Products
8 February, 2024

Product Update | February 2024

Product Update | February 2024

✨API Changes

New Webhooks System

Today, if you have subscribed to Banxa webhooks, you are sent webhooks for only a subset of order status transitions (inProgress, completed, expired and waitingPayment). After this change, you will now be sent a webhook for all order statuses. These can be found here. Additionally, the webhook payload only contains the order ID and requires you to make a Get Order call to retrieve the status. After this change, you will be provided with the status of the order as well as the date and time that the status was updated. Our webhooks documentation can be found here

We have made this change to improve visibility of order flows in order to support you build the most optimal user experience within your app. You may wish to leverage these webhooks to send your customers push notifications about the status of their orders. Some good examples include ‘cryptoTransferred’ when an order is submitted to the blockchain, or ‘extraVerification’, for orders that become held for extra KYC verifications by our customer support team and as a result, the customer will be receiving an email from Banxa.

Introduced Request ID parameter in the header of all Banxa API responses

There will be a new header parameter on all Banxa API responses called X-Request-Id. This value can be used for any integrations troubleshooting with us, and will help us identify all Request and Response pairs. Read more in our docs.

Configurable commission rates applied on a per order basis

We are proud to release the beta version of our new promotions capability which can be completely driven by your existing API integration. This will allow you to change your commissions charged on a per quote or per order basis using your existing integration. Please reach out to our Account Manager to find out how to get started.

New Order Status called extraVerification

When retrieving orders using the Get Orders endpoint, you will now start to see a new status called extraVerification. This new status indicates that the order has come under manual handling by our Banxa Customer Support team. This generally occurs when orders require additional KYC verifications from the customer. As part of this process, our team will contact and guide the customer on next steps to resolve their order.

Re-naming of existing order status from coinsTransferred to cryptoTransferred

We have made this change as part of our continual optimisation and improvements to the Banxa APIs. In this way, naming conventions in the API gradually become consistent across endpoints.

Pass SSN using KYC Sharing Customer Registration endpoint

You will now be able to pass a customer’s national ID number using new request parameters taxId and taxState using the KYC Sharing Customer Registration endpoint. For example you can pass the customers SSN and state.

 


🤩User Experience Changes

Optimised Card Conversions

We are excited to announce significant upgrades to Banxa’s card processing system, designed to streamline transactions and enhance user experience.

  1. Payment Validation & Retry: Users now have access to several payment attempts by re-entering their card details without having to place a new order.
  2. Intelligent Routing: Smarter routing based on various criteria, such as card issuer and country, to increase transaction success rates. About 80% of declined payments, often due to issues like 3DS failures or fraud alerts, will now have a higher chance of approval on retry.
  3. Improved User Experience: Payment screens will validate card details in real-time with clearer error messages, reducing input errors.

Abandoned Cart Emails

Order conversions are important to us. Moving forward, customer’s who drop out of the order flow will receive an email prompt to complete their order. The email will include a link to the Banxa order page with all the details of their order pre-populated. What’s more, over the last couple of weeks, we have recovered up to €376,777 in what would have been lost orders!

 

 

KYC data will be pre-filled when documents are shared to Banxa using the KYC Sharing endpoint

When you share with us a customer’s KYC documents as part of the KYC Sharing Customer Registration endpoint, we will use OCR capability to pre-fill the information on any KYC data collection pages on Banxa. This will make it even more frictionless for new customers going through onboarding.