Key terms
- 2FA
The two-factor authentication is an additional method of authentication that adds one more layer of security to your account. It assumes that, when signing in, in addition to your credentials, you also enter a unique one-time and time-limited confirmation code.
B2BinPay provides two options for 2FA: you can receive confirmation codes to your email or in your Google Authenticator app.
We strongly recommend that you and all the members of your team enable 2FA as it’s an essential means of protecting your finances. We recommend using Google Authenticator as a more reliable option, since accessing your email is easier for third-parties than taking physical possession of your device.
- Activation fee
This is a deposit that you have to make to your wallets denominated in specific currencies in order to activate them.
After the wallet that require confirmation is created, you’ll receive a message on the Notifications page indicating the required deposit amount. Once deposited, the fee amount is frozen on the wallet and the wallet is assigned the Active status. You can use your Merchant wallets to deposit the required amount of funds.
Refer also to Blockchain fee and Commission to learn about other commission types.
- AML
Anti-money laundering is certain regulations and laws that prevent illegal movement and laundering of funds.
B2BinPay provides a built-in obligatory AML check for all incoming transfers. The check is performed on the side of a connected AML provider. If a transaction is considered suspicious, it’s assigned the Blocked status and is subject to further actions by the B2BinPay Compliance department.
- Bank withdrawal
This is a withdrawal of fiat funds from your Merchant wallet denominated in the same fiat currency to your bank account.
B2BinPay provides three types of bank withdrawals:
a one-time withdrawal — a single withdrawal of a fixed amount.
a regular withdrawal with a fixed amount — a withdrawal that is triggered every time when the wallet balance reaches the specified amount plus the commission amount.
a regular withdrawal with a changing amount — a withdrawal where you additionally specify the minimum amount that should be left on your wallet after the withdrawal. This withdrawal is triggered every time when the wallet balance reaches the amount calculated as Withdrawal amount + Leftover amount + |project_name| commission amount.
To create bank withdrawals, you have to provide your bank details to your B2BinPay manager.
- Blockchain fee
This is a blockchain commission for on-chain transactions that is charged from a sender.
When sending funds, you can choose from possible fee options: low, medium, high, or custom. The higher the fee, the faster the transaction processing in the blockchain.
Refer also to Commission and Activation fee to learn about other commission types.
- Callback
This is a
POSTrequest sent to a user’s callback URL to notify about new transactions (deposits or payouts) in the blockchain.By default, the callback is sent after a transaction receives the required number of confirmation blocks in the blockchain. This number is determined in the currency settings in the B2BinPay Back Office.
It’s also possible to receive additional callbacks by specifying a required number when creating a deposit or payout. In this case, two callbacks are sent:
upon receiving the number of confirmations specified for a particular deposit or payout
upon receiving the number of confirmations specified in the B2BinPay settings
- Coin
This is a cryptocurrency that can operate independently in its own blockchain.
- Commission
This is a commission charged by B2BinPay for incoming transfers or custom tokens.
Refer also to Activation fee and Blockchain fee to learn about other commission types.
- Confirmation block
This is a process of transaction confirmation in the blockchain. A transaction is verified in the blockchain and the blocks are added to the transaction thus confirming it.
Until the required amount of blocks is received, the transaction is assigned the Unconfirmed status. The number is specified in the currency settings in the B2BinPay Back Office.
When creating a deposit or payout, you can specify additional number of confirmations. Then, the corresponding transaction is assigned the Confirmed status as soon as the number of confirmations specified in this field received.
- Custom token
This is a token created by a B2BinPay user in the Ethereum, Binance Smart Chain, or Tron blockchains. The B2BinPay commission for custom tokens processing is fixed and charged on a monthly basis.
- Deposit
This is an invoice that you create in B2BinPay to receive payments from other people.
Deposits can be made to your Enterprise or Merchant wallets. All the deposits to Enterprise wallets must match the wallet currency and are always on-chain. The deposits to Merchant wallets can be made in any currency, including the option when payers select the payment currency themselves. Payments from other B2BinPay Merchant wallets can be off-chain. For the deposits to Merchant wallets, you can also specify various time and amount limits.
