What is Bitfinex Pay?
Bitfinex Pay is a crypto payment processor that allows for businesses/merchants to receive crypto payments into their 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), Ethereum, Tether USDt Token (over Ethereum and Tron), with more to come.
- How does Bitfinex Pay work?
- How do I set up Bitfinex Pay?
- Where are the API endpoints?
- Can I change the KYC information afterwards?
- 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 does Bitfinex take from me when I make a 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 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 that customers making payments do not have to be Bitfinex users. If your customer is a Bitfinex user, it will be considered an internal transfer within Bitfinex, the transaction will not be broadcasted 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 invoice. You can also customize the time for the payment countdown when you configure the authenticated API endpoints.
How do I set up Bitfinex Pay?
To set up Bitfinex Pay for your business, you will need to have an account on Bitfinex and have your account at least intermediate verified. The steps below will take you through the process:
1. Log in to your Bitfinex account. If you don’t have one yet, don’t worry, creating one only takes a few minutes here.
3. Apply for Merchant verification, you will find this option under the verification required fields and will need to fill in information relevant to your product/business.
Please note: After your application has been submitted, if you would like to update any Merchant profile details, please contact Customer Support.
4. Once 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.
5. Verify your sub-account, note that your sub-account can inherit the verification status of your main account, so this process does not require you to wait too long.
6. Log in to your new Merchant Subaccount and navigate to the deposits page to generate an address for your Exchange wallet for each token that you chose to receive invoice payments into.
7. Configure the authenticated API endpoints according to your needs.
- To create your API Key, follow the steps here
- Create an order with authenticated API endpoints, learn more below in the section “Where are the API endpoints?” or in our API documentation here
8. Next, integrate the “Bitfinex Pay'' button onto your product page.
- Go to https://pay.bitfinex.com/merchant/
- Navigate to the “How to set up” tab and click on “Button Snippet” to open the pop-up where you can add the order ID.
- Choose between a dark or a light theme for the Bitfinex Pay button.
- Copy the HTML code that you can embed on your check-out page, the “Bitfinex Pay” widget will then be integrated, giving your customers the choice to pay using cryptocurrency.
9. To update the payment status, Bitfinex Pay will call your API endpoint webhook. Successful payments will be deposited in your merchant sub-account Exchange wallet.
10. You will see that each payment will be accompanied by an order number that relates to the product sold or service rendered.
11. 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.
Where are the 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: https://docs.bitfinex.com/reference#merchants
With the following options available for customization:
- Submit Invoice (to submit an invoice for payment): https://docs.bitfinex.com/reference#submit-invoice
- Invoice List (to list submitted invoices): https://docs.bitfinex.com/reference#invoice-list
- Key Permissions (to retrieve current api key/token permissions) : https://docs.bitfinex.com/reference#key-permissions
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, such as your social media handle and the addition of more tokens from the available supported tokens.
While you await your new KYC information to be updated, note that you can continue to receive deposits in the tokens chosen previously during KYC.
What happens if the customer pays the wrong amount?
An invoice will have different statuses when the funds from the time 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
If the payment is marked in your account as a normal deposit, this means that the customer paid an amount different from the required amount. 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”.
**Note that 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. However, please note that if your user is transferring funds from a Bitfinex account, the minimum will be $5 USD equivalent as this is subject to the minimum withdrawal amount on Bitfinex, for more information please view: Minimum Withdrawals.
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.
Note that if you are a Bitfinex user, it will be considered an internal transfer within Bitfinex, the transaction will not be broadcasted on the blockchain and will therefore also be faster than on-chain transactions. The minimum amount transactable for Bitfinex users will be subject to the minimum withdrawal amount on Bitfinex which is $5 USD equivalent, for more information please view: Minimum Withdrawals.
What information does Bitfinex take from me when I make a payment?
Certain information is taken 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 Bitfinex Terms of Service, we will be unable to offer services if you are from a Prohibited Jurisdiction or are a Prohibited Person.
Note that 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.