What is Polygon (POL) payment?

POL (formerly MATIC) is the native token of the Polygon network, a popular Ethereum Layer 2 scaling solution. Here's an overview of what POL represents and its features:

Polygon is a blockchain platform that addresses Ethereum's scalability challenges by providing faster and cheaper transactions using Layer 2 solutions. Initially launched as the Matic Network, it rebranded to Polygon in 2021 while keeping its token name as MATIC until its eventual evolution into POL.

POL is the upgraded token from MATIC, introduced as part of Polygon 2.0, a multi-chain upgrade aimed at transforming Polygon into a network of interconnected Layer 2 chains. The transition aligns with Polygon's broader goal to expand beyond Ethereum's constraints. The name POL reflects its "proof of liquidity" model and the evolution toward a more decentralized and modular network.

How does Polygon payment gateway work?

1

Set Up POL Payments for Your Business

‍Calypso Pay provides a comprehensive payment gateway API, allowing you to easily add POL and Polygon based tokens and other crypto payment options to your website or platform.

2

Customer Selects to Pay with POL

Your customers can choose to pay with POL or other supported cryptocurrencies. They can also pay in fiat, which Calypso Pay will convert into crypto for your account.

3

We Generate a Payment Widget

Calypso Pay instantly creates a payment widget that calculates the amount in POL and provides the payment details to your customer. You can also enable auto-conversion to minimize the impact of price volatility.

4

You Receive Payments Directly

Once the payment is processed, funds are sent directly to your business wallet. You have the option to transfer internally between accounts with zero fees.

Why use POL for business?

  • Polygon fees: Transaction fees on the Polygon network typically range from $0.0005 to $0.002 per transaction. Comparison to Ethereum: On Ethereum, average gas fees can range from $5 to $50+ during periods of network congestion.
  • Transactions per second (TPS): Polygon can handle 65,000 transactions per second (TPS) at peak performance.
  • Energy consumption: Polygon operates on a proof-of-stake (PoS) model, consuming significantly less energy compared to proof-of-work systems like Bitcoin and Ethereum pre-Merge. Real number: A Polygon transaction consumes 0.00079 kWh, compared to 707 kWh per transaction on Bitcoin.
  • Robust Ecosystem Integration: Polygon is supported by over 19,000 decentralized applications (dApps), including major payment gateways, wallets, and e-commerce platforms.

How to accept POL payments for business?

1. Sign Up for a Calypso Pay Account. Register with Calypso Pay in under a minute. Our support team is available to assist with onboarding and integration.

2. Create an API Key. Generate an API key to set up Calypso Pay payment gateway. This will allow you to accept POL and Polygon based tokens payments and make payouts seamlessly.

3. Set Up a Payment Widget. Create a cryptocurrency Payment Widget, add POL as a payment option, and embed it on your website. Customize the payment flow to match your business needs and branding.

With these steps, you're ready to start accepting Polygon payments through Calypso Pay.

POL payment methods

Invoices: limited and unlimited crypto invoices, fiat invoices.

Payouts: single and mass payouts.

Specific cases: recurring payments, payroll.

Payment flow: Payment Widget, Payment Link or Embedded Link.

‍Polygon payment gateway API: is supported.

FAQ

How do I accept POL (ex-MATIC) payments?

  • Sign up for a Calypso Pay business account.  
  • Complete the onboarding process with our account manager.  
  • Generate your first API key.  
  • Use our API documentation or get help from our support team to integrate.  
  • Add POL as a payment option in your checkout.

What is a Polygon payment gateway?

Polygon payment gateway is a suite of tools that allows merchants to accept POL (ex-MATIC) and Polygon supported stable coins as a payment. It provides a seamless way for businesses to accept cryptocurrency for goods and services.  

What is the Polygon payment method?  

The Polygon payment method refers to using the Polygon blockchain for transactions, such as paying for goods and services, settling fees, or enabling crypto-based payments. Polygon's ecosystem supports seamless, low-cost, and fast transactions, making it ideal for businesses and users looking for scalable cryptocurrency payment solutions.

How is POL Different from MATIC?

  • Enhanced Staking Utility: POL offers multi-chain staking capabilities, unlike MATIC, which was limited to a single chain.
  • Broader Ecosystem Role: POL plays a more significant role in the governance and liquidity functions of Polygon's ecosystem.
  • Scalability Vision: POL supports the vision of Polygon 2.0 as a multi-chain ecosystem.

How fast are transactions on Polygon?

Polygon can process up to 65,000 transactions per second (TPS). For a typical transaction, the time to finality is 1–2 seconds, making it much faster than Ethereum (which has a 13–15 second block time).

What are the transaction fees on Polygon?

The transaction fees on Polygon are extremely low, typically between $0.0005 and $0.002 per transaction. This makes it suitable for both microtransactions and high-volume payments.

How does Polygon compare to Ethereum for payments?

Feature Polygon Ethereum
Transaction Fees $0.0005–$0.002 $5–$50+
Transaction Speed 1–2 seconds 13–15 seconds
Energy Efficiency 0.00079 kWh ~55 kWh (pre-Merge)
Transactions Per Second 65,000 TPS ~15–30 TPS

What stablecoins are supported on Polygon?

Polygon supports several popular stable coins, including:

  • USDC
  • USDT
  • DAI
  • TUSD
  • FRAX

Is Polygon secure for payments?

Yes. Polygon inherits Ethereum's security through its Layer 2 design while using its own validators for transaction verification. The network has a strong track record of minimal downtime and high transaction success rates (>99.9%).

Are there any challenges with using Polygon for payments?

  • Bridging Complexity: Moving assets from Ethereum to Polygon requires knowledge of bridging tools like the Polygon Bridge.
  • Crypto Knowledge Needed: Users must understand wallets, network fees, and blockchain basics.
  • Network Congestion (Rare): During extreme demand, fees might temporarily increase but remain far lower than Ethereum.

How eco-friendly is Polygon compared to Bitcoin?

Polygon consumes 0.00079 kWh per transaction, while Bitcoin uses 707 kWh per transaction. This makes Polygon 99.99% more energy-efficient and a sustainable option for blockchain payments.

Is it legal to accept Polygon payments for business?

It depends on your location. Calypso Pay works in all countries except the following ones:

  • Belarus
  • the Central African Republic
  • the Democratic Republic of the Congo
  • Iran
  • Iraq
  • Lebanon
  • Libya
  • Mali
  • Myanmar
  • Nicaragua
  • North Korea
  • the People’s Republic of China
  • Russia
  • Somalia
  • South Sudan
  • Sudan
  • Syria
  • Ukraine
  • Venezuela
  • Yemen
  • Zimbabwe