Last updated: 19 November 2024
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What is a Binance Pay Merchant?
As a Binance Pay Merchant, you will be able to accept crypto payments for your business through a fast, simple and secure way; and utilize a variety of Binance Pay products that Binance offers for your business needs, whether it be online, offline, or app-based transactions.
How do I apply for a Binance Pay Merchant account?
Register for a Binance Pay Merchant Account
1. You will need to have a Binance Entity Account before registering as a Merchant. Log in or sign up for an Entity Account before proceeding to the merchant application.
2. Submit an application here.
3. Fill in your Business Information as either a Direct Merchant or a Channel Partner.
- Direct Merchant: Physical or online store owners who wish to sell products & services through Binance Pay.
- Channel Partner: Licensed financial institutions or third party agencies that can help merchants access Binance Pay (e.g. Payment Processors/Aggregators/Acquirers).
- Technical Service Provider (Apply under Channel Partner): Third parties that enable their merchants to integrate with Binance Pay e.g. payment platforms, software solutions.
Select the Channel Partner option if you are a Channel Partner or a Technical Service Provider.
4. Proceed to Entity Verification.
Entity Verification
For more information or guidance, you may refer to the step-by-step guide here.
Note: After submission, you may be required to provide additional documents to complete your application.
Sign the Binance Pay Agreement
- Direct Merchants: Access the agreement signing in the Merchant Management Portal (MMP).
- Channel Partners & Technical Service Providers: Request a copy of the agreement from your Account Managers/BDs.
Frequently Asked Questions
Click to expand and learn each topic below:
Where can I check the status of my application?
1. Go to the Merchant Management Platform.
2. Click [My Profile] and you will see your application status.
3. If your verification has failed, you can click [View Detail] to see the rejection reason(s).
You may click [Verify Again] or [Apply Again] to complete verification again.
If you have any questions about your application status, you can contact us via merchant@binance.com.
How to increase my daily transaction and withdrawal limits?
The daily transaction and withdrawal limits vary depending on your VIP level, as per the table below. To further increase your limits, we need additional information from you to better understand the nature of your business. Click [My Profile] - [Lift Limit] to submit a ticket.
Important Note: These are your limits for using the merchant management platform. We reserve the right to revise these limits any time according to our policy.
How are the daily limits calculated?
The system calculates limits in a 24-hour rolling. When your order is successfully filled, we will deduct the amount from your limits.
For example, you created a 1,000 USD order at 23:00 on August 18 (UTC+0), and the customer paid at 00:15 on August 19 (UTC+0), the 1,000 USD will be deducted from your transaction limit on August 19.
When I submit the Corporate Account application, it shows that “Personal verification has passed” and I cannot proceed to the next step. What can I do?
If you have used the same email to verify for a Personal Account on Binance.com, you cannot upgrade to a Corporate Account. Please use another email to submit your Corporate Account application.
What documents are required for a Corporate Account application?
The documents required vary for different corporate types. Please refer to the list (not exhaustive) shown below. For example, you need to prepare:
1. A copy of the original Certificate of Incorporation and Business Registration;
2. Memorandum and Articles of Association / Constitution / By-laws / Operating Agreement;
3. A letter of authorization;
Please issue a letter of authorization to Binance and indicate the Binance login email, applicant’s position, authorizing the applicant to operate a Corporate Account on behalf of the company. Note that it must be dated within the past three months. If the company has only one director, then the Letter of Authorization may be signed by that sole director. If the company has more than one director, it should be signed by at least two directors. If using a template, ensure that it is customized to fit your own situation.
4. An official Company Report or Government Documents issued within the last 12 months, including:
a) A list of current directors (natural person),
b) A list of ultimate beneficial owners (natural person), and their percentage of holdings, etc.
5. An ownership structure;
6. Valid passport copies/IDs of the directors, UBOs, and traders. Please do not upload edited photos/images;
7. A Sanctions Questionnaire.
Why do I need to submit additional documents?
In order to comply with local government regulations, we may require additional information from you. Binance uses Identity Verification to ensure the security of users’ funds, therefore, please ensure that the information provided to us is accurate.
Why is my application rejected?
Binance Pay is committed to becoming a compliant financial service provider. We work closely with legal advisors and pay close attention to the development of industry regulations to ensure that we provide merchants with safe and reliable payment solutions. Any application that does not meet the regulatory requirements will be rejected.
Can I apply multiple Binance Pay Merchant accounts?
No, you can only own 1 merchant account.
How do I manage Payment and Refunds?
Merchants have the ability to view orders and address payment exceptions directly from [Transactions] in the Merchant Management Platform.
1. You can filter orders by the [Paid] or [All] tabs.
- The [Paid] tab only shows orders that are paid by your customers.
- The [All] tab allows you to view all orders you created, including paid or unpaid orders.
Additionally, you can search by the different filters available by selecting [More].
2. To view order details, click [Details] next to an order.
You can see the following details: Order ID, Total Payment Amount, Order Status, Merchant Reference, Product Description, Time that the order was created, Time that the order was updated, and the Binance ID.
If this order has been refunded, details will be reflected here.
3. You can also click the [Refund] button to review the dialog and enter the amount you want to refund. Each transaction can only be refunded 10 times.
You can choose to refund the full or partial amount of a fully paid order.
How do I withdraw crypto?
You can transfer crypto from your merchant account to an external platform or wallet.
1. Log into your Binance account and go to the Merchant Management Platform. Click [Balances] - [Withdraw].
2. Click the [Crypto] tab.
3. Select the cryptocurrency you want to withdraw.
4. Next, enter the recipient address or select from your address book list.
5. Select the network. You will also see the network fees for this transaction. Please make sure that the network matches the addresses network entered to avoid withdrawal losses.
6. Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you will receive. Click [Withdraw] to proceed.
7. You need to verify the transaction with 2FA devices. Please follow the on-screen instructions.
Please note that if you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please make sure that the information is correct before making a transfer.
To learn more about other Binance Pay products, visit Binance Pay FAQs.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Please fund your wallet and perform your transactions cautiously. Not financial advice. For more information, see our Terms of Use, Binance Pay Terms of Use and Risk Warning.