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.
Alternatively, you can download a PDF version of our step by step merchant sign up flow here.
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".
Important: 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.
Step 5
Set up your Payment Settings.
- Choose account currency: You can choose any of our supported currencies. 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. In order to receive the settlements 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:
-
Bank account
-
Bitcoin wallet
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.
Important: Always remember to press "Save Changes".