How does the customer pay you?
Any customer who wants to pay you in Cryptocurrency needs to have their own wallet with Cryptocurrency stored in it. Cryptocurrency hot wallets are apps that can be installed on any device (smartphone, tablet, or personal computer) and are connected to the internet, while cold wallets are any cryptocurrency wallets that are not connected to the internet. The most popular cold wallet options are hardware wallets.
Important: The customer should ensure their wallet is appropriate for making payments. If the customer is paying directly from a cryptocurrency exchange, it may result in an expired payment, as exchanges may wait and batch many transactions together, meaning it could take longer for their payment to be sent.
How do you accept payments?
Once you have completed your integration, your customers can visit your website and choose to pay with Cryptocurrency. When they do so, a hosted Coinify payment window will open.
Your customers have a few different options to complete the cryptocurrency payment:
Connect Wallet: If the user is paying from their own self-hosted wallet, they can connect their wallet directly with the Coinify's Payment Window and the payment request. All the necessary info is automatically passed to the user's wallet and the correct request for transaction is initiated. See more here.
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Connect to Exchange: If the user wants to pay for a payment with the funds they have on their Centralised exchange account, they can use the Connect to Exchange solution on Coinify's Payment Window which enables the customer to connect to their exchange and initiate a transaction for the payment, without ever leaving the Payment Window. See more here.
Manual transaction: The customer can scan the QR code (via smartphone) or copy & paste the payment details into their wallet and initiate the transaction for the payment.
You can always find detailed information about each payment on your Coinify dashboard. Additionally, we always send callbacks to the Webhook URL you can set up on your Coinify 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.
More details on when payouts are processed, can be found here: "When do I receive payouts?"