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P2P-transfers: money exchange within MC Pay

Last update: 04.07.2022


In MC Pay, users can make p2p transfers - exchange funds with each other right inside the system. The transfer is carried out in a couple of clicks, and the recipient can withdraw them from the balance in any way convenient for them.

 

What is it for?

Often creators have a whole team that helps them film videos: cameramen, editors, scriptwriters, designers... All of them might live in different countries. How to pay everyone when money comes from YouTube or an advertiser?

And how to share income with the channel's co-creators?

What if you yourself urgently need money? A friend in the MC Pay system will be able to help you out, and you will receive the required amount to your balance instantly. It's the same with debts: you can pay them back in just a few seconds.

MC Pay transfers are instant and convenient!

What is important for sending and receiving a transfer?

● Confirmed email

● Passed KYC verification

● Configured two-factor authentication (2FA)

● The user can't a legal entity (should be a physical entity, including sole proprietor)

What are p2p transfers?

These are non-commercial transfers between users. Information about completed transfers – invoices – can be viewed and downloaded in the desired language.

How do I make a transfer?

When you click on the button Transfer on the balance card and select the recipient, a window opens for entering the transfer amount. Amount is the amount of money that will be credited to the transfer recipient. You can also leave a comment for the transfer recipient.

The amount of the write-off and the commission are displayed under the form.

If you transfer Credits, then by clicking on the Details you will be able to see detailed terms of their use and the commission amount. The commission for the use of Credits is added to the transfer amount. For example, you have the opportunity to withdraw Credits with a commission of 5.9%. You want to send 100 of them to a friend. In this case, the commission amount will be added to the transfer amount and the balance will decrease by 105.9 credits.

On parties responsibilities and refund policy

Transfers within the system are a personal matter of users. The MC Pay team is not responsible for erroneous transfers and disagreements between the participants. We do not act as intermediaries and do not influence the actions of recipients or senders.

We do not refund the money that you transferred to another user. This can only be done by the recipient himself.

Important point

 

Starting 06.06.2022, a transfer commission of 1% is introduced within the system


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