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 to 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 Bitcoin 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:
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 webshop that accepts Cryptocurrency payments, select a product you would like to buy, and choose "Pay with Bitcoin" when checking out.
You will be provided with information about your order, the equivalent price in Cryptocurrency, and two payment options: a QR code and a button.
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, click on the button "Pay using Bitcoin Client". This will open your wallet and create a payment. Check the payment details and confirm it.
If your computer wallet does not respond to the "Pay with Bitcoin Client" button, OR if you wish to use a web wallet to pay with, you can initiate a Manual Payment:
Copy the Cryptocurrencies address shown in the payment window
Paste this address in the "send to" field in your wallet
Copy the Cryptocurrencies 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 Cryptocurrencies network, the payment window will update to "Paid" and you will be redirected to the webshop.
What to do: Always send the exact Bitcoin 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 may result in the payment expiring.
- The Cryptocurrencies payment is valid for only 15 minutes. This is due to the exchange rate between Bitcoin and whichever fiat currency the product is valued in. If the Bitcoin transaction is not confirmed within this time frame, the payment will still go through but will appear on the merchant's dashboard as expired. 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.