How Can I Accept Blockchain Payments with Coinify?
Website: If you want to add Blockchain payments to your website, you only need to be able to edit and access the HTML code of your website. This integration option can also be used for receiving donations.
Payment Buttons: It simply opens a payment overlay.
iFrame: iFrames embed the payment process directly on your page.
Shopping Cart Plugins: Plugins can be installed into well-known shopping cart services in order to enable Bitcoin payment services. Once you install a plugin, Bitcoin payments will be enabled in your checkout flow.
Email Invoices: By using Email Invoices you can request a payment for a specific amount from your customers.
We do not charge merchants any fees for receiving payments. You can find more detailed information about Coinify fees in the following help article.
Sign up Flow
You have already signed up for a Coinify Merchant account and logged in but you are not sure where to start. Below you can find step by step introduction of how to set up your account:
Step 1. Fill in your Personal Profile. Go to the upper right corner of the screen, click on your name and then on the first option 'Personal Profile'. Complete all the fields with your personal information and click on 'Save Changes'.
Step 2. Fill in your Business Profile. The information we require to enter on your Business Profile helps us to get to know your business better and it is essential for the account verification process. On one hand, we need to have a base to check the legitimacy of the data you have submitted for account verification. On the other hand, by filling in more information, you can significantly speed up the verification process!
Step 3. Verify your Account. To do this, you need to log in to your Coinify Merchant account and go to the 'Verify Account Section'.
There you will find detailed instructions about what documents you need to send us. If you would like to know if account verification is mandatory, please continue reading 'Do I Need to verify my Account'
!Please Note: That you will not be able to receive payments or payouts unless you are successfully verified even if you have completed your integration.
Step 4. Start your integration. You can refer to the table above to find out which type of integration suits you best.
- Online Integration: If you have an online store and you are using one of the popular shopping carts, we recommend that you download and install one of our plugins.
It is quick, easy, and should take you no more than 10 minutes. If you have advanced programmer knowledge or if you have someone in your company who does, you should definitely try using ours. With it, there is no limit to what you can create.
You can add Payment Buttons, iFrames, or send Hosted Invoices by email if, for example, you do not have webshop but you would still like to accept Bitcoin Payments. Of course, here you can also use our API.
- Physical Store Integration: We are not having this product currently. Please bear with us and stay tuned for future updates.
If you have further questions about the topics above or businesses which might specifically benefit, from it please contact Customer Support and a member of our Customer Success team will reach out to you to discuss how our services can be customised for your business needs.
! Please note that after these first steps, you will be all ready able to receive your first Blockchain payments. However, we advise you to get done with the other steps as soon as possible. Without completing them, we will not be able to send you payouts.
Step 5. Set up your Payment Settings. You will find these in your Merchant dashboard.
- Choose Account Currency: You can choose any of our supported currencies as your Account Currency. However, you may want to consider choosing an Account Currency which is the same as your payments currency and your payout currency in order to avoid paying for currency exchange fees*. It is important to keep in mind that once selected, it can be changed only by contacting our support team.
*For example, if you are selling an item in EUR, you can select your Merchant Account Currency to be EUR as well. If you choose to convert all Bitcoin payments to fiat, they will be credited to your balance in EUR. If you choose to receive a fiat payout, we will send it in EUR.
- Account Crediting: Here you have to choose how you want to be credited--in Bitcoin or in fiat currency. If you would like to receive fiat currency, tick the blue box saying 'Convert to fiat'. After choosing this option, you can also choose if you want to convert Partial and Extra/Late Payments to fiat, or if you would rather keep Bitcoin. If you would like to receive payouts to your Bitcoin Wallet, tick the green box 'Keep Bitcoin'.
- Minimum Refund Balance: This is an optional setting which allows you to keep a minimum balance in your account to refund your customers. For information about how to issue a refund read here.
- Conversion Rate: This is used to calculate the Bitcoin amount for payments. If you choose 'Market Rate', the last market price obtainable is used and will result in a lower Bitcoin amount payable by your customers. On the other hand, all applicable currency margins, processing, and risk fees are deducted from the amount settled to your account. If you choose 'Coinify Rate', there are no fees for you as a merchant. Your customers will pay a higher Bitcoin amount to cover currency margins, processing, and risk fees instead.
Step 6. Add Payment Accounts. To be able to receive payouts from us, you need to add a payment account. It is important that when you do this, you add a payment account in accordance with your payment settings, as both are interdependent. For example, if you add Bitcoin wallet as payment account and choose it as default, it would make sense to choose to keep Bitcoin. You can add the following Types of Payments accounts:
Go to the 'Payment Accounts Section' in your Coinify Merchant Account to add a new payment account and please keep in mind that you can add more than one payment account, but you should choose one as default to receive payouts.
! Please Note: At the end, always remember to press 'Save Changes'!
How do your customers pay you? Any customer who wants to pay you in Bitcoin needs to have their own Bitcoin wallet and some Bitcoins in it. Bitcoin wallets are apps that can be installed on any device (smartphone, tablet or personal computer) and is used to store Bitcoins.
If you do not have a Bitcoin Wallet yet, you can create one on Blockchain.
How do you accept payments? Once you have completed your integration, your customers can visit your website and choose to pay with Bitcoin. When they do so, a hosted Coinify payment window will open.
Your customers will have to either scan the QR code ( via smartphone) or press the 'Pay using Bitcoin' client button (via personal computer or tablet). After that, the payment will be processed, confirmed, and completed in just a few minutes. You can always find detailed information about each payment on your dashboard when you log in to your Coinify Merchant account and check the payment ID. We always send IPN callback to a callback Email or callback URL when our merchants receive a payment. You can adjust your IPN settings
Issuing Refunds is also done from your Merchant account.
How are payouts done? Payouts are processed automatically every Wednesday IF you have reached your minimum settlement balance. The funds are sent to the payout account which you have chosen as default. You can choose a default Payment Account from the 'Payment Accounts Section' in your Coinify Merchant account.
We hope that this compact Get Started guide will give you the necessary directions to have a smooth start with us!
Remember if you need a little bit more of assistance, you can always contact our Customer Support and get help from our friendly, knowledgeable Customer Success Team.