Paxful Pay

Modified on Thu, 17 Aug 2023 at 05:16 PM

With Paxful Pay, customers can pay for goods or services purchased on your e-commerce website using various payment methods.

What is Paxful Pay?

Paxful Pay is an integration you can set up with your e-commerce/business website. The integration adds a button that allows buyers to pay with payment methods such as gift cards, online wallets, etc.

Paxful Pay is great regardless of what you're selling, whether it's services online or physical products. The integration allows you to add new payment methods in addition to the ones you currently have. You don’t have to worry, as the process is chargeback free.

As a merchant, you do need to be willing to accept payment in BTC, but there are many ways to convert it to your local fiat currency.

How does it work?

Paxful Pay brings together three sides: merchants (selling something), buyers (wanting to buy something), and Paxful vendors (exchanging buyer payment methods for BTC). The solution is unique as transactions are handled through the robust Paxful platform (peer-to-peer).

Merchants control the solution's configuration and can track every transaction through a tracking ID. A callback can be configured on every successful payment, which can be set up to release the goods to the buyers on the merchant side.

Merchants have a complete transaction list available on their Paxful Merchant Dashboard.

How secure is Paxful Pay?

The Paxful Pay integration uses our secure escrow system and battle-tested platform. Your buyers are safe.
As a merchant, you are safe, as Paxful uses a secure URL token system to prevent phishing. You’ll need to use our secure token system to enable automatic send-outs to your Bitcoin address. Check out the developer page for more information.

Expected earnings with Paxful Pay and how to track them.
The amount you can earn depends on the number of completed transactions.

With every successful transaction, you’ll see the transaction in the Merchant Dashboard. You can also set up a “callback solution” to automate the actions on your end.

Payments are handled in Bitcoin. This means you can keep them as BTC in your Merchant account for exchange for EUR/USD/etc. Many services are available, and you can even use exchanges such as Kraken.

Note: Moving the funds from your merchant account to your Paxful wallet is an extra step, but don't worry—this won't cost you anything.

How much control do I have? Do my visitors ever leave my site?

The Kiosk link can be configured to open in a new tab, or it can be configured to open inside an iframe. You can set it up so the solution is embedded as an iframe right into pages, so visitors don't have to leave your website.

As a part of the process, your users will need to register as Paxful users, but you, as a merchant, can make the process smoother by providing the user's email together with the generated URL so it is pre-filled for users.

What are the different configuration options?

You can choose how you want to configure the link. There are some options regarding the following:

Currency: You can request the payment in BTC or FIAT currency (Paxful can convert the sum based on the market price).
Sum: Normally, you define this, but there is an option to request all users’ Paxful balances (or if the balance is 0, then let the user define it).
Registration: You can define the user's email to make purchasing easier.
Receiver: By default, funds are deposited on your merchant account balance, but it is possible to configure deposits to any Bitcoin address.
Callback: You must define the Callback address to handle the callback parameters.
The full list of technical parameters is available here: https://developers.paxful.com/documentation/paxful-pay.

How easy is it to use?

For merchants, setting up the integration is easy. You need to do some coding to configure the link generation.

For buyers, the purchase process will be a bit different. They need to complete a trade with another person.

What are the fees involved?

As a Merchant, there are no fees to use Paxful Pay.

Please refer to this article for the full list of Paxful fees.

What are the minimum and maximum payments possible?

A merchant can request any sum, but the minimum trade amount is 10 dollars (also in other currencies). Any large amount than the amount requested by the merchant will stay in the buyer's Paxful balance, and they can use it or withdraw it at any time.

There is no direct limitation to the purchase size, but for large sums, a buyer might have to make multiple trades, and the vendor can also request additional KYC procedures.

Where can I find more information about Paxful Pay?

You can learn more about Paxful Pay here; the developer’s guide can be found here.

If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support.