What is a Fixed Deposit?
Fixed Deposit is a feature of Bitpace that allows end-users to pay the merchant in cryptocurrency.
Once the end-user selects the item that they'd want to buy and goes to the cashier page, they will see an option to pay with cryptocurrency. Selecting this option will transfer them to a page on which they will be able to see the exact amount of crypto that they will need to transfer, as well as a wallet address to which the transfer must be made.
When they obtain the wallet address, they can initiate a crypto transaction from any platform on which they own crypto assets.
Once the assets are received, Bitpace converts them to the selected Settlement Currency and credits them to the merchant.
What cryptocurrency can the payment be made in?
On the payment page, the end-user will see a list of cryptocurrencies that they can pay in. The price of the goods that they are buying will be converted into crypto and displayed next to every cryptocurrency option. This way they will know what exact amount to send.
What wallet address must the funds be sent to?
Once the user selects in what cryptocurrency they want to pay, they must click on the "Pay Now" button.
On the next page, they will be able to see the destination wallet address.
Note:
The displayed wallet address is unique per order. Therefore it must be used only for the completion of the order at hand. Every time when a new payment is expected, a new wallet address will be displayed.
What Fiat currencies can be displayed as the Order Currency?
We have a number of Fiat currencies that can be displayed on the screen: USD, EUR, TRY, AED, AUD, MVR, COP, BGN, MXN, HKD, PGK, JPY, NOK, ZAR, SGD, RON, INR, HUF, PLN, PHP, CRC, MKD, PKR, BRL, ARS, CAD, THB, VND, CHF, UZS, CNY, CZK, DKK, GBP, IDR, KZT, NZD, PEN, SEK, TWD, UAH, CLP.
Should you want to enable any of them, feel free to reach out to us and we will gladly assist.
Note:
The currencies above are only display currencies. This allows the user to see the value of their order in the desired Fiat currency. Please note that the order will be settled in one of the settlement currencies.
In what time frame must the funds be sent?
By default, the end-user will have 30 minutes to make the transaction.
Can users pay in instalments?
Yes, the end-user can pay in instalments as long as all payments are made in the given time frame.
(eg. If they need to pay 100 USD = 100 USDT, they can make 2 transfers to the given wallet address of 50 USDT each)