I am asking this because I am orange pilling a school principal, teaching her how to accept payment from the students in BTC. The fee is paid monthly, and starts from about USD 2,000. It is higher depending on some factors, but that really is the floor. So it is not really a microtransaction.
Further, I also want to make the onboarding as simple as possible, without having to involve a dedicated payment processor. On-chain payments support easy tracking via the transaction id. So if someone claims to have paid, it is easier to ask them for the transaction id and verify it on the blockchain.
Considering these two factors (amount, and ease of tractability), I am more inclined to recommend on-chain transactions. Am I correct here?
Also, related, suppose someone (e.g. a cashier or accountant) has the XPUB of the school's on-chain wallet (not the private key). Is there an easy wallet application or some kind of interface so that I can train him to verify that a payment has indeed been made based on a transaction id from the student? Basically, I need an easy interface where he can
- put the transaction id
- the interface confirms the receive address belongs to the XPUB (i.e. the school) and the amount
I know any wallet application can handle XPUB without the private key, but if many transactions next to each other it can be time consuming to tally them to specific students.
For a sense of scale, the school has about 200 students (and growing fast) who pay each month, and (I know wildly optimistic) I am planning for a scenario where like 20% of them opt to pay by BTC. So is it a scale that can be managed by the school itself or need intervention from a Bitcoin payment processing business? If the later, then they will never agree, as they will see it as another cost without much payoff.
Related, they can hold the BTC they will receive as treasury assets for a year, i.e. do not need immediate off-ramp. But if like 50% of the students pay with BTC, then they will have an operating cash-flow problem.
