How does Waynance charge its fee?+
Through a smart contract: when the payment is authorized, the contract splits the transaction between the merchant's wallet and the Waynance fee. The fee amount will be set out in the terms of service.
Who controls the funds I receive?+
In a direct crypto payment, the funds are sent to the merchant's wallet. Custody and control of its keys belong to its owner.
Are crypto payments anonymous?+
In the intended flow, Waynance does not request the customer's identity for direct wallet-to-wallet payments. However, transactions are recorded on the blockchain and may be traceable. Legal obligations may apply depending on the jurisdiction and the service.
When is KYC or KYB required?+
The licensed third-party provider requests the relevant identity or business verification for the conversion, in addition to any checks applicable to the service.
Is fiat conversion instant?+
The process is designed to be very fast, but there are no guaranteed timeframes: they depend on the third-party provider, verification, network, currency and settlement.
Is Waynance a wallet or a card?+
No. Waynance is a payment acceptance system for merchants. The customer pays with any self-custody wallet, with WayCard via NFC or with contactless payment.