The purpose of this article is to guide Merchants customers, who have chosen Coinify as their Cryptocurrency payment processor, on how to make a Cryptocurrency payment. Equally important for you, if you are a merchant, to use the information in this guide to assist your customers who are new to Cryptocurrency payments.
Open a Crypto Wallet. In order to start using Cryptocurrency as a payment method, you will first need to have a Cryptocurrency wallet. You can consider a Crypto wallet as the Crypto equivalent of a bank account. With a Crypto wallet, you can receive Cryptocurrencies, store Cryptocurrencies, pay for an invoice with Cryptocurrencies, and send Cryptocurrencies to others.
When creating your wallet, you can choose from a few different wallet types, Mobile wallets, Desktop wallets, Hardware wallets etc. Just make sure your chosen wallet is appropriate for making payments.
Get Some Cryptocurrencies. Once you have your wallet all set up, you will need to have some Cryptocurrency in it. Coins can be bought from exchanges or services like ours. We offer the option to buy Cryptocurrency via credit card or bank transfer through our "Trade Platform". When purchasing from our Trade Platform, you simply need to provide us with the Cryptocurrency address generated by your wallet and the coins will be delivered to you.
Pay With Cryptocurrency. Now, that you have some coins in your wallet, you are ready to spend them! Go to a website that accepts Cryptocurrency payments, select a product you would like to buy, and choose "Pay with cryptocurrency" when checking out.
You will be provided with information about your order, the equivalent price in Cryptocurrency, and two payment options: Simply scan a QR code or copy & paste the payment details into your wallet.
If you have a wallet installed on your phone, you can simply use it to scan the QR code and send the Cryptocurrencies.
If you are using a desktop wallet, copy the payment details and paste it into your wallet. The payment details refer to the recipient wallet address and crypto amount requested.
Copy the Cryptocurrency wallet address shown in the payment window
Paste this address in the "send to" field in your wallet
Copy the Cryptocurrency amount from the payment window
Paste into the amount field in your wallet.
Send the payment
What to expect: once your payment has been transmitted to the Cryptocurrency network, the payment window will update to "Paid" and you will be redirected to the merchants website.
What to do: Always send the exact crypto amount as shown on the payment window - your wallet may use different exchange rates than Coinify and can translate into a different fiat currency amount.
What not to do: Never make a payment from an exchange/trading account processed as a withdrawal—doing this will most likely result in the payment expiring.
- The Cryptocurrency payment is valid for only 15 minutes. This is due to the exchange rate between Crypto and whichever fiat currency the product is valued in. If the Crypto transaction is not confirmed within this time frame, the payment will still go through but will appear on the merchant's dashboard as a late payment. It is up to the merchant to accept such a payment or—if not—to issue a refund for the order.
- As a customer, you will always be able to see the payment status and whether it has been successfully processed or not.
It is also very important to note that once you make a payment, Coinify credits the Merchant/Store instantly and they are the only one who can issue a refund. If you happen to have any questions related to the product, delivery, etc. after making a payment, you should contact the Merchant/Store you are buying from.
Coinify Support can assist you only if there is an issue with the processing of the transaction. For instance, if the payment has not been processed after you have sent the Cryptocurrency or if it is stuck in the processing state.