How to use Binance Pay for merchants? (Crypto payments)

Setting Up Binance Pay Integration

1. Merchants must register a verified Binance Business Account through the official Binance merchant portal.

2. After identity and business documentation verification, access to the Binance Pay dashboard becomes available.

3. Developers retrieve API keys and configure webhook endpoints to receive real-time payment notifications.

4. Integration options include SDKs for JavaScript, Python, PHP, and Java, or direct REST API calls for custom checkout flows.

5. Test transactions are executed in sandbox mode before enabling live payments on production domains.

Generating Payment Requests

1. Each transaction initiates with a unique paymentId generated server-side via POST /v1/merchant/payments.

2. Required parameters include amount, currency (e.g., USDT, BTC, ETH), merchant reference ID, and expiration time (max 24 hours).

3. The response returns a QR code image URL and a deep-linkable payment URL compatible with Binance App users.

4. Merchants embed the QR code on physical point-of-sale displays or inject the payment URL into web-based checkout pages.

5. Dynamic pricing logic can be applied using stablecoin denominations to avoid volatility exposure during request generation.

Handling Payment Confirmation

1. Upon user confirmation in the Binance App, Binance Pay sends an HTTP POST notification to the merchant’s registered webhook endpoint.

2. The payload contains status: 'SUCCESS', transactionHash, and block confirmation count for on-chain settlements.

3. Merchants validate the signature using their secret key and verify the payload integrity before fulfilling orders.

4. Failed or expired requests trigger status: 'EXPIRED' or 'FAILED', prompting automatic retry logic or customer support escalation.

5. Settlements occur in near real-time; funds appear in the merchant’s Binance Spot Wallet instantly upon finalization.

Managing Payouts and Reconciliation

1. Funds accumulated in the Binance Spot Wallet can be withdrawn to external addresses or converted to fiat via Binance Convert or P2P trading.

2. Daily settlement reports are downloadable as CSV files from the merchant dashboard, listing all paymentId, timestamp, amount, fee, and status.

3. Transaction fees are fixed at 0.1% per successful payment, with no chargebacks or reversal risk post-confirmation.

4. Multi-currency balances are visible under separate wallet tabs, allowing merchants to track inflows across BTC, ETH, USDT, BUSD, and over 50 other supported tokens.

5. Audit logs record every API call, including IP address, timestamp, and request body hash for compliance verification.

Frequently Asked Questions

Q: Can I accept payments from non-Binance users?A: No. Binance Pay requires customers to hold a verified Binance account and use the official Binance mobile or desktop application to scan QR codes or open payment links.

Q: Are there geographical restrictions for merchants using Binance Pay?A: Yes. Merchants based in jurisdictions where Binance is prohibited—including the United States, Canada (as of current policy), Netherlands, and several others—cannot activate Binance Pay services.

Q: What happens if a customer sends more than the requested amount?A: Excess funds remain in the merchant’s Binance Spot Wallet as an overpayment. Binance Pay does not auto-refund; merchants must manually initiate refunds via internal transfers or external withdrawals.

Q: Is two-factor authentication required for merchant API access?A: Yes. All API key generation and dashboard logins mandate SMS or TOTP-based two-factor authentication. API keys without IP whitelisting cannot be used in production environments.