In total we'll deduct
All Bitcoin transactions are final! Please double check receiver's Bitcoin address before sending.
Remember to send only Bitcoin (BTC) to this address. Don't send Tether (USDT) or Bitcoin Cash (BCH) to this address as you may not be able to retrieve these funds.
Coinbase Commerce allows you to be your own bank with all the benefits of a hosted service. It's no longer necessary to build and maintain infrastructure to monitor the blockchain; stay focused on running your business and leave the rest to us. Using public keys created on signup for each cryptocurrency, we're able to generate payment addresses on your behalf and continuously monitor the blockchain to detect when payments are made.
Customers can now pay you directly from their computer or mobile device using the blockchain as the settlement network. With cryptocurrencies you no longer need to collect and store payment credentials or sensitive customer information.
Payments today rely on customers populating forms with credit card information. This information is then used to pull payments directly from the customer. Cryptocurrencies are different. Instead, a wallet is used to push payments directly to the merchant. A customer specifies the amount of cryptocurrency along with an address before sending funds. In this way, cryptocurrency payments are push payments.
When a customer requests to pay with cryptocurrency, we create a charge representing the expected payment. A charge can be thought of as a request for payment in one or more cryptocurrencies. Since cryptocurrency payments are made over a separate network, a unique payment address per cryptocurrency is generated on charge creation so we can associate customers to their payments. When a customer makes a cryptocurrency payment, they generate a transaction that is then broadcast to the cryptocurrency network for validation/confirmation.
Once a charge is created we start monitoring these unique addresses on the respective networks to detect any inbound payments. Each charge has an associated payment status.
When we detect the customer’s transaction on the blockchain, the payment status changes to Pending. This means the payment has been detected but it has not yet been validated by the network. When the transaction is fully validated and confirmed by the blockchain network, the payment status changes to Completed. These unique payment addresses are monitored for up to 60 minutes. If no payment is detected after 60 minutes then the payment status changes to Expired.
In some cases, a customer may make a payment after the 60 minutes has passed. In this case the payment status changes to Unresolved with a reason of Delayed.
In other cases a customer may overpay, underpay, or pay more than once. When this happens the payment status changes to Unresolved with reasons Overpaid, Underpaid, or Multiple respectively. The Unresolved payment status can be manually updated to Resolved by the merchant to indicate that the payment issue has been resolved.
A list of all payment statuses can be found below:
Here's a visual representation of how all this works: