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How to withdraw funds from Pay Protocol?

ยท 4 min read
Pay Protocol Support
Pay Protocol Support
Pay Protocol BD & Support Team

According to the operating mode of Pay Protocol, the funds paid or recharged by customers will be stored in the merchant's sub-contract. Merchants can extract the funds to their own wallets through the "Sweep"-"Fund Withdrawal"-"Payout" process.

For ease of expression, this article uses "hot wallet" to refer to the finance hot contract address of the Pro version.

Sweepโ€‹

  1. Log in to the Pay Protocol management backend using the financial wallet, click on the "Funds"-"Sweep" in the navigation bar, and you can see the list of sub-contracts to be swept;

    To be swept

  2. Select the sub-contracts that need to be swept, click the "Batch Sweep" button, wait for the wallet to pop up the signature request, and click "Sign" to confirm:

    Sweep

  3. After that, you can check the sweeping status in the "Sweep Records" tab:

    Sweep Records

    tip

    Any member of the merchant can initiate the sweeping, and the initiator needs to pay the network fee. The swept funds will only go into the merchant's cold vault.

Fund Withdrawalโ€‹

info

Fund withdrawal refers to transferring funds from the merchant's cold vault to the hot wallet so that the merchant can withdraw funds. Only PRO and STD merchants have this feature.

warning

Newly registered merchants should first set the limit of the hot wallet. For more details, please refer to Modify Merchant Configuration with Multisig.

  1. Click on "Asset Details" in the navigation bar to enter the merchant wallet page and view the balances of the cold vault and hot wallet:

    Wallet

    tip

    If the merchant has directly operated the funds in the cold and hot wallets outside of the Pay Protocol platform (such as moving funds directly to the wallet), it may cause a discrepancy between the wallet balance recorded by the platform and the on-chain balance. In this case, you can click the "Balance Check" button to synchronize the on-chain balance with the off-chain balance.

  2. Click the "One-Click Realancing" button, wait for the wallet to pop up the signature request, and click "Sign" to confirm:

    Realancing

  3. After that, you can check the fund withdrawal status in the "Fund Withdrawal Record" tab. After a successful fund withdrawal, you can refresh the page to see an increase in the hot wallet balance:

    Fund Withdrawal Record

    tip

    Any member of the merchant can initiate the fund withdrawal, and the initiator needs to pay the network fee. The withdrawn funds will only go into the merchant's hot wallet.

    The platform will deduct fees from the withdrawn funds proportionally.

Withdraw Fundsโ€‹

PRO Merchantsโ€‹

Merchants can use the payout function to withdraw funds from the hot wallet to their own wallet. Please refer to the Multisig Payout Tutorial for specific instructions.

When processing withdrawal and refund requests from users, merchants also use funds from the hot wallet, and the principles and operational processes are similar to payouts.

STD Merchantsโ€‹

The financial wallet address for STD merchants is the same as the hot wallet address. Merchants can directly withdraw funds using the financial wallet address or perform operations such as payouts, withdrawals, and refunds.

Lite Merchantsโ€‹

Lite merchants can use the "One-Click Claim" function on the asset details page to claim funds from the cold vault to the wallet they used during registration. The platform will deduct fees proportionally from the withdrawn funds.

One-Click Claim

When performing operations such as payouts, withdrawals, and refunds, lite merchants initiate the transactions directly from their logged-in wallet.