You can enable callback sending for any deposit to be notified about new deposit-related transactions.
Deposits shouldn’t be confused with direct deposits.
- Destination tag
This is a special identifier used for transactions in XRP. It’s used to indicate the recipient of the payment. The absence of the destination tag or incorrect destination tag results in payment rejection or irreversible loss of funds.
The destination tag for Stellar-based currencies (memo) can be applied both to deposits and withdrawals. You can indicate the following memo types:
MEMO_TEXT— a string encoded using either ASCII or UTF-8; maximum length is 28 bytes.MEMO_ID— a 64-bit unsigned integer.
- Direct deposit
This is a crediting of funds to your own wallet.
Direct deposits should not be confused with deposits.
- Enterprise wallet
This is a B2BinPay account enabling you to send, receive, and store funds in cryptocurrencies.
Enterprise wallets support transactions in the same currencies in which they’re denominated. All transactions involving Enterprise wallets are on-chain.
- Event
This is a system notification that require your attention or action.
- Gas
This is a commission charged for processing token transactions in the Ethereum blockchain.
- KYC
The Know Your Customer or Know Your Client are standards for financial institutions obliging them to verify a client’s identity before carrying out financial transactions.. The aim of KYC is to better understand the clientele, monitor financial transactions, reduce client risks, and prevent bribery and corruption.
B2BinPay provides a built-in obligatory KYC check of all new clients. After signing up for B2BinPay, you’ll be asked to provide certain information and documents verifying your identity to complete the KYC procedure.
- Merchant wallet
This is a B2BinPay account enabling you to send, receive, and store funds either in fiat or in cryptocurrencies.
Merchant wallets support transactions in various currencies that may differ from the currency in which the wallet is denominated. Transactions between B2BinPay Merchant wallets can be off-chain.
- Minimal transfer amount
This is a minimum amount of an incoming transfer to an Enterprise wallet, in the wallet currency.
Payments below the specified amount will be automatically rejected. This can be useful if the blockchain fee exceeds the transaction amount. You always can accept such transfers manually.
- Off-chain transaction
This is a transaction between B2BinPay wallets.
Such transactions don’t require block confirmations or the blockchain fee. Some transactions between Merchant wallets can be off-chain, but you always have an option to process them on-chain if it’s important for your business processes.
- On-chain transaction
This is a transaction processed in the blockchain.
Such transactions require block confirmations and the blockchain fee. All transactions involving Enterprise wallets are on-chain.
- Parent wallet
This is an Enterprise wallet to which a wallet denominated in tokens is linked.
The parent wallet must be created in the same blockchain as the token. The B2BinPay commission for token processing is charged from the parent wallet. Each parent wallet can serve as the parent for a single token wallet, it’s not possible to link two token wallets to the same parent wallet.
- Payout
This is a payment, withdrawal, or transfer made from your Enterprise or Merchant wallets.
All the payouts from Enterprise wallets must match the wallet currency and are always on-chain. The payouts from Merchant wallets can be made in any currency, payments to other B2BinPay Merchant wallets can be off-chain.
For Merchant wallets denominated in fiat currencies, B2BinPay also supports bank withdrawals.
- Stablecoin
This is a cryptocurrency, the price of which is pegged to a reference asset, such as fiat currency, precious metal, and so on.
- Swap
This is a currency exchange operation between your Swap wallets.
Swap operations are always off-chain. You can exchange all available currencies, including fiat, coins, and tokens.
- Swap wallet
This is a B2BinPay account enabling you to swap currencies.
Swap wallets can be denominated either in crypto or in fiat currencies, but you can only create one wallet per currency. Swap wallets aren’t linked to your Enterprise or Merchant wallets, but you can transfer funds between your Swap and Enterprise/Merchant wallets denominated in the same currency.
- Rate
This is a current exchange rates for currency conversion.
- Token
This is a digital asset that is linked to a fiat currency.
- Transfer
This is any crediting or debiting of funds registered on the wallet.
For more information on operation types, refer to Transfer types.
- User role
This is a set of permissions assigned to a user, enabling to perform certain actions in B2BinPay.
- Wallet
This is an account of a B2BinPay user.
B2BinPay supports two wallet types for various purposes: