What is Bitfinex Pay?
Bitfinex Pay is a crypto payment processor that allows businesses/merchants to receive crypto payments into their Bitfinex account for products sold or services rendered.
Using Bitfinex Pay is a swift process; payments (up to $1,000 equivalent per 24 hours per end customer) will usually be received within minutes, and there are zero processing fees for using the service.
Supported cryptocurrencies include Bitcoin (including over the Lightning Network and the Liquid Network), Ethereum, Tether USDt Token (over Ethereum, Tron and the Liquid Network), with more to come.
- How does Bitfinex Pay work?
- How to set up Bitfinex Pay?
- Can I change the KYC information afterwards?
- What do the different invoice statuses mean?
- What happens if the customer pays the wrong amount?
- What are the invoice limitation amounts?
- Do I have to be a Bitfinex user to use Bitfinex Pay?
- What information is required to make payment?
- Are there any restrictions for using Bitfinex Pay?
- What happens if the amount I paid does not match the amount of my order?
- I didn’t receive the item I purchased, what can I do?
- How to pay with my Bitfinex account?
How does Bitfinex Pay work?
- Your customers click the Bitfinex Pay button on your product page when checking out.
- Upon clicking, they will be directed to the Bitfinex payment gateway page. (This page contains your customers’ order details.)
- The countdown shows the remaining amount of time to complete the payment.
- Your customers will be redirected back to your website upon successful payment.
Note: Customers making payments do not have to be Bitfinex users. If your customer is a Bitfinex user, they can log in via the Pay with Bitfinex button, and it will be considered an internal transfer within Bitfinex; the transaction will not be broadcast on the blockchain and will therefore also be faster than on-chain transactions.
If your customer does not complete the payment before the countdown period, the invoice will be marked as Expired, and the customer will need to create a new payment request. You can also customise the time for the payment countdown when you configure the authenticated API endpoints.
How to set up Bitfinex Pay?
Step 1: Verify and create a sub-account
- Firstly, log in to your Bitfinex account. If you don’t have one yet, don’t worry, creating one takes only a few minutes here.
- Then, go to the verification page and verify your account to the intermediate level of verification.
- Here, apply for the Merchant verification; you will find this option under the verification required fields and will need to fill in information relevant to your product/business.
Note: After your application has been submitted, if you would like to update any Merchant profile details, please contact Bitfinex Customer Support.
- Once the verification has been completed, go to your Sub-Accounts page and set up a new sub-account specifically for Bitfinex Pay purposes.
You will need to do this by checking the Merchant Account box and accepting the Merchant terms.
- Verify your sub-account.
Note: Your sub-account can inherit the verification status of your main account, so this process does not require you to wait too long.
Step 2: Create a deposit address
- Log in to your new Merchant sub-account and navigate to the deposits page.
- Generate the cryptocurrency deposit addresses in the currencies that you will receive payments in.
Note: In order to track your funds, please check the addresses of your Bitfinex Exchange wallet.
Step 3: Configure the API endpoints
- Firstly, you will need to have your API Key. To create your API Key, follow the steps here.
- Next, create an order with the authenticated API endpoints. The API endpoints that you will need to use to configure Bitfinex Pay options can be found in our API documentation. The Merchant specific endpoints can be found here.
With the following options available for customisation:
- Submit Invoice (to submit an invoice for payment):
- Invoice List (to list submitted invoices):
- Key Permissions (to retrieve current API key/token permissions) :
- Submit Invoice (to submit an invoice for payment):
Step 4: Integrate Bitfinex Pay
- Now you are ready to integrate Bitfinex Pay with your product website!
Firstly, go to https://pay.bitfinex.com/merchant/.
- Then, navigate to the How to set up tab and scroll down to point seven, where you will find a button snippet.
- After clicking the button snippet, a pop-up will appear, allowing you to add the order ID into the coding [your_order_id]
- Here, you can choose between a dark or a light theme for the Bitfinex Pay button.
- Select Copy code to get the HTML code that you can embed on your check-out page.
- Now the Bitfinex Pay widget will be integrated, giving your customers the choice to pay using cryptocurrency through Bitfinex!
Note: Additionally, Merchants have the option to download the Bitfinex Pay plugin from Bitfinex's GitHub repository; the plugin requires the WooCommerce framework to be installed first. To view the steps, check out the WordPress plugin section. Furthermore, it can also be accessed from our REST API Node.JS library here or the WordPress Directory.
Step 5: Tracking payments
Congratulations! You have now integrated Bitfinex Pay into your website. Bitfinex will call your API endpoint webhook in order to update the status of each payment. Successful payments will be deposited in your Merchant sub-account Exchange wallet, and each payment will be accompanied by an order number that relates to the product sold or service provided.
