Using Your Bank Account or Card with Midcontract

Don't have cryptocurrency? No problem! Making payments on Midcontract is as easy as using your regular online banking. We'll guide you through a simple process: first converting your local currency into digital dollars (called stablecoins) to your wallet, then using them for secure contract payments. Here's everything you need to know.

What Are Stablecoins?

Think of stablecoins as digital versions of regular dollars - they maintain a steady value just like the money in your bank account. They're called "stable" because:

• They maintain a steady value extremely close to 1 US Dollar
• Unlike other cryptocurrencies, they experience minimal price changes (typically less than 1%)
• Each stablecoin (USDC, USDT, or DAI) is backed by real assets for stability
• They're specifically designed for secure business transactions

Now that you understand the basics, here's how the process works:

Simple Payment Process

Step 1: Converting Your Local Currency

Just like paying for anything online:

• Use your credit card or bank transfer to buy stablecoins through Transak
• Choose from USDC, USDT, or DAI (all equal to US dollars)
• Get the amount you need for your planned contracts
• Purchased stablecoins appear instantly in your Midcontract wallet with card payments, or within 1-3 days with bank transfers

Step 2: Managing Your Digital Wallet

• Access your stablecoins directly in your Midcontract wallet
• View your balance and transaction history
• Keep funds safe until you're ready to use them
• Use for multiple contracts as needed

Step 3: Secure Contract Payments

When you're ready to start a contract:

• Choose the amount to place in escrow from your wallet
• Funds are securely locked until work is completed
• Release payments instantly when you're satisfied
• No more waiting for bank processing

Our Payment Partner: Transak

The initial conversion (from your local currency to stablecoins) is handled by our trusted partner Transak, a licensed virtual currency service provider:

• Transactions and ID verification are processed on Transak's secure platform
• Exchange rates and processing fees are set by Transak
• Customer support for the conversion process is provided by Transak's team
• Transaction limits and payment method availability vary by region

Once stablecoins are in your wallet, Midcontract handles all contract-related transactions.

Supported Payment Methods

Credit/Debit Cards

• Visa
• Mastercard
• Major credit/debit cards worldwide

Digital Payments

• Apple Pay
• Google Pay
• SEPA (European bank transfers)
• ACH (US bank transfers)

Local Options

• Support for 100+ countries
• Local bank transfers
• Region-specific payment methods

Why We Use Blockchain Technology

Our platform combines the convenience of traditional payments with blockchain security:

• Secure Wallet: Your funds are protected by enterprise-grade security
• Flexible Usage: Use your balance for multiple contracts
• Transparent Tracking: See exactly where your money is at all times
• Instant Transactions: No delays in funding or releasing payments
• Lower Fees: Save on traditional banking fees
• 24/7 Availability: No banking hours restrictions

Frequently Asked Questions

Q: What happens after I buy stablecoins?
‍A: Your purchased stablecoins appear directly in your Midcontract wallet. From there, you can easily fund your contracts or keep them safe for future use.

Q: How do I fund a contract?
‍A: Simply select the amount you want to deposit into escrow from your wallet balance when creating or accepting a contract. The process is instant and secure.

Q: Why is this better than traditional bank transfers?
‍A: Unlike regular bank transfers that can take days and charge high fees for international payments, our system offers instant transfers, lower fees, and guaranteed security through escrow protection.

Q: How long does the whole process take?
‍A: With credit cards, stablecoins appear in your wallet instantly. Bank transfers typically take 1-3 business days. Once in your wallet, all other transactions (escrow deposits, releases) are instant.

Q: Who handles each part of the process?
‍A: Transak handles the initial conversion from your local currency to stablecoins.

Q: Who controls my wallet and funds?
‍A: You have complete control over your wallet and funds at all times. Midcontract provides the secure infrastructure but cannot access or manage your funds - only you can initiate transfers and payments.

Q: Can I withdraw my earnings to my bank account?
‍A: Yes! When you're ready to withdraw, you can convert your stablecoins back to traditional money through Transak, right from your Midcontract wallet.

Q: What if I need help with the payment process?
‍A: For issues with buying or selling stablecoins, contact Transak support. For questions about your wallet, escrow, or the Midcontract platform, our support team is here 24/7 at support@midcontract.com.

Ready to Experience Faster, More Secure Business Payments?

Click "Next" to continue setting up your project. Our system will guide you through each step of the payment process.

Remember: You can always use your familiar payment methods with Midcontract. We make sure your funds are secure while keeping the process simple and familiar.

Need help? Contact our 24/7 support team at support@midcontract.com.