Discover Faster Transactions: Automated Spot Payments With the Lightning Badge on Binance P2P
Main Takeaways
Binance P2P introduces an innovative payment automation feature.
Learn the advantages of automated payments and how you can utilize them to buy crypto faster, safer, and more conveniently.
Binance P2P now supports automated payments in several currencies and plans to add more. Learn the benefits of using an automated payment method and how to use it.
Binance P2P is proud to introduce automated payments for its users. This advanced feature, identified by the lightning badge, enhances transactions on the Binance P2P platform, making them smoother, faster, and more secure for both buyers and sellers.
What Are Automated Payments?
Automated payment methods, distinguishable by the lightning badge, facilitate the immediate release of assets once the exact payment amount has been transferred from the buyer to the seller.
Conventional peer-to-peer (P2P) payment methods generally necessitate buyers to initiate payment, manually mark the order as paid, and wait for sellers to release the acquired assets. To protect both parties, certain precautions must be taken during a P2P transaction. Usually, buyers need to provide proof of payment, which sellers must manually verify before releasing the assets, making the process time-consuming and inconvenient.
With the automation of payment verification and asset release processes, buyers can instantly receive their newly bought assets, while sellers are no longer required to check each order payment or release assets manually. In other words, the automated payment methods allow the platform to automatically handle the release of crypto held in escrow, eliminating the need for manual intervention.
What Does the Lightning Badge Mean?Â
The pink lightning badge next to a payment methodâs name means it is automated on Binance P2P. The new automated payment methods enable our platform to automatically process the release of crypto held in escrow without manual intervention.Â
This means buyers do not need to mark the order as paid, and sellers do not need to check for accurate payment before releasing funds. Moreover, only selected whitelisted merchants we choose can support this payment method.
Advantages of Automated Payments
Efficiency
The implementation of an automated payment feature removes the necessity for buyers to submit proof of payment and sellers to wait for payment verification. Sellersâ orders are automatically fulfilled once the system confirms the payment. By eradicating manual intervention for both buyers and sellers, the effort involved for each party is reduced.Â
Moreover, buyers can only initiate an appeal after completing the payment, preventing the unwarranted freezing of sellersâ assets during the appeal process.
Lightning-fast transactions
The entire payment process is automated and integrated with a payment service provider, enabling faster payment processing. Immediate asset release prevents pointless order delays for both parties. The system operates 24/7 and will automatically release each order upon receiving the correct payment. By removing the requirement for buyers to manually mark their orders as paid and awaiting the sellerâs crypto release, transaction time is significantly diminished.
Security
Buyers will appreciate that only whitelisted merchants and makers can post ads with these automated payment methods, ensuring trades are carried out with trustworthy counterparts. Sellers can also concentrate on their business without worry, as only accurate payment amounts will prompt the automatic asset release, minimizing scams and guaranteeing payment precision.
The automated payment feature also mitigates the following issues:
Incorrect transactions or partial payments: The system will refund any inaccurate payments to their originating accounts. For instance, if the order payment amount is $400 but the buyer pays only $399, the assets will not be released, and the paid amount will be auto-refunded to the buyerâs source bank account for trades using automated payment methods.
Duplicate payments (or double-spending): When a legitimate payment is conducted, the order will be automatically completed, preventing the buyer from making another payment for the same order.
Third-party payments: If the payment is made from a third-party account, the order wonât be released. Even if the buyer uses their own account, the order wonât be released if their Binance account identity doesnât match with their bank account. The Binance and bank account identities must match for the order to be released.
How to Buy Crypto Using Automated Payments
This is how you can buy assets using automated payments on the Binance P2P app.
1. Log into your Binance account and go to [P2P trading].Â
2. Select your chosen fiat currency and automated payment method.
3. Select an ad with a payment method with the pink lightning badge and start trading!
Tips for Using Automated PaymentsÂ
Double-check your verified name on Binance
The Binance P2P platform has best-in-class security protocols and customer service support to help keep users and their funds safe. Our security measures require the name on each userâs payment account to match the verified name on their Binance profile. Before placing any P2P order, itâs best to double-check that your payment account name is the same as your Binance-verified name. This step can mitigate potential issues with your transaction.
For more information, read our in-depth article, How To Check Your Verified Name On Binance P2P.
Funds are released automaticallyÂ
With automatic payment methods, you donât have to manually mark your orders as paid, meaning thereâs no need to click or tap the [Transferred, notify seller] button. Instead, simply visit your selected banking or payment platform to transfer the funds to the account provided by the merchant. Once youâve successfully completed the payment, the system will instantly release the crypto you purchased to your Funding wallet.
Notify the merchant of any missing payment detailsÂ
If you donât see the payment details on the order page (such as a QR code, bank account information, or payment app redirection options), notify the merchant immediately. The sooner theyâre notified, the faster they can resolve the issue so you can continue the transaction.Â
Avoid making double payments in the same orderÂ
To prevent making a double payment, always double-check that youâre transferring the correct amount before confirming your order. In case of payment failure, please try again after confirming the previous payment status.Â
Donât file a bank chargebackÂ
If the payment is successful on your end but the order was not automatically released, donât file a bank chargeback. Contact the merchant via the chat on the order page or reach out to our support team for help. We will prioritize this issue and resolve it for you as soon as possible.Â
How Do I Apply to Post Ads With Automated Payments?
As mentioned earlier, only trusted whitelisted merchants will be selected to support automated payment methods on Binance P2P currently. If you have questions on how to post ads with automated payment methods, feel free to initiate a chat with the Telegram LightningPayments Bot. Click [Start] on the menu and select the automated payments that youâre interested in.
Further Reading
(Blog) Intro to Peer-to-Peer Trading: What is P2P Trading and How Does a Local Bitcoin Exchange Work?
(Support) P2P FAQ CenterÂ
Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor its merchants shall be responsible for any loss after a completed payment.