What is InstantPay?

Summary

While selling crypto, you can now trade with offers with the "InstantPay" badge. This allows you to receive immediate cash payments into your bank accounts when selling crypto.

Trading with InstantPay offers means that your transactions will be much faster, safer, and more convenient for all parties involved.

What does InstantPay mean for you?

Whether custodial or non-custodial, one of the biggest drawbacks of peer-to-peer platforms is the time it takes for users to complete transactions. If you've ever sold crypto, you're familiar with the process: the merchant has to log in to their bank account, and then make a transfer to the seller. The seller then has to confirm receipt of cash before the crypto is released and the transaction is completed.

InstantPay eliminates most of these steps and helps you go from crypto to cash in just a few seconds. Once your order has been initiated and your crypto held in secure escrow, cash is released immediately into your account. You only need to confirm receipt to complete your order.

Only selected merchants carefully chosen by Onboard are able to support InstantPay. If you're an Onboard merchant and you'd like to support InstantPay, apply here and our team will contact you.

Benefits of InstantPay

At Onboard, we strive to provide the simplest and most delightful platform for managing your digital assets. InstantPay enhances your experience by eliminating delays in receiving payments, helping you go from crypto to fiat more efficiently and seamlessly.

Here are some of the benefits for both merchants and customers on Onboard:

For customers

You no longer need to wait for a merchant to manually send cash from their bank account or mobile wallet. Once your sell order is initiated and secured in escrow, you get your cash almost instantly.

Reduced chances of errors. You don't have to worry about receiving wrong amounts anymore, as InstantPay sends the exact amount on your order.

Safer, as only selected merchants are able to process InstantPay transactions.

For merchants

Little effort required to manage your orders. You can just set up an account and focus on liquidity management.

Reduced chances of errors, e.g. transferring to wrong accounts or sending wrong amounts as things are now fully automated.

Ability to accept multiple orders as long as you have sufficient liquidity (fiat for offramp, crypto for onramp).

Funds are still securely managed in your trading wallet.

How to Get Started Using InstantPay

For customers

To begin using InstantPay, follow these steps:

Visit the Sell page on the Wallet or the Market page on the Exchange.
On the Sell page, enter the amount of cryptocurrency you want to sell, and click on "Find Offers" to view a list of available offers.
Look for offers labeled with the "InstantPay" badge and a lightning icon, and then click on "Sell" for an InstantPay offer that suits your requirements.
Confirm the amount you wish to sell and proceed to initiate the order.
The order will be processed with InstantPay, and the cash will be instantly paid into your bank account.
Confirm receipt of cash and complete your order.

For merchants

If you're an Onboard merchant and you'd like to get started with InstantPay, apply here and our team will get in touch with you.

Tips for Using InstantPay

Here are some helpful tips to enhance your experience when using InstantPay:

Make sure to check for the InstantPay badge and notice

Look for offers with the "InstantPay" badge and lightning icon to ensure your order qualifies for immediate processing.

If you don't receive cash instantly

If by any chance, your cash isn't paid out automatically, the buyer will receive a notification to accept & process your order manually and send you cash. You can contact the buyer through phone, Telegram or Chat, while your order is ongoing.

If your order has been accepted and the buyer still hasn't sent you cash after a certain period, you can raise a dispute by clicking on the Dispute button within your order details. Our team will review all evidences thoroughly and process the order accordingly.

Updated on: 15/08/2023