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Crypto

Swapin Guide 2022

Swapin is a crypto-to-fiat processing service that allows users to make crypto payments with automatic and instant conversion into EUR to an IBAN account. The platform offers solutions for both individuals and businesses: transfers, rent payments, Internet, utility bills, on-site ecommerce payments, invoicing, payroll, and more. Operations conducted by Swapin are legal because the company has an Estonian license and complies with European financial services standards.

Registration on Swapin

To start working with Swapin, the user needs to go to the official website https://www.swapin.com/ and register by clicking the button “Go to app” or “Get started”

 

The Swapin platform provides services for both B2B and B2C clients. Clients can register for a personal or corporate account.

  • Personal account: Users are required to enter an email address, set a password, and accept the Terms of Service.
  • Corporate account: To create a business account, you must specify the name and legal form of the company. After that, enter your Email and make up a password.

After the registration process, users will need to verify the associated email address. Users will receive a verification email to the specified email address. Open the email and click on  “Verify email” to confirm the email address.

Verification process

Swapin is an Estonian licensed platform that allows users to make crypto payments with automatic and instant conversion into EUR to a personal or business IBAN account. The identity verification process within the framework of AML is a required condition to engage with the platform. Due to the high European standards of financial services, you can legally and securely make purchases with cryptocurrencies or accept crypto payments.

After completing the registration procedure, the user must enter personal information.

Step 1

On the verification page, fill in all the required fields:

  • Full first and middle names
  • Full surname(s)
  • Code and Phone number
  • Country of residence
  • Birth country
  • Citizenship
  • Level of verification and limits

You also need to answer a couple of questions:

  • Are any of your relatives or co-workers a politically-exposed person?
  • I confirm that I use this account for my personal needs (I am the actual beneficiary).

After filling in all the fields, click “Save & Continue”.

Step 2

Next, users will need to provide a photo of the required document and a selfie with the document. Click “Start Verification”

For user convenience and safety, there are two options for accessing the Veriff website to upload documents:

Option 1: Scan the QR code that will automatically take you to the Veriff website.

Option 2: Using a phone number will generate a link via SMS message to the Veriff website.

Step 3

After clicking on the link, take a photo of your document, and also take a selfie with the document. Submit the photos of the documents for verification.

After successfully uploading the documents, click “Save & Continue” on the Identity Verification page.

Step 4

You need to select the level of verification and limit. On this basis you will be required to do the following:

Fill in the “Your address” section:

  • Country of residence
  • County / State
  • City
  • Postal Code
  • Address

After that, you need to confirm the address. If necessary, the company may require a legal translation of all documents into English.

What documents may be needed:

  • Utility bill
  • Credit card statement
  • Lease agreement or mortgage statement

You can download files in jpg, png, and pdf format.

Next, we specify the income information. Fill in the fields:

  • Purpose of transactions
  • Employer name
  • Net income
  • Source of funds

Click “Save & Continue”.

Solutions for individuals 

Swapin tools provide an opportunity to make crypto transfers with automatic EUR conversion to the recipient’s IBAN account. For example, users can send a transfer to friends or relatives, pay monthly rent, internet, utilities or loans.

InstaPay 

InstaPay is the solution for crypto transfers with instant conversion into EUR to the recipient’s IBAN account. With InstaPay, anyone can make large purchases with crypto, such as real estate or cars.

To make a transfer, go to the section “InstaPay” which is located in the header of the site in the “Overview” section. 

Fill in all necessary fields:

  • Predefined payment (select if you have predefined payments template)
  • Beneficiary’s name
  • Beneficiary’s IBAN
  • Amount €
  • Payment description
  • Receiver address (Street, City, Country)

After filling in all the required fields, select the cryptocurrency intended to send and click “Continue”.

In this section you have the ability to edit transaction details. You can also check if the wallet address is correct.

If you have vouchers with which you can pay the conversion and transaction fee, you can use it by clicking “Apply Service Fee Voucher”. Note: Vouchers cannot be used partially, and only one can be applied per transaction.

Swapin will fix the rate of the chosen cryptocurrency for 30 minutes. During this time, the user will need to make a transfer to the provided address. No matter how much the cryptocurrency exchange rate changes within 30 minutes, the transfer amount will not change for you, as well as the amount in EUR for the recipient.

After clicking “Continue” the order is now ready and in process. A transaction history of the process will be displayed in the History section.

It is located in the header of the site in the “All transactions“.

InstaFill 

InstaFill is a service connecting a user’s crypto wallet address with their bank account.​ Every time the crypto wallet receives cryptocurrency, Swapin automatically converts it and sends EUR to the specified bank account. The InstaFill solution is also suitable for miners or crypto companies that need to partially convert crypto revenue into fiat currency.

To work with InstaFill, go to your profile header, click “InstaFill” and then “Create new”.

  • InstaFill name
  • Select coin
  • Beneficiary’s name
  • Beneficiary’s IBAN
  • Beneficiary’s address
  • Click ‘‘Continue”

Swapin will connect the BTC account on the platform to the related IBAN. As soon as you fund the crypto account on the platform, the funds will be automatically converted into EUR and transferred to your bank account. After that, each cryptocurrency address will be linked to a specific IBAN.

Predefined payments 

The Predefined payments solution provides an opportunity to create templates for transfers and reuse it in the future. This feature is convenient for those who on a monthly basis pay rent, loans, Internet bills, and other utilities. After making a transaction, users can set up a reminder option about the date of the next payment.

To enter the Predefined payments section, you need to click on InstaPay in your profile header and then select “Predefined” and “Create new“. After creating a template, it can be selected in the future when sending a payment using InstaPay.

Fill in the fields:

  • Predefined payment name
  • Amount €
  • Coin
  • Recipient’s name
  • IBAN
  • Receiver address (Street, City, Country)
  • Description

Click  “Save”

Now, when you decide to send a payment via InstaPay, in the Predefined payments field, you can select one of your templates and send the transfer instantly, without having to enter data again. Crypto businesses can also use the Predefined payments feature to pay salaries or fixed expenses, such as office rent, servers, internet, and other payments.

Business solutions 

Swapin for business tools opens up the possibility for companies to issue invoices for payment in digital assets, with instant conversion into EUR to IBAN account. Moreover, online stores can integrate a widget to accept payments in crypto.

CoinCollector 

The CoinCollector tool enables businesses to issue invoices in EUR, which can be paid in cryptocurrency. After payment, the company receives fiat funds to a connected corporate IBAN account. Using this tool, the company generates a unique link for payment in crypto and sends it to the customer. The customer must select a suitable digital asset for payment, after which the Swapin service calculates the exact amount in cryptocurrency and provides the customer with a crypto wallet address to initiate the transfer. The amount is fixed for 30 minutes to protect the value of the cryptocurrency from volatility and protect both parties from risks. As soon as the blockchain transaction is confirmed, the seller will receive EUR in the connected bank account. Payment of the invoice is made in 2 simple steps:

Step 1

After receiving an invoice for payment from the seller, fill in all the required fields:

  • Select cryptocurrency
  • Enter amount in EUR
  • Payment Description
  • Referral number (optional)
  • Contact Email
  • Confirm the validity of the entered data
  • Click “Proceed”

Step 2

Send a crypto transfer to the provided address. The amount in cryptocurrency is fixed for 30 minutes to avoid the risk of exchange rate fluctuations for both the buyer and the seller.

E-Commerce Widget (E-com Widget) 

E-com Widget is a solution developed specifically for online stores. The tool allows merchants to quickly and easily integrate the acceptance of crypto payments on any website. The customer has the opportunity to make a purchase using cryptocurrencies, while the seller receives an instant transfer of the requested amount in fiat currency to the corporate IBAN account.

Available assets

Currently, Swapin supports top 10 popular cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Dash (DASH)
  • Tron (TRX)
  • USDT ERC-20
  • USDT TRC-20
  • USDC ERC-20
  • Service Coin (ESCT)

Service Coin (ESCT) is a stablecoin fully backed by the EURO (€), issued by Ungaro LLC (operator of Swapin.com) to enable customers to store their virtual assets in a fixed value cryptocurrency. Service Coin allows customers to make payments using the stablecoin and in the near future to buy and sell other supported cryptocurrencies. Service Coin is a private blockchain token and it is usable in the Swapin.com environment. Redemption value of 1 ESCT is 1€.

To date, only EUR is available for use among fiat currencies on Swapin. According to the roadmap, the company is planning to include support for GBP (in addition to EUR) in the second quarter of 2022.

Fees and Conditions

Account opening and maintenance is free of charge on the Swapin platform for B2B and B2C clients. There are no commissions or fees for replenishing an account or withdrawing in digital assets, but there are fees associated with making a transaction on the blockchain.

Personal account

In the personal account, users can find all the necessary information, make changes to personal data, as well as learn more about the partnership program and get a referral link.

All Transactions

Under “All transactions” users can see all the transactions they have made.

Rewards section

The platform has a partnership program, through which users can receive additional income and discount vouchers from referring friends or companies. To go to the partnership program section, click “Rewards” in the header of the site.

Here users can generate a personal referral link that can be shared on social networks, on a website, or blog.

From each invited and registered user, the referrer will receive a reward of 30% of the commission of each completed transaction that is made by invited friends or companies.

Summary

Swapin is an EU-licensed crypto-to-fiat platform formerly known as PiixPay. The company has been actively developing since 2017 and recently closed a funding round of €1.88M. Investments will be aimed at expanding the product line and European expansion. The company plans to launch the InstaBuy option by the end of the year – which allows users to buy cryptocurrencies – and obtain an EMI (Electronic Money Institution). It should be noted that the Swapin platform is highly rated and has many positive reviews on the Trustpilot website. This proves its reliability and popularity in the crypto community. Thanks to Swapin’s B2B and B2C solutions, companies can now pay employees in crypto and solve the problem of accepting and converting cryptocurrencies to fiat in a fast, simple, and legal way. Join now!

 

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