This article is for the merchants who are new to Cryptocurrency and want to better understand how Cryptocurrency payments work.
Normally, when you have integrated with us and enabled Cryptocurrency payments on your website, your customers can choose to pay with Cryptocurrency, as simply as they can choose to pay with any other traditional payment method like VISA/Master Card or PayPal. However, there are some specifics related to paying with Cryptocurrency.
1. Your customers need to have their own Cryptocurrency wallet.
2. Locking the exchange rate between Cryptocurrency and a traditional currency means that the payment must be made within 15 minutes from its creation.
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If the customer’s Cryptocurrency wallet is on their mobile phone, they need to scan the QR code shown in the payment window.
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If the customer’s wallet is installed on his computer or tablet, they need to press the button "Pay with Bitcoin Client".
So far, we've explained how paying with Cryptocurrency looks like for your customer. Next, we will cover the processing part of the payment and how Coinify does it:
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It starts with your webshop, where you have placed your products in fiat currency - eg: $/€.
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When your customers want to pay with Cryptocurrency, they choose "Pay with Bitcoin" from the payment methods available on your website and place an order.
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Then, we get a request from your webshop to calculate the price in selected Cryptocurrency.
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After we have calculated it, we send the payment request in Cryptocurrency to the customer.
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The customer then pays using their personal Cryptocurrency wallet.
When the Cryptocurrency payment reaches Coinify, we process it based on your "Payment Settings".
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If you have chosen "Convert to Account Currency", we will convert the BTC to $/€, etc. A payout will be sent to your bank or PayPal account if your balance reaches the minimum payout amount (inclusive of bank fees where applicable) before our scheduled payout day.
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If you have chosen "Keep Bitcoin" we credit your account in Bitcoin. A Bitcoin payout will be sent to your wallet if your balance reaches the minimum payout amount before our scheduled payout day.
If you have more questions or need assistance with anything, please send an email to our Customer Support.