Important: To refund your customers, please ensure you do so in the same token as the payment received and to the same wallet address of your buyer.
Can I change the KYC information afterwards?
Yes, but you will need to contact Bitfinex Customer Support in order to update any information on your profile. This includes such information as your social media handle and the addition of more tokens from the available supported tokens.
Note: While you await your new KYC information to be updated, you can continue to receive deposits in the tokens chosen previously during KYC.
What do the different invoice statuses mean?
An invoice will have different statuses, starting from when the invoice is created until the time the funds are received in your account:
- Created: An invoice has been created;
- Pending: A deposit is pending confirmation to your account (for information on cryptocurrency deposit times, please view Where is my cryptocurrency deposit or withdrawal?);
- Completed: A deposit has been completed, and the payment amount and invoice amount was exactly matched;
- Expired: An invoice payment time has expired, meaning that the funds were not deposited in the required countdown period provided.
What happens if a customer pays the wrong amount?
If the payment is marked in your account as a normal deposit and not as a Pay Invoice transaction, this means that the customer paid an amount different from the required amount.
To view the details of your payments, please visit your Reports > Ledgers.
In such cases, it is entirely up to you as to how to arrange refunds to your customer.
- You should only deliver your products if the invoice is marked as Completed.
- If your customers do not agree to the Bitfinex Pay End User Terms of Service, the funds will be deposited to your account as a normal deposit, and the status of the invoice will stay as Created even though the funds have been deposited to you. In this case, you should arrange for a refund.
- According to Bitfinex Terms of Service, we will be unable to offer services if your customer is from a Prohibited Jurisdiction or is a Prohibited Person.
What are the invoice limitation amounts?
The minimum invoice amount is $0.1 equivalent.
If your customer is a Bitfinex user who authenticates their Bitfinex account via the Pay with Bitfinex button, they can pay the minimum invoice amount equivalent, which will be deducted from their Bitfinex wallet balance.
However, if your customer is a Bitfinex user who makes the payment through the transaction address provided in the encrypted QR code or from the address box, they will be subject to the minimum withdrawal amount of $5 USD equivalent. For more information, please see Minimum Withdrawals.
Note: The maximum invoice amount is $ 1,000 (equivalent).
Do I have to be a Bitfinex user to use Bitfinex Pay?
No, customers making payments using Bitfinex Pay do not have to be Bitfinex users.
If you are a Bitfinex user, you will need to authenticate your account via the Pay with Bitfinex button in order to pay invoice amounts smaller than $5 USD equivalent and have the benefits of internal transfers within Bitfinex.
If you do not authenticate your Bitfinex account via the Pay with Bitfinex button, the invoice can still be paid by using the address provided in the encrypted QR code or from the address box. However, the transaction will be subject to the minimum withdrawal amount on Bitfinex which is $5 USD equivalent; for more information, please view Minimum Withdrawals.
What information is required to make payment?
Certain information is taken from a user to correspond with legal and regulatory requirements.
For details, please view the Bitfinex Pay - Privacy Statement.
Are there any restrictions for using Bitfinex Pay?
According to the Bitfinex Terms of Service, we will be unable to offer services if you are from a Prohibited Jurisdiction or are a Prohibited Person.
Note: When using Bitfinex Pay, you will also need to agree to the Bitfinex Pay End User Terms of Service in order for your payment to be processed properly.
What happens if the amount I paid does not match the amount of my order?
If the amount transferred doesn’t exactly match the amount of the invoice, the Merchant will not be able to deliver the goods or services as the invoice associated with your purchase will not be able to be identified as Completed.
Here we advise that you contact the Customer Support of the website/Merchant and inquire relevant information with regards to a refund.
I didn’t receive the item I purchased, what can I do?
Please reach out to the website/Merchant directly regarding any issues with your order or an update on your order status.
How to pay with my Bitfinex account?
If you already have a Bitfinex account, you can pay directly by logging in to your account.
- At the bottom of the payment invoice, find a Pay with Bitfinex button.
- Tap on this option to log in to your Bitfinex account and pay with the funds on your Bitfinex Exchange wallet.
Note: You will be prompted to fill in your Bitfinex account 2FA. You can choose between Google Authenticator or U2F, depending on which Bitfinex account security setting you have enabled.
- When you have confirmed the payment, the funds will be deducted from your Bitfinex account and credited to the Merchant.
Note: As it will be considered an internal transfer within Bitfinex, no fees will incur, and the transaction will not be broadcasted on the blockchain and will therefore also be faster than on-chain transactions. The minimum invoice amount that you will be able to pay is $0.1 equivalent
If you have any questions, please feel free to reach out to us at Bitfinex Support. We are happy to help!