accept coins with extra ids as payment.
What is Extra ID?
The extra id is one of the fields which merchants may need to fill out when setting up a crypto payment gateway. The extra id must contain a memo, destination tag, or message, identifiers which are used by coins such as EOS, XRP, and NEM.
What is a Memo, Destination Tag, and Message?
The main purpose of the memo, destination tag, and message is to identify a transaction in order to credit a certain account. Basically, each of these elements lets the sender pick the right recipient.
Memo, destination tag, and message are usually used by custodial exchanges and wallets. By utilizing these elements, they can facilitate the management of the wallets of their users. Specifically, the exchange will provide every user with the same public address and a different memo, destination tag, or message (depending on the cryptocurrency).
At the same time, these elements are not required if you have a unique crypto address, which you can get by installing a non-custodial wallet.
When does a merchant need an extra id?
So, when setting up your crypto payment gateway with NOWPayments, you will need to provide an extra id only if you decide to use a public address from an exchange or custodial wallet of your choice.
If you want to utilize your unique crypto wallet address, then you can leave the extra id field empty. Nevertheless, it is important that you know for certain which address you use and whether it has a memo, destination tag, and message.
Crypto coins with extra id
EOS is the native currency of EOSIO, a blockchain designed specifically for decentralized applications. EOSIO is a developer-friendly network since it provides tools for creating dApps using standard languages such as C++, Python, and Java. EOSIO allows exchanges and wallets to utilize memo technology to process EOS transactions more efficiently.
Hedera Hashgraph is a unique network which seeks to improve the existing blockchain capabilities by embracing a different solution for decentralized networks called hashgraph. HBAR is used by Hedera as a utility token for staking and paying for applications. If you store your HBAR in an exchange wallet, it is likely that you will have to provide your memo as an extra id.
XRP has a status as a revolutionary coin in the crypto industry which made crypto transactions cheap and fast overnight. Today, XRP remains one of the leading crypto assets in terms of efficiency, and it is used for interbank settlements and in many other cases. XRP is a cryptocurrency that allows developers to utilize Destination Tag.
Stellar Lumens with ticker symbol XLM is a cryptocurrency belonging to the Stellar blockchain. Stellar is another decentralized network intended for easy payments, which makes it in many ways similar to XRP’s blockchain. XLM uses memo, which merchants may have to enter in the extra id field in their NOWPayments account if their wallet utilizes this feature.
BNB is the token of the Binance Chain. The main role of BNB within the Binance ecosystem is the provision of fee discounts to its owners. At the same time, BNB is a popular payment option offered by many businesses, including Travala. BNB also utilizes memo technology, so if you store your BNB on Binance, then check your memo to ensure that transactions reach you.
Memo, destination tag, and message are elements utilized by certain cryptocurrencies as a means to identify the right recipient. If you want to accept coins such as EOS and XRP using NOWPayments, make sure to find your memo and destination tag and paste it into the extra id field.