Frequently Asked Questions
What is Pay Protocol？
Pay Protocol is a non-custodial digital asset payment protocol. The system is able to establish Web3-based digital asset payment channels in the shortest possible time. Web2 companies can enter the Web3 industry without changing their existing core business logic, thus benefiting from the rapid growth potential of the Web3 ecosystem.
How does Pay Protocol work?
Pay Protocol is a secure and efficient decentralized payment solution designed for merchants. In Pay Protocol, merchant funds are not stored on the platform but securely stored in smart contracts customized for each merchant. This allows merchants to have full control over their funds and manage the flow of funds directly through smart contracts.
To ensure the security and transparency of funds, Pay Protocol utilizes multi-signature technology. This means that the use of funds requires the joint approval of multiple authorized parties. Merchants can specify multiple authorized parties, such as multiple executives or finance personnel, to jointly supervise the secure use of funds.
The core function of the Pay Protocol platform is to provide payment processing services. It helps merchants receive payments, manage orders, and securely transfer funds to the wallet addresses specified by merchants. By combining smart contracts and multi-signature technology, Pay Protocol ensures the security and reliability of the payment process while providing merchants with a convenient payment method.
In summary, Pay Protocol is a decentralized payment platform that utilizes smart contracts and multi-signature technology to ensure the secure management of merchant funds and provides efficient and convenient payment processing services, greatly improving the payment experience for merchants and users.
Which blockchains does Pay Protocol support?
Pay Protocol supports the TVM chain - Tron, and the EVM chain - Ethereum, Binance Smart Chain, etc.
Most merchants choose the Tron chain because it offers more secure and stable transactions with lower network fees.
Which cryptocurrencies does Pay Protocol support?
Pay Protocol theoretically supports ETH and all ERC20 tokens, as well as TRX and TRC20 tokens on the Tron chain.
Please refer to Supported Currencies for the specific list of supported cryptocurrencies.
How to start accepting cryptocurrency payments?
To start accepting cryptocurrency, you need to register an account on the Pay Protocol platform and integrate it into your website or physical store following our guidelines. Once integrated, you can start accepting cryptocurrency payments.
Please refer to the Quick Start guide for detailed instructions.
How to choose the version of the merchant?
Pay Protocol offers three versions of the merchant: Standard, Lite, and Pro. Please refer to Version Selection for specific differences.
Please choose the appropriate version based on your needs and actual business requirements.
What is the difference between Pay Protocol multi-signature and MPC multi-signature?
MPC multi-signature involves splitting a private key into multiple fragments, with each party (merchant, third party, and provider) holding 1/3 of the fragments. When a signature is required, the fragments are combined to form a complete private key, which is then used for signing.
Pay Protocol uses the Gnosis multi-signature solution, which implements multi-signature functionality through a multi-signature smart contract. The wallet is unique and solely controlled by the merchant.
What are the fees for Pay Protocol?
Registration and integration on the Pay Protocol platform are free for merchants, with no installation or monthly fees required.
- Standard and Pro merchants only need to pay a certain percentage of fees when rebalancing funds from the cold wallet to the hot wallet.
- Lite merchants only need to pay a certain percentage of fees when withdrawing funds from the personal wallet.
Please contact our business personnel to negotiate the fee percentage.
What is GAS fee? How is it charged? Is it paid by us merchants or by customers? How much is the fee generally?
GAS fee is the cost required for executing smart contracts and transactions on the Ethereum network, known as energy fee and bandwidth fee on the Tron network. We collectively refer to it as network fee. This is the basic operating cost of the blockchain network, paid by users who initiate transactions or invoke smart contracts to miners.
- For merchants, operations such as using multi-signature functionality, aggregating and rebalancing funds in the Pay Protocol admin console require payment of network fees.
- For customers, network fees are paid when making payments for orders.
Network fees are paid using the native tokens of the corresponding blockchain, such as ETH for Ethereum and TRX for Tron. The specific fee depends on the complexity of the transaction and the congestion of the network. Generally, the more congested the network, the higher the network fee. Additionally, because ETH has a higher value, the network fee on Ethereum is higher than on Tron.
How long does payment confirmation take?
The payment confirmation time depends on the chosen blockchain and the congestion of the network. Generally, the confirmation time for Tron is 1-2 minutes, and for Ethereum it is 15-30 seconds.
Does cryptocurrency price fluctuation pose a risk to merchants?
We recommend that merchants use stablecoins as the settlement currency, such as USDT, USDC, etc., which have a stable exchange rate of approximately 1:1 with the US dollar. This helps mitigate the risk of cryptocurrency price fluctuations for merchants.
What fees do my customers need to pay?
We do not charge any additional fees to customers. Customers only need to pay the order amount and the network fee.
Does Pay Protocol have the right to dispose of merchant assets?
No.
