How to Use Quick Receive and Quick Cancel on P2P Orders?
2024-01-16 07:13
Sell Order
Buy Order
Frequently Asked Questions
Last updated: 6 Jan 2025
Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.
What are Quick Receive and Quick Cancel?
The Quick Receive and Quick Cancel functions allow P2P Merchants to receive a buy order’s crypto or cancel a sell order when the counterparty is not responsive. After initiating the function, the system will automatically release the locked crypto to the merchant, and freeze the same amount of their merchant deposit for three days as custody. This enables merchants to utilize their deposited funds in a more flexible way.
How to use Quick Cancel for a sell order (for P2P Merchants only)?
Please note that any misuse or misconduct will lead to the disqualification of your merchant status.
When you receive a sell order and the counterparty marks the order as paid, but you haven't received the payment, you can follow the instructions below to initiate the Quick Cancel function.
1. Wait for the appeal countdown to end. If you still cannot receive the counterparty’s payment, click [Appeal].
2. Depending on your selected appeal reason and merchant deposit amount, you’ll see the options:
[Quick Cancel]: If your merchant deposit is sufficient to cover the order amount, you can cancel the order and unlock your crypto. The same amount of merchant deposit will be frozen for three days.
Read the notes carefully and click [Cancel order] to proceed.
[Appeal]: If your merchant deposit is insufficient, you can submit an appeal, and the Customer Support team will assist you.
How to use Quick Receive for a buy order (for P2P Merchants only)?
Please note that any misuse or misconduct will lead to the disqualification of your merchant status.
When you receive a buy order and you’ve paid, but the counterparty doesn’t respond, you can follow the instructions below to initiate the Quick Receive function.
1. Wait for the appeal countdown to end. If the counterparty still doesn’t release crypto, click [Appeal].
2. Depending on your selected appeal reason and merchant deposit amount, you’ll see the options:
[Quick Receive]: If your merchant deposit is sufficient to cover the order amount, you can unlock the seller’s crypto. The same amount of merchant deposit will be frozen for three days.
Before you can receive the crypto, you must submit at least one payment proof. Read the notes carefully and click [Quick Receive]. After that, the system will release the seller’s crypto to your Funding Account.
[Appeal]: If your merchant deposit is insufficient, you can submit an appeal, and the Customer Support team will assist you.
1. Is this function only available on Merchant Portal?
[Quick Cancel] and [Quick Receive] are now available on Binance App, Web, and Merchant Portal.
2. I paid the seller, but my order was canceled by Quick Cancel. What can I do?
When the seller cancels your order with the Quick Cancel function, the order will be marked as complete and you’ll see a “Cancelled by seller” tag at the top of the order page.
If you’ve already paid the seller, but the order was canceled, please check with the merchant seller directly, or contact Customer Support for assistance.
3. I didn’t receive the buyer’s payment, but my crypto was released by Quick Receive. What can I do?
When the buyer unlocks your crypto with the Quick Receive function, the order will be marked as complete and you’ll see a “Released by buyer” tag at the top of the order page.
If you didn’t receive the buyer’s payment but your crypto was released, please check the merchant’s payment proof or contact Customer Support for assistance.
4. Why can't I use the Quick Receive/Cancel function for my order?
The Quick Receive/Cancel function is only available for USDT orders.
