dansbanners wrote on 13
th Oct, 2017 at 3:31pm:
So, how does it work with the pay processors involving bitcoins?
Since the question is mostly regarding Bitcoin I moved it here in order to be easier to find.
There are sites like typical payment processors that work with Bitcoin that are usually called Bitcoin wallets.
With that in mind, they work pretty much like normal wallets..
Since Bitcoins are not a physical currency to put in your real wallet, you need a virtual wallet to hold them there.
Only difference is that whenever you open it to pull out some cash and pay someone, they tend to hold a fee.
But there are no fees when the money is incoming.
Since, I've only used Payza so far.. I can only help with that one.
To perform a payment through Bitcoin, you need to have a Bitcoin balance and the amount you have to pay, available there plus a fee of 0.0005 BTC.
You can click on Exchange, to transfer money from your USD balance to your BTC balance but here's also a catch.. The amount you sell the Bitcoin is not the same as you buy it. So, converting USD to BTC is happening at a reduced value than the current one, while the opposite is normal.
Then if you have made that amount available in your USD balance, you click on "Withdraw Funds", then enter the address of the seller, and the amount you wish to send him (including the 0.0005 BTC fee). Payza will hold the fee and send the exact amount to the seller.
Then the seller's middle man (Bitcoin Wallet/Processor) will confirm the transaction and you're done.
To get paid directly in BTC you need to go to your "Wallet" section and select "Cryptocurrency Address Manager". You can generate a new address there (that's a unique alphanumeric code and a qr that points to it). You can set this address at each program's account settings where the Bitcoin address field is. And you can use different addresses for each program (for tracking purposes).
Others, may help with other Bitcoin Wallets..