> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pik.global/llms.txt
> Use this file to discover all available pages before exploring further.

# How PIK Payment Works

> Understand how PIK accepts payments, what methods are supported, how funds flow from payer to your wallet, and what each payment status means.

PIK is a crypto-native payment platform for non-China markets. Merchants accept USDT, USDC, and AUD — no card payments, no CNY.

> **Not supported:** Card payments (Visa/Mastercard) and CNY are not supported on any PIK product.

### Supported Payment Methods

| Payment Method  | Currency | How the Payer Pays                                    | Settlement Speed                    | Best For                         |
| :-------------- | :------- | :---------------------------------------------------- | :---------------------------------- | :------------------------------- |
| Crypto on-chain | USDT     | Send to PIK-assigned wallet address                   | Minutes after on-chain confirmation | Cross-border, B2B, international |
| Crypto on-chain | USDC     | Send to PIK-assigned wallet address                   | Minutes after on-chain confirmation | Cross-border, B2B, international |
| Bank transfer   | AUD      | Send to Virtual Account Number (BSB + account number) | 1 business day (NPP faster)         | Domestic Australian customers    |
| Card payments   | —        | Not supported                                         | —                                   | —                                |
| CNY             | —        | Not supported                                         | —                                   | —                                |

> **Stablecoin network:** PIK assigns each connected account a dedicated wallet address for USDT and USDC. Always confirm the correct network with PIK before instructing customers to send. Contact [hi@pik.global](mailto:hi@pik.global) for current network details. Funds sent on an unsupported network cannot be recovered.

### How Payments Work — Step by Step

```mermaid theme={null}
flowchart TD
    A["Merchant creates payment request<br/>(amount, currency, reference)"] --> B["PIK generates unique payment URL & QR code"]
    B --> C["Merchant shares link with payer"]
    C --> D{Payer opens link}
    D -->|USDT/USDC| E["See wallet address & amount"]
    D -->|AUD| F["See BSB, account number & amount"]
    E --> G["Payer sends on-chain crypto transfer"]
    F --> H["Payer sends AUD bank transfer"]
    G --> I["PIK detects incoming transfer"]
    H --> I
    I --> J["Match to payment request<br/>(amount, currency, reference)"]
    J --> K["Funds settled to merchant PIK wallet<br/>(in received currency)"]
    K --> L["Fire payment.settled webhook"]
    L --> M["Redirect payer if URL configured"]
    M --> N["✓ Payment Complete"]
```

1. Merchant creates a payment request via the PIK Dashboard or API, specifying amount, currency, and reference.
2. PIK generates a unique payment URL and QR code tied to that request.
3. Merchant shares the link with the payer.
4. Payer opens the link and sees the payment instructions — a wallet address (USDT/USDC) or BSB and account number (AUD), plus the exact amount and reference.
5. Payer sends funds — either an on-chain crypto transfer or an AUD bank transfer.
6. PIK detects the incoming transfer and matches it to the open payment request by amount, currency, and reference.
7. Funds are settled to the merchant PIK wallet in the received currency. No automatic conversion.
8. PIK fires the payment.settled webhook if configured, and redirects the payer if a redirect URL was set.

### End-to-End Fund Flow

**AUD Payment Path:**

```text theme={null}
Payer's bank account
  → AUD bank transfer
  → Connected account Virtual Account Number (BSB + account number)
  → PIK AUD wallet balance
  → [Optional: FX conversion to USD / USDT / USDC]
  → Payout to external bank account OR crypto wallet
```

**USDT or USDC Payment Path:**

```text theme={null}
Payer's crypto wallet
  → On-chain transfer [network TBC]
  → Connected account wallet address
  → PIK USDT or USDC wallet balance
  → [Optional: FX conversion to AUD or USD]
  → Payout to external bank account OR crypto wallet
```

### Payment Status Reference

| Status    | Meaning                                       | What to Do                                                        |
| :-------- | :-------------------------------------------- | :---------------------------------------------------------------- |
| pending   | Payment request created, waiting for funds    | Share the payment link with your customer                         |
| received  | Funds detected, pending final verification    | Wait — no action needed                                           |
| settled   | Verified and credited to your PIK wallet      | Funds available for use or payout                                 |
| expired   | No funds received before the link expired     | Create a new payment link                                         |
| underpaid | Amount received was less than requested       | Create a new link for the shortfall, or accept the partial amount |
| overpaid  | Amount received exceeded the requested amount | Refund the excess — see Refunds and Disputes                      |

### Handling Partial and Excess Payments

**Underpaid:** Funds received were less than the requested amount. The received funds are credited to your wallet. The payment request is closed — create a new payment link for the shortfall, or contact your customer to send the difference separately.

**Overpaid:** Funds received exceeded the requested amount. The full received amount is credited to your wallet. You are responsible for refunding the excess. See Refunds and Disputes for how to issue a manual refund.

### Fees

PIK charges a fixed fee per settled payment and a fixed fee per withdrawal. No percentage-based fees. For the full fee schedule, visit pik.global/pricings.