How to Use ZendFx for Payments on Your ZendWallet Account

The ZendFx feature is now available on ZendWallet Business accounts, making it easier for businesses to process payments in multiple currencies, including USD, EUR, CAD, and GBP, using cryptocurrency. 

Whether you’re sourcing goods or paying service providers, ZendFx ensures fast and secure payments directly to beneficiaries worldwide.

Here’s a comprehensive guide to help you set up and use ZendFx for your business transactions.

Setting Up Your ZendWallet Business Account

To access the ZendFx feature, you’ll need a ZendWallet Business account. Follow these steps:

1. Sign Up for ZendWallet Business
   • Visit ZendWallet.com and register for a Business account. Provide your business name, email, and other essential details during registration.
2. Complete KYB Verification
   • As part of compliance requirements, you’ll need to complete the Know Your Business (KYB) verification process. Submit the following details:
     • Business name and registration number
     • Tax Identification Number (TIN)
     • Relevant supporting documents (e.g., certificates of incorporation)
3. Add Directors and Team Members
   • For better management, you can invite directors and team members to your account. Assign permissions based on roles to streamline operations.

How to Get Started with ZendFx

ZendFx allows businesses to make payments in USD, EUR, CAD, or GBP by converting cryptocurrency (USDT or USDC) into fiat currency. Below is the step-by-step process to initiate transactions.

Step 1: Access ZendFx

Log into your ZendWallet Business account and navigate to the ZendFx section.

Step 2: Confirm Payment Requirements

Ensure your payment details meet the following criteria:

• Minimum Payment: $1,000
• Maximum Payment: $1,000,000 per transaction
• Accepted Cryptocurrencies:
  • USDT (Tether)
  • USDC (USD Coin)
• Supported Fiat Currencies:
  • USD (United States Dollar)
  • EUR (Euro)
  • CAD (Canadian Dollar)
  • GBP (British Pound)
• Required Documents:
  • Invoice or contract supporting the payment

Step 3: Enter Beneficiary Details

Provide the following details about the payment recipient:

• Beneficiary Name: Full name of the recipient
• Beneficiary Email: Valid email address
• Phone Number: Include the country code (e.g., +1 for the USA)

Example:

• Beneficiary Name: Stephen Sowunmi
• Email: stephen@zendwallet.com
• Phone: +234 814 069 7549

Step 4: Enter Beneficiary Bank Details

Next, provide the recipient’s bank details to ensure correct routing of funds:

• Bank Name: The name of the bank receiving the payment
• Account Number: Recipient’s bank account number
• SWIFT Code: Unique identifier for the recipient’s bank (available on their website or customer service)
• Bank Address: Physical address of the recipient’s bank

Example:

• Bank Name: Bank of America
• Account Number: 2228907421
• SWIFT Code: 026003269
• Bank Address: London, UK

Step 5: Specify the Beneficiary Address

Provide the full address details for the recipient:

• Street Address: Orchid Street, 11b
• City: Lagos
• Postal Code: 101223
• State: Singapore
• Country: United States of America

Step 6: Select Cryptocurrency

Choose the cryptocurrency you wish to use for the payment:

• USDT (Tether)
• USDC (USD Coin)

Step 7: Choose the Payment Currency

Select the foreign currency for the transaction:

• USD (United States Dollar)
• EUR (Euro)
• CAD (Canadian Dollar)
• GBP (British Pound)

Example:

• Balance: 20,000.232 USDT
• Rate: 1 USDT = 1 USD

Step 8: Enter Payment Amount

Specify the amount to be sent. The equivalent cryptocurrency amount will be automatically calculated.

Example:

• Amount: $50,000 USD
• Equivalent in USDT: 50,050 USDT

Step 9: Upload Payment Invoice

Each payment requires an invoice to verify the transaction. Ensure the document is in the correct format and size:

• Supported File Types: JPEG, PNG
• Maximum File Size: 2MB

Step 10: Enter Invoice Number

Include the invoice number as it appears on the uploaded document. Ensure accuracy to avoid delays.

Example:

• Invoice Number: 00 000 0000 00

Step 11: Leave a Note (Optional)

You can add a note specifying any important details about the payment for additional context.

Step 12: Verify Your Transaction

For security purposes, enter:

• 6-digit verification code sent to your registered email address
• Your transaction PIN to finalize the payment

Step 13: Submit Your Transaction

Review all details carefully and click Save and Proceed to submit the transaction.

Processing Time and Confirmation

• Payments typically take 24–72 business hours to process. Ensure this timeframe aligns with your business needs.
• Once processed, you will receive a confirmation message:

Example:

• “Congratulations! Your ZendFx transaction was submitted successfully.”

Final Notes

With ZendFx, businesses can handle cross-border transactions seamlessly, ensuring payments are secure, legitimate, and processed efficiently. 

Whether you’re sourcing goods from China, paying vendors in Tanzania, or transferring funds to Europe, ZendFx has you covered.

For further assistance, visit our Help Centre or contact us at support@zendwallet.com.