Most Web3 payment providers operate in a custodial model, where payments are received through their own managed wallets and require an intermediate step from the provider for the payment to be disbursed to the merchant. In this model, merchants do not have direct control over their assets and there is a certain level of risk involved.
Pay Protocol operates in a non-custodial model, where every intermediate step is connected to decentralized smart contracts. Modifying permissions requires authorization from the merchant's wallet, and the wallet private key is solely held by the merchant. The merchant has full control over their assets, and Pay Protocol does not have the ability to dispose of merchant assets.
Our smart contracts are open source and have undergone security audits by ExVul. Once deployed, we cannot make any further modifications to the contracts, and every transaction and code modification can be traced on the blockchain.
How can merchants withdraw funds?
Merchants can withdraw funds through the Pay Protocol admin console.
- For Standard and Pro merchants, funds need to be rebalanced from the cold wallet to the hot wallet, and then withdrawn to the specified wallet address by the finance team through a transfer (Pro version requires multi-signature).
- Lite merchants can directly use the One-Click Withdraw feature to withdraw funds from the cold wallet to their personal wallet address.
How to accept cryptocurrency payments in physical stores?
To accept cryptocurrency payments in physical stores, you can use the LinkPay feature provided by Pay Protocol. Create online links for your products and download the corresponding QR codes to display on the product labels. Customers can scan the QR codes and make payments online.
Can merchants customize the payment page?
We provide customization options to match your brand and design style. Please refer to Interface Customization.
Can merchants set different permissions for different employees?
Our management console has three types of merchant member roles, all of which require wallet login:
- Executive: The cold contract administrator responsible for configuring and managing the system, including adding and removing other personnel, configuring merchant contract parameters, etc. Administrators cannot directly manage funds in the hot contract.
- Treasurer: The hot contract administrator responsible for managing funds in the hot contract through multi-signature, including withdrawals, transfers, etc.
- Employee: Can only view data and perform operations that do not involve fund security. Cannot manage contracts and funds through multi-signature.
Can customers request a refund?
Merchants have a refund interface in the API, and merchants can initiate refund requests through the API and then approve them in the admin console.
Customers who place orders through LinkPay can find the refund link in the receipt email and click on the link to initiate a refund.
How can I check the progress of a refund?
Merchants can check the progress of a refund in the admin console, and they can also query the refund status through the API. We also provide callback notifications.
Customers can monitor their wallet balance to see if the refund has been received.
What should I do if the customer pays too little?
If the customer pays less than 50% of the order amount, the order will display "Payment Failed"; if it is greater than 50% but less than 100%, it will display "Partial Payment". Customers can contact the merchant for a refund and then place a new order for payment.
What should I do if the customer pays too much?
If the customer overpays, they can contact the merchant for a refund. We support merchants in setting the refund amount and can refund the excess amount.
What should I do if the customer completes the payment but the interface displays "Payment Failed"?
We apologize for any inconvenience caused. Customers can first check the on-chain transaction through their wallet to confirm if the money has been transferred. If the money has been transferred, they can contact the merchant, submit a support ticket, and request a refund.
Merchants can refer to this blog for handling.
What does the remaining time on the payment page mean?
The remaining time on the payment page refers to the valid payment period for customers after placing an order. If the time exceeds, the order will be automatically closed. Customers can place a new order for payment. Currently, the default valid payment period is 30 minutes.
Can the QR code address on the payment page be saved?
We provide a QR code address on the payment page for customers to make payments. The QR code address is a sub-contract address that is bound to the current order and is valid for 30 minutes. After the time expires, it will be recycled.
Customers should not save the QR code address and directly transfer funds to that address using a wallet. Payments must be made through our payment page by scanning the latest QR code to ensure the correct processing of the order.
When logging in to the admin console using a wallet plugin, I receive a "Connection Request Failed" or "Network Error" message. What should I do?
If you encounter wallet connection issues, please try the following steps:
- Check if your network connection is normal.
- Ensure that your browser supports Web3 and that you have installed the MetaMask or TronLink wallet plugin.
- Check if your MetaMask or TronLink wallet plugin is installed and logged in.
- Check if your wallet plugin is unlocked.
- Try refreshing the page or restarting your browser, preferably waiting a few seconds after opening the webpage before proceeding.
- If none of the above methods resolve the issue, please contact our technical support.
Can the management console be used on mobile devices?
Our admin console supports use on mobile devices, but we recommend using it on desktop for a better experience.
To use it on mobile, you need to install the corresponding wallet app, such as MetaMask or TronLink. We recommend using the built-in browser in your wallet app to open the management console, which facilitates connecting your wallet account and conducting transactions.
How can I contact Pay Protocol?
As a merchant, you can contact our business personnel via email: bd@payprotocol.network. During the onboarding process, we will provide you with additional instant messaging methods for professional technical support.