— What are Payment Methods?
When entering into an order to trade tokens for fiat currency, the fiat interchange happens between both parties to the order, externally to Bitfinex.
To ensure this interchange takes the least possible time, it’s important that both users can clearly understand what payment information they should use. Also, when creating an Ad related to fiat currencies, the Maker must clearly state which Payment Methods it is willing to support for the fiat transaction.
To ensure the required exchange of private information is as transparent and stable as possible, users must first create Payment Methods (see “How to create a Payment Method” below for more information on how to create a Payment Method) These can then be reused across all Ads.
— Can I handle multiple accounts for the same Payment Method?
Yes! In Bitfinex P2P you can have multiple accounts for the same Payment Method, each with different details. For example, you can have two different PayPal accounts. This is done by choosing the same Payment Method type, but naming it differently - this is called an alias.
Payment Method aliases can also be used for the same account and Payment Method but to set different configurations such as payment times, conditions and auto-reply.
— How to create a Payment Method?
1. To add a new Payment Method, click on the tab Payment Methods.
2. Then click on Add Method.
3. Set an alias for that Payment Method in the input Payment Method Title.
4. Select a Payment Provider from the shown list. See the following section Available
Payment Methods for an up to date list of our supported options.
Note: Instead of searching through the long list, you can start typing and we will search all available entries matching the text.
5. When you select a Payment Provider, you’ll see that some fields are added which were not there before. These are standardized information fields that are common to all Users, allowing for a uniform experience across the P2P Market Place.
6. Set the Pay within timeout value. This is the time you give your counterparty to make the payment using the selected option and according to your conditions. Even though you expect a payment should and can be done in a certain timeframe, adding some margin of time (for example 5 additional minutes) to the timeout may help take into account unforeseen circumstances and reduce the possibilities of disputes and misunderstandings.
7. Fill in the new fields which present themselves based on the selected Payment Method.
8. Confirm the information and, if all is correct, click Continue on the footer.
9. Set your conditions to trade using this Payment Method.
10. Set an auto-reply message. This will be the first message that is automatically added to the instant messaging chat once you accept an Offer see our article How to use the P2P Market Place.
11. Click ‘Save Method’ and you’re all set. You just created your first Payment Method.
— Can I add multiple similar Payment Methods to one Ad?
Although you are free to create as many aliases for a single Payment Method as you want and even reuse the same alias across multiple Ads, when selecting Payment Methods for an Ad you can only add a single Payment Method of each type. For more information, see our guideline How to create an Advertisement (Ad).
For example: You have two aliases for bank transfer (bank1 and bank2), you can use these aliases in as many Ads as you want, however, on any given Ad you’ll have to choose between one of two, since an Ad cannot support two different aliases for the same Payment Method.
— Can I update a Payment Method?
Yes, you can update a Payment Method as well as create an exact copy of it or delete it.
1. Navigate to the Payment Method management page, by clicking on the Payment Methods tab.
2. Locate the Payment Method you want to edit and click on the menu to find more options.
3. Select the option you prefer: edit, duplicate or delete. Duplicating a Payment Method will create an exact copy of the selected one and name it “Copy of <current name>”.
- To ensure the quality of the overall experience, the action to edit a Payment Method is not allowed if the user has pending live Orders using that Payment Method. In order to edit the Payment Method, you must first close all pending transactions related to that method.
- To ensure the quality of the overall experience, the action to delete a Payment Method is not allowed if (a) the user has pending live Orders using that Payment Method or (b) if there’s a Live Ad using this Payment Method. In order to delete the Payment Method, you must first close all pending transactions related to that method and either (a) remove the desired Payment Method from current Live Ads or (b) close all Ads which currently use this Payment Method.
— What are the available Payment Methods?
The following Payment Method types are available for use currently:
Please reach out to Bitfinex Customer Support to request a new Payment Method.
IMPORTANT NOTICE: All payment providers are Third-Party Services as described in the Terms of Service. The availability of a particular payment provider as a Payment Method does not change this or imply any relationship between Bitfinex and the applicable payment provider, whatsoever. Bitfinex makes no representations or warranties of any type regarding the suitability of acceptability of using any payment provider to complete a transaction in the P2P Market Place.
Any transactions completed with a payment provider are entirely separate from Bitfinex and will occur pursuant to that payment provider’s terms. It is your responsibility to know and comply with the terms and conditions set by any payment provider you choose to use, including with respect to the completion of transactions in Digital Tokens.
LIMITATION: For the time being, the feature of Payment Methods is only relevant for Ads of type Buy, that is, Ads where the Maker is selling the tokens. In the case of Sell Ads, where the Taker is the one selling the tokens, the Taker must inform the Maker of the required Payment Method information via the Instant Messaging chat.