Frequently asked questions

What is PayCek?
PayCek is an electronic payment service processing cryptocurrency payments, intended for all entities making the payment (merchants, caterers, webshops, fiscal cash registers, polyclinics, hoteliers, etc.), with HRK or EUR paid to the account.
What are the advantages of introducing PayCek?
By introducing the PayCek electronic payment services, you are opening yourself to a new market and accessing the state-of-the-art payment technology, allowing you to offer the existing clients to pay your products/services in cryptocurrencies, and to attract a completely new group of clients. PayCek will give you a competitive edge as it follows global trends, and it is free of charge (there are no transaction/commission fees) so it provides cost optimization as well.
Do I have to understand cryptocurrencies to introduce PayCek as a payment option?
No. PayCek electronic payment service is designed quite simply: the idea is that you do not have to deal with cryptocurrencies to give the possibility to your customers to pay in cryptocurrencies. HRK or EUR will be deposited to your account.
What cryptocurrencies does PayCek support?
PayCek currently supports 6 cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), Ripple (XRP), EOS and DAI.
How much does PayCek cost? What are PayCek fees?
By default, it is free of charge to the merchants. No fee is charged for account creation nor maintenance, and the transaction fee is not paid by the merchant. The merchant can adjust profile settings to cover a part of or the whole transaction fee, if they want.
What is an account, and what is a payment profile?
An account represents a legal or natural person willing to accept crypto as a mode of payment. An account can have one or more payment profiles. A payment profile is used for incoming payments, payment orders and transaction overview. The payment profile is linked to the currency (HRK or EUR).
What is a test payment profile?
A test payment profile is a profile not handling real money or crypto. It is used for easier integration of PayCek into your system.
Is there a minimal or a maximal amount of a transaction via PayCek service?
The minimal transaction amount is HRK 0,01 or EUR 0,01, whereas the maximum transaction amount is the limit regulated by applicable legislation at the moment of transaction processing.
Where are the payments registered after transaction completion via PayCek service?
PayCek payments are registered and are visible in your PayCek user profile automatically after the completion of the payment to the client. Under the General Usage Terms, PayCek automatically makes the withdrawal to your IBAN account when the balance of your PayCek account exceeds the selected amount (max HRK 7500 or EUR 1000, min HRK 200 or EUR 30). For automatic withdrwal settings, go to profile settings and click the Automatic withdrawal tab.
Why did PayCek initiate a withdrawal on its own to my bank account?
Under the General Usage Terms, PayCek automatically initiates a withdrawal to your IBAN account when the balance of your PayCek account exceeds the selected amount (max HRK 7500 or EUR 1000, min HRK 200 or EUR 30). For automatic withdrwal settings, go to profile settings and click the Automatic withdrawal tab.
Can I keep my payments in cryptocurrencies?
This possibility is currently is not available. Conversion into HRK or EUR is made right after cryptocurrency detection in our wallet.
How fast are the payments?

The speed of the payments depends on the currency and the amount. For XRP, XLM, and EOS, payments will always be almost instant. For BTC, ETH, and DAI, payments will be slower due to the nature of the protocol. If the amount is lower than 1000 HRK or 130 EUR, payments will be relatively fast (depending on the blockchain congestion). If the amount is higher than 1000 HRK or 130 EUR, payments will be slower because we are waiting for more confirmations on the blockchain.

If you have a business in which speed is the key, and you can't wait for the payments to be confirmed, just got to the profile settings and check "Fast payments only". In that case we will only offer fast currencies to the user.

What is COINMAP?

COINMAP.org is an interactive digital map where you can browse crypto locations per service type and search through known data. All locations have a short description and contacts you can directly reach via Facebook or phone, and the arrival to the destination is supported by Google Maps links.

Upon registration of your PayCek profile at www.paycek.io, you can mark a checkbox to select your point of sale, so it is automatically added to Coinmap. This will allow all users of cryptocurrencies to find your easily.

How do I issue an invoice to a customer if the payment is made via PayCek?
All your invoices are issued in HRK, and "Other" is stated as the mode of payment. If you don’t have the option "Other", you can choose "Transfer order" or "Transactional account".
How are the payments made via PayCek handled in accounting terms?

Once a month, Electrocoin d.o.o. sends automatically to your e-mail address all required accounting statements. Just send these to your accountant, and that’s it. The invoice number is automatically shown on the accounting statement. You will receive two statements once a month for your accounting service:

  • statement on all invoices paid in cryptocurrencies
  • statement on all bank payments received from us (Electrocoin d.o.o.)

Your accounting service will then link the statement data with invoices, cryptocurrency payments and bank transactions.

Am I required to fiscalize the invoices if I am not subject to fiscalization?

Payment via our platform is not considered a cash payment, therefore we are not subject to the Fiscalization Act on Cash Payments (under Article 2(6) of Fiscalization Act on Cash Payments).

If you are not subject to fiscalization and you were not required to fiscalize your invoices so far, then you are not required to do so in relation to using our PayCek platform.

What if the customer decides to return the goods purchased via PayCek?

The merchant enables cryptocurrency payments, however, they receive the funds to their bank account in HRK or EUR, so they can make the refund according to customer’s wishes:

  1. directly from the bank account to the customer’s account
  2. cash payment at the point of sale
  3. via PayPal
Is there a risk of a certain cryptocurrency losing its value, and consequently losing a part of my profit?
No! All risks of volatility are taken by PayCek. You always receive the amount you charge. Therefore, if something costs 100 HRK, you receive 100 HRK.
Is there a time limit for executing payment?
Once a client chooses a cryptocurrency for making the payment, they have a time limit of 15 minutes to send the cryptocurrency from their wallet to the shown address.