FAQ 2017-01-02T16:03:47+00:00

Frequently Asked Questions

General

Which Digital Wallets are supported by BlockPay?

Every Android and iOS based digital currency wallet is supported. Merchants can accept anybody who has a Bitcoin, Ethereum, Litecoin etc. wallet.

How does BlockPay supports all digital money?

All digital currencies (Bitcoin, Ethereum etc.) will be automatically exchanged and converted into the digital version of a USD, EUR or CNY. The Merchant can choose which base currency they would like to receive. BlockPay will keep the exchange fees as small as possible since they will be covered by the consumer. You can help us to keep the spread small and join our liquidity program too.

What if the customer has no internet connection?

A customer cannot pay without an internet connection.

How is my money be protected?

Your money is protected by modern Blockchain technology and protected through a network of trusted partners who run the payment network. BlockPay is using the latest banking like security to protect your funds and privacy from any hackers.

How high are the BlockPay fees?

BlockPay is for free for merchants, no hidden fees – period! All transaction and exchange fees for digital money will be covered by the customer. Please consider that BlockPay does not process regular debit and credit card payments and additional fees from other payment providers might apply. 

Where is the money?

All funds are stored on the BitShares Blockchain, a decentralized global payment platform that replicated its database in real-time across thousands of servers worldwide to guarantee its safety.

What exchange rates will be used?

BlockPay will quote the latest exchange rates from its partner www.BlockTrades.us

Will my money be covered by any compensation scheme?

Yes, all your funds are protected with a +100% collateral. Thanks to modern Blockchain technology BlockPay does not support fractional reserve banking and all users funds are +100% protected with a compensation scheme. Even if BlockPay goes bankrupt all your funds are still available and can be withdrawn to your bank account.

Can you access my account?

Absolutely not. We have no access to your data and funds at any time.

Merchant

How do you transfer to your bank account?

Go to ww.OpenLedger.info, login with your account name and brainkey and click in the wallet on withdraw. Choose one of the settlement partners and send the funds you want to withdraw. The funds will be sent to your bank account within the next few days.

How to handle digital payments in accounting?

Please consult your accountant for the local regulations in your country! In most cases, you can book a digital payment as a cash payment. BlockPay provides you with a .pdf file and eReceipt for each transaction.

Is there are minimum withdrawal amount?

There is no minimum withdraw amount for merchants yet. We recommend withdrawing funds higher than 300€. Different withdraw fees apply for each settlement partner.

Also, check out our additional service. You can buy merchandise, advertisement and consultancy with your digital currencies.

 

How high are the BlockPay fees?

BlockPay is for free for merchants, no hidden fees – period! All transaction and exchange fees for digital money will be covered by the customer. Please consider that BlockPay does not process regular debit and credit card payments and additional fees from other payment providers might apply. 

Will my money be covered by any compensation scheme?

Yes, all your funds are protected with a +100% collateral. Thanks to modern Blockchain technology BlockPay does not support fractional reserve banking and all users funds are +100% protected with a compensation scheme. Even if BlockPay goes bankrupt all your funds are still available and can be withdrawn to your bank account.

Support