Getting Started
To set up payment processing get started here: https://www.paydefy.com/bitcoin-payment-processing/
For taking payments through your Paydefy profile:
Once you have signed up you’ll need to complete your profile basics. This includes a store name, site URL, currency your store receives payments in and country (for timezone calculations), after which your processing account will be created and you will receive your connection details which compromise a Store ID and a Private connection API key.
Advanced Settings:
A webhook secret will be automatically generated for you and you will not need to use or edit this unless you plan to develop integrated solutions without the plugin.
You can also activate Lightning Payments, but familiarize yourself with how these payments work before you do. You can find out more HERE.
Do not share these details with anyone else as they can be used to directly integrate with your Bitcoin processing for your store.
Connecting to a Wallet:
If you want to take direct On-chain payment which will go into your own personal wallet, you’ll need to get the XPUB for your wallet and connect it with the Connect/Update Wallet option.
You can take direct On-chain payments, Off-chain payments (Lightning Network) or both. On-chain payments go directly to your own wallet whereas Off-chain payments will go to your Paydefy account which you can then withdraw.
Off-chain (Lightning Network) payments are cheaper, almost instant and easier to make for buyers, whereas On-chain payments can take up to an hour (sometimes longer) and cost more due to blockchain network fees and congestion.
You can also start taking Off-chain payments immediately once you’ve set up your account, whereas with On-chain payments you’ll need to connect your own wallet to your processing account. Connecting your wallet with an XPUB poses no risk to the security of your wallet and funds.
Pay/Update:
Once you start taking payments, you’ll be charged at 1% processing fee of the processed amount. For On-chain payments you will be billed for the amount at the end of the month which must be paid within 7 days. For Off-chain amounts the 1% processing fee is deducted at the time of the transaction and the balance paid into your Paydefy account which you can then withdraw.
Payments and Withdrawals
The blockchain network transfer fee will be deducted from your withdrawal amount to transfer your withdrawal Bitcoin amount to a crypto wallet of your choosing. Withdrawals are usually processed within 24 to 48 hours on weekdays, but may take longer due to network congestion or other factors beyond Paydefy’s control. A Fastrack option is available for a fee. There may be additional fees levied by your wallet provider or the crypto currency transactions exchange itself.
We impose a minimum withdrawal, after fees, of the equivalent of US$50.
Disputes:
The Blockchain is a public ledger and therefore all transactions are openly visible to the public. For any disputes to be looked into, Paydefy will investigate the transactions that have taken place on the receiving address. Should buyers dispute a payment, the transaction ID (Available from the sending wallet) will be required for an investigation.
Paydefy will not be responsible for incorrect wallet addresses supplied by sellers.
Transactions
This section gives you ‘balance’ and ‘transaction’ tabs.
Balances Tab:
Available Credit is the total credit you have minus pending withdrawals.
Working Requests this is any escrow amounts that are still waiting to be completed.
Pending withdrawal is any amount you have requested to be paid out to you.
Total Credit is the total credit you have, including amounts that are currently pending payout.
Credit Withdrawal
Request a withdrawal of available funds.
Transactions Tab:
Gives you a searchable breakdown of all previous transactions.