- FTX Pay is an easy-to-use and very customizable widget that allows its users to accept both cryptocurrencies and fiat payments seamlessly.
- It’s quite cheap to use, and in cases where the merchant receives the funds to an FTX account, there are no blockchain fees to consider.
As the world wakes up to the convenience, cost-efficiency and security that cryptocurrency payments offer, the need for crypto payment solutions that are easy-to-use, cheap, convenient and secure has grown. FTX Pay is one of the leading solutions in this field, offering seamless crypto and fiat payment solutions for its users.
What is FTX Pay?
FTX Pay is a widget that you can use to accept both crypto and fiat payments for your site, app, or store. It’s offered by FTX, one of the world’s most renowned and trusted crypto derivatives exchanges. Led by Sam Bankman-Fried, FTX has grown to become one of the largest exchanges of its kind despite being a late entrant into the sector and is now trusted by over one million users worldwide.
Due to regulatory restrictions, FTX Pay is not available in the U.S but it can be accessed from almost every other country in the world.
Integrating FTX Pay into a website or app is super easy. It comes with easily embeddable code that pops up on the website as a “Pay with FTX” widget.
Once a customer clicks on this widget to make a payment to the merchant, they are automatically redirected to their preferred method of payment, be it credit card or crypto. Once they complete the payment, it automatically reflects on the merchant’s wallet.
For customers that don’t have an account with FTX, they are redirected to the ‘Create an Account’ page on FTX. For those that don’t have any funds, they are prompted to send $10 and if it’s their first time, they must submit a bit of information such as their name, country of residence, their street address and date of birth for Know-Your-Customer (KYC) purposes.
Setting up and receiving payments
To get started as a merchant, you must head over to ftx.us/pay. It’s worth noting that the exchange doesn’t offer the service through ftx.com, its international platform. Global users must register for an account on ftx.us before they can access FTX Pay.
Once you’re registered, you can select to receive your payments in one of two ways – either through an external wallet or through an FTX account, with the latter being the most convenient and cost-effective.
Merchants who choose to receive the payments through their FTX account get to receive detailed information about their payments. In addition, they incur zero fees since the payment doesn’t involve any funds leaving a crypto wallet – it’s a simple transfer between two FTX accounts which on a technical level, ‘live’ on the same wallet.
To receive payments to an FTX account, a merchant has to create an app and link it to his account. The directions for creating a new app are on the FTX Pay home page and it’s just a few clicks away. The merchant then has to name their app. However, this name is only visible to them, not the customers. Rather, the customers get to see the KYC-verified name as the destination for their funds.
If one desires to change the name, they can apply to FTX to have a different name. Under ‘Apps’ on the FTX Pay webpage, you get to enter the name and even the logo for the payment widget. The FTX staff have the right to deny requests based on their evaluation to prevent phishing measures.
Apps linked to any FTX account are permanently associated with that account. Moreover, the merchant has the option of specifying what currency the account will receive. All payments made to that account are automatically converted to that particular currency.
FTX Pay allows its users to just as easily delete an app, such as in cases when they make a mistake while creating it. However, you must take caution as this decision is irreversible. If you prefer a non-permanent option, you can disable your app. This prevents it from receiving any new payments but gives you the option of re-enabling it if you ever desire to.
Once the app is set up and the preferred currency selected, you can then set up the payments on the ‘app details’ page. After this, you then copy the code into your website’s source code, and the button should show up as expected.
Whenever a customer makes a payment via FTX Pay, you’ll receive emails through the default email address that you opened your FTX account with. However, you can customize this option and have the emails sent to another email address of your choice.
If you prefer a more sophisticated backend integration, the platform allows you to get a list of recent payments via API. The details can be found on FTX’s API documentation web page.
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