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Binance P2P: How To Start Accepting Bitcoin and Crypto Payments For Your Business Or Platform

2021-10-01
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Key Takeaways

  • Binance Pay allows small businesses to accept online and in-person Bitcoin and crypto payments. 

  • Users can access Binance Pay and start receiving crypto payments via a new or existing Binance account. 

  • Binance P2P allows users to convert their crypto funds to their local currency, without paying any fees. 

Crypto payments are on the rise. Major companies are starting to accept Bitcoin and other cryptocurrencies as payments, in response to growing demand from consumers looking for new ways to spend their crypto funds. If you’re looking for a fast and simple crypto payments solution, Binance Pay might be the perfect solution for your business or platform. 

With support for online and in-person payments, in addition to popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), BNB and more, your customers can scan a QR code to pay using the cryptocurrency of your choice. In this article, we’ll walk you through each step to upgrade your venture with Binance Pay. We’ll also show you how to convert your hard earned crypto funds to your preferred local currency using Binance P2P.  

How To Receive Crypto Payments Anywhere in the World With Binance Pay

Before we continue, you’ll need to first download the Binance App, register for a Binance account and then complete verification to unlock all our features. If you’ve already finished these steps, we can start setting up your Binance Pay, a contactless, borderless and secure cryptocurrency payment system.

Step 1: Setup Your Pay Wallet

  • Login to your Binance account, go to your profile, select [Pay] and then press [Open Binance Pay]. 

  • Create your unique Binance Pay nickname. Remember, you won’t be able to change it afterward so choose wisely. 

  • Safeguard your account with a six-digit PIN and voila, you’re all set.

Step 2: Receive crypto payments in two ways

  • Generate QR Code. You can tap the QR code scanner on your homepage to generate a unique QR code you can send to your customers. You can also set your QR code to receive your preferred cryptocurrency. You could use USDT, BTC, BUSD, BNB and ETH if you want to convert to cash with zero fees on Binance P2P. 

  • Binance Pay ID. Tap the QR code scanner on your homepage and then copy your Pay ID. You’ll send this pay ID to your customers.

How to Convert Your Crypto to Cash with Binance P2P

You can access your crypto payments in your funding wallet, which you can use with Binance P2P, our peer-to-peer marketplace. Binance P2P lets you sell your crypto funds for your preferred local currency. You can set your preferred payment method and price, while paying minimal fees. Our peer-to-peer marketplace supports more than 300 payment methods and more than 70 fiat currencies. Follow our step by step guide below to convert your crypto payments to cash with zero fees:

Step 1: Visit the P2P marketplace

  • Select [P2P Trading] on the Binance homepage and then select [Sell].

  • Please note: Binance P2P supports USDT, BTC, BUSD, BNB and ETH trading pairs for all fiat, or local, currencies. Depending on the market you are in, Binance P2P may also support DAI, ADA, DOGE, BIDR and SLP tokens. 

Step 2: Find a suitable buyer

  • Browse the available ad postings and find a buyer that suits your needs.

  • First-time users would do well to trade with verified merchants only, which can be identified by their yellow badge or purple diamond next to their name.

Step 3: Convert your crypto

  • Once you’ve found a suitable buyer, enter the quantity you want to sell and your preferred payment method. Press [Sell] and wait for the buyer to release payment. 

  • Make sure you’ve received the funds from the buyer before you finalize the transaction and release your crypto assets. 

  • If you have not received money, please DO NOT release crypto to avoid potential financial losses. Only mark the transaction complete if you have received your money. 

Ready To Add Crypto Payments to Your Business or Platform?  

If you’re looking to take your business to the next level, you can start by registering for a Binance account and then completing account verification. Once you’ve set up your Binance Pay, you can start accepting crypto payments via QR code. Plus, instantly convert your crypto payments to cash anytime, anywhere with Binance P2P.

If you want to learn more, you can refer to the articles below:

The article has been edited on June 23, 2022.