A defi payment system: through the escrow service, blockchain technology is the exclusive intermediary in crypto collection management between merchants and customers.
The merchant’s wallet is connected to a Mastercard debit card and a bank account, which guarantees for the funds.
Both the buyer and the seller’s safety are guaranteed thanks to the refund service, which is exclusively entrusted to blockchain technology (escrow service).
The lowest fees on the market for collection both in cryptos and with credit/debit card.
Easy to integrate into your online shop, app or pos system.
Dashboard for wallet and transaction management.
Possible to integrate with main crypto wallets.
Whether as a plugin, in app or through API: Synkrony Pay enables you to collect your payments in cryptos and convert them into FIAT currency, or simply collect them in FIAT money, by using any credit card and just one, decentralized platform.
Install the payment plug-in in your online shop
Choose which cryptos to accept for every product
At checkout, the customer chooses to pay with cryptos
The customer chooses which cryptos (among the ones you have selected) they want to pay with
The customer makes the payment
Cryptos get transferred to your wallet and are readily available to be converted into FIAT currency
for a full view on your funds
No minimum income to declare
* Starting from 1.8%. Depending on the goods/services offered, fee may vary.
Defi is an acronym for Decentralized Finance, which identifies all those platforms where value transfer is not entrusted to a physical intermediary. The Synkrony Pay component is a defi system in that it uses dedicated smart contracts for value exchanges, therefore creating a real exchange order book between buyers and sellers.
In online shopping, escrow services work as an external but trusted third party holding money and regulating payments on behalf of transacting parties in a given time. The escrow is therefore a guarantee system safeguarding users in their shopping in exchange for a fee on their transaction.
When it comes to the escrow of the Synkrony Pay component, the external actor handling the transaction is regulated by a smart contract, which automatically proceeds to sending the payment to the seller or returning it to the buyer when pre-established rules verify.
The escrow manager is allowed to proceed in two ways: to either give the money back to the customer or transfer it to the merchant. Under no circumstances, can it divert the funds to wallets other than the ones implied in the transaction.
Within Synkrony’s network, cryptos are held and managed by means of an ecosystem of smart contracts specifically designed for holding, exchanging and burning single tokens and according to specific rules for each and every token.
No, once you collect the cryptos, you will get to decide if and when to convert them into other cryptos, tokens or other currencies.
Owning and selling cryptos also means having to constantly stay up to date with changing regulations: please check in with the country you live in to know about the implications of earning, owning and listing cryptos.
Synkrony offers optional escrow services for refund. Contact us to know more. If you choose to not use this service, refund costs and management will be the exclusive responsibility of the merchant and will depend on the laws of the country from which one operates, on the products returned and on specific cancellation policies that may be stipulated with customers.
Conversion of cryptos into other currencies (and their exchange) are handled by the exchange platform Synkrony, although resorting to alternative standard exchanges available on the market is also possible
Synkrony has various arrangements in force with commercial banks for the safekeeping of valuables.
Synkrony Pay provides every merchant with comprehensive information about their incoming transactions (paid, pending, failed or expired)
Synkrony enables every merchant to pick which cryptos they want to collect among those available inside the network: bitcoin, ethereum, litecoin, dash, dogecoin
Synkrony allows you to transfer earned cryptos to other wallets outside the network
No limitations or restrictions
Synkrony pay can be easily integrated into your e-commerce, online shop, or app through API, and it can be installed through plugin on major web platforms such as Woocommerce and Magento