When you are making a payment using BoomFi you will see 2 crypto payment options:
1. Connect Wallet
2. Wallet Transfer
The difference between these 2 payment options explained
1. Connect Wallet
This is the most secure and convenient option. You simply connect your self custody wallet (such as Metamask, Rainbow, Trust, Coinbase, Phantom etc.) to the checkout. You will then be asked to sign the transaction, and your payment will be processed immediately after you signed the transaction.
Additional benefit of using Connect Wallet is that when you use any other chain than Ethereum, you will not have to pay any additional gas fees because BoomFi covers this. For Ethereum payments, you will have to pay extra network/gas fees due to it's fluctuating gas prices.
2. Wallet Transfer
The Wallet Transfer option is the traditional manual payment option where you manually send the payment to a dedicated BoomFi wallet address.
This method does leave more room for error as it is the customer's responsibility to take gas and exchange fees into account when making a payment.
Exchanges often charge their fees off the total amount you enter. This means that if you do not add an extra amount for fees on top of the payment amount, you are not sending the full payment. This leads to incomplete payments and might cost you a fee if you do not complete it in time.
To avoid payment issues with Wallet Transfer, please follow these steps:
1) Scan the QR code on the checkout page or copy the generated wallet address
2) Go to your wallet and enter the wallet address
3) Enter the full payment amount to send
4) Check for exchange and/or gas fees before sending
5) Add the extra amount for fees to your payment amount
6) Send the payment
These are the standard differences for one-time payments, there are some more differences when it comes to subscription/recurring payments.