As crypto gains more and more traction in the global marketplace, more and more online vendors are starting to accept crypto as a means of payment for goods and services. Generally, it is mostly the larger-cap cryptocurrencies that are being accepted as a payment method (Bitcoin, Ethereum, Bitcoin Cash, etc.), but is ultimately at the discretion of the vendor themselves on what they accept.

What is the process for making an online payment using crypto?

The process will start on the website itself, you will need to follow whatever prompts are present on the payment portal for the website in question. This will often begin with giving you a selection of different cryptocurrencies that they accept for payments. Once the relevant crypto is selected, the following page will usually provide a relevant deposit address for incoming payments. This will either be in the from of a string of numbers/letters, or a QR code (the one that looks like a barcode and is just a visual representation of the alphanumberic address that can be scanned by various apps). Fundamentally, this receiving address is all that is required to make a crypto transaction. Although many other cryptocurrencies transactions require a Memo/Destination tag as well to assist with crediting specific transfers.

Once you have this address, that is the one you will copy and paste (never try to type this one out manually, as the risk of making a minor mistake could result in lost funds!) over to your Swyftx platform to be added as a withdrawal address.

From there, the process is the same as outlined in the following article https://help.swyftx.com.au/en/articles/2087808-how-do-i-withdraw-crypto-to-an-external-wallet

Just need to add a name/label for your own reference, confirm the address via email, and then use the blue hand icon to complete the withdrawal of the specified amount!

*IMPORTANT SECURITY NOTE*

Unfortunately there are many unsavoury platforms/websites out there that accept crypto payments as a means to circumvent local financial regulations. Services offering automated trading in traditional assets for a fee are one to look out for in particular!

If you are ever skeptical / in doubt about the safety or legitimacy of a service/platform accepting crypto payments, please do not hesitate to get in contact with our team who can help to advise as best we can before sending any funds across!

Further Questions?

If you would like any further information on our customer security processes, please don't hesitate to get in contact with us via live-chat.

Did this answer your question?