Policies

The price of cryptocurrencies is very volatile, which implies there is always a risk of loss of value for both customers and Paybis when doing a transaction. In order to ensure fair conditions for both parties, we have a dynamic cryptocurrency estimates policy in place.

Here is how the policy applies to transactions in which customers BUY cryptocurrency from Paybis (hereafter referred to as ‘BUY transactions’):

In all BUY transactions, the cryptocurrency price—and hence the cryptocurrency amount to be sent to customer—is fixed for 15 minutes. Once 15 minutes have passed from the moment of transaction initiation, the cryptocurrency price is updated once a minute for the transaction’s remaining duration.

The cryptocurrency rate is fixed for 15 minutes to ensure most of our clients are receiving the exact amount of cryptocurrency indicated at the start of the transaction. Most payments are approved within 15 minutes. Therefore, most transactions will not be affected by this policy. However, due to reasons beyond our control, some payments require more time (for example, delays from banks or from our credit card processing provider). In order to ensure there are no losses for either of the parties due to a change in the price of a cryptocurrency, the amount of the cryptocurrency to be sent to the customer will be recalculated based on the market price at the very moment we get your payment confirmation.

Here is how the policy applies to transactions in which customers SELL cryptocurrency to Paybis (hereafter referred to as ‘SELL transactions’):

In all SELL transactions, the cryptocurrency price—and hence the fiat amount to be sent to customer—is fixed for 15 minutes. Once 15 minutes have passed from the moment of transaction initiation, the cryptocurrency price is updated once a minute for the transaction’s remaining duration.

The cryptocurrency rate in SELL transactions is fixed for 15 minutes because usually it takes no longer than 10 minutes for a cryptocurrency transaction to be confirmed on the cryptocurrency’s blockchain. Cryptocurrency transaction confirmation time depends on several factors, but the main factor is the transaction fee paid by the sender. Therefore, customers need to make sure they pay the fee as this will ensure quick confirmation of their transaction.

In order to estimate the current fee needed for quick confirmation of a Bitcoin transaction, please check this page: https://bitcoinfees.earn.com/.

Note: The initial “fixed” price of cryptocurrency, as well as its “dynamic” price, is calculated based on the average cryptocurrency price across several major Crypto-Fiat exchanges (i.e. Kraken, Bitstamp, Bitfinex, etc).


Last updated: January 27, 2023