[Integration] Paying with crypto - PayCek

Paying with cryptocurrencies online, on eCommerce websites, is coming slowly but surely. Shipshape is ready to support clients in this trend, and our partner in that is the Croatian company Electrocoin and their PayCek – a solution for online payment with cryptocurrencies.

What are cryptocurrencies?

Cryptocurrencies are digital records of certain values ​​stored in digital databases. or more simply, cryptocurrency is digital money, created in digital form as a means of digital exchange. They exist only on the Internet and are not issued or supervised by the central bank or the state. Precisely because they are not controlled by the central bank, they are not formally money.

Crypto has been a buzzword for some time now, today it is one of the most popular topics in the media and society, but very soon it will become something as common as credit cards that everyone carries in their wallets today or digital wallets that we carry in our mobile phones, that make the mentioned credit cards less and less relevant.

Graph below (source: Google Trends, term crypto) is showing the popularity of searching for this term over time. Following the peak in January 2018, a new peak was reached a few weeks ago, the so-called all-time peak of searches and interest in cryptocurrencies.

Google trends prikazuje frekvenciju pretrage pojma Crypto

The most well-known cryptocurrencies with the highest market valuation (expressed in USD) are on this day (4th of March 2021.):

Top 10 najvrijednijih kriptovaluta danas

The source for this is Coinranking, and the data is changing in real-time. 

Bitcoin (BTC)

Bitcoin is the oldest cryptocurrency from which all others evolved. Bitcoin is a decentralized "online payment network", it is not printed and is not controlled by anyone. It is based on blockchain technologies.

Ethereum (ETH)

Ether is the most popular cryptocurrency after Bitcoin. It exists on the Ethereum blockchain and has a wider scope than bitcoin - primarily through smart contracts that enable various innovative services on the blockchain.


The cryptocurrency market is extremely active. There are several reasons for this - one is the relatively low interest rates and returns on the classic channels of savings and investment, which encourages investors to look for new ways to fertilize their money.

Another factor is the activation of celebrities like Elon Musk in cryptocurrency trading, since even the financial sphere of our lives is no longer immune to influencers, trends and growing popularity based on (intangible) facts.

How to use cryptocurrencies?

Let’s say you have your own wallet with cryptocurrencies and in addition to the trading itself you would like to use them ‘in the real world’. One way is a Bitcoin exchange office, where you can very easily change your virtual currencies into kuna that will appear in your classic bank account. This exchange office is the first project of the company Electrocoin, and since 2014 it is available online and in numerous physical locations throughout Croatia (in as many as 55 branches of the Croatian Post and in In Kapital exchange offices).

In addition, you can pay with cryptocurrencies in more and more physical stores and webshops. That`s where PayCek comes into play!

In addition to a very nice product name :), Paycek has a lot of great features and benefits for users (both payers and payees) that would make it good to consider.  

PayCek servis za plaćanje kriptovalutama

What is PayCek?

PayCek is an electronic payment service for processing cryptocurrencies intended for physical and online stores, where the customer is allowed to pay in cryptocurrencies, and the point of sale gets paid with kuna.

The idea is that a trader does not have to deal with or understand cryptocurrencies to allow his users to pay the same. That is the task of PayCek. If the account amounts to HRK 100, the trader receives a real HRK 100 to his bank account, ie IBAN.

Paycek supports 6 cryptocurrencies:

  • BTC - Bitcoin
  • ETH - Ethereum
  • XLM - Stellar
  • EOS
  • XRP i
  • DAI.

What is the payment process via PayCek on the webshop?

  1. When checking out on the webshop, the customer comes to Choose the method of payment. 
  2. In addition to the usual payment methods (credit card, cash on delivery, transaction account, PayPal, KEKS pay, etc.), the customer sees the option of paying in cryptocurrencies (via PayCek)
  3. The customer chooses cryptocurrencies as the method of payment
  4. The PayCek widget opens where the customer selects the preferred cryptocurrency
  5. After selecting the currency, the QR code opens and the customer has 15 minutes to complete the transaction
  6. The customer scans the QR code with his digital wallet on his mobile phone
  7. If the customer has made a payment, a green tick will appear stating that the payment has been made successfully 
  8. The webshop receives information that the transaction has been successfully completed and continues to process the order
Plaćanje preko Payceka - jednostavno i brzo

What is the process of paying via PayCek in a physical store?  

  1. The merchant determines and enters the price in HRK in the PayCek widget / application / fiscal cash register
  2. The buyer declares the preferred cryptocurrency
  3. The merchant screen displays the QR code activated for payment
  4. The customer scans the QR code with his virtual wallet and pays with the desired cryptocurrency
  5. When the transaction is completed, a green checkmark appears on the merchant's screen
  6. The merchant automatically receives the amount in HRK
  7. The merchant can immediately withdraw funds from his PayCek profile to IBAN

Why integrate PayCek into your webshop?

  • Each new opportunity you add to the webshop gives you access to new potential users or a new market. We often hear the phrase ‘only a few people use that'. If you look at percentages, that may be true, but they are all your potential customers and they want to shop somewhere, use your crypto-money in a simple and easy way.
  • Additional promotional activity – You have probably seen numerous articles on portals about how you can pay in cryptocurrencies at the Croatian Post, at Tifon gas stations, in various hotels and restaurants. Every day, this network is further expanding, and the introduction of cryptocurrency payments is very interesting news for PR and promotion. Take advantage of this for your brand as well. 
  • Safety comes first!  In the past 2 years, Electrocoin has performed more than 20,000 transactions (~ 600 million kunas in turnover) without security vulnerabilities. The in-house engineering and development team takes care of the development and security of the platform.
  • Legally regulated – Electrocoin and Paycek are under the supervision of HANFA in the part of the Law on Prevention of Money Laundering and Terrorist Financing, and are harmonized with other laws in the field of payment operations. Payment via Paycek is not considered cash transactions, therefore it is not subject to the Law on Fiscalization in Cash Transactions (in accordance with Article 2, paragraph 6). So if you are not obliged to fiscalize and you have not had to fiscalize your accounts so far, then you do not have to because of using the PayCek platform.
  • Competitive advantage – the offer of cryptocurrency payments as an additional payment method definitely sets you apart from the competition, especially if your range matches the preferences of a large number of cryptocurrency users (eg technical goods, computers, gaming, etc.)
  • Following world trends – just as you strive to provide your customers with the latest trends and items from the range you have on offer, with our support you can also follow the trends in eCommerce. That's why Shape Core has included integration with PayCek in its offer.
  • Paycek software, like the Shape Core platform for eCommerce, is fully developed in-house, which gives us flexibility and agility when integrating with the webshop.

For a merchant who chooses to integrate with PayCek:

  • opening a PayCek account is free
  • there is no account integration fee according to Paycek
  • account management is free
  • 24/7 support provided and free

Pri plaćanju preko Payceka nema naknade za trgovca

The cost of the transaction is on the buyer, or the one who pays in cryptocurrency.

So, to summarize:

the only cost the merchant has is the relatively small initial cost of integrating Paycek into Shape Core, and after that you have a means of payment with a 0% commission. 

How is cryptocurrency payment accounting tracked?

Once a month, by e-mail you automatically receive all the necessary accounting reports (statements) from PayCek. Just forward them to your accountant and that’s it.

  • You issue your invoices in HRK, and state "other" as the method of payment. If there is no "other", then you specify "transfer" or "transaction account" as the method of payment.
  • The account number automatically appears in the accounting report from the PayCek system next to the corresponding transaction.
  • Once a month you receive two reports for your accounting:
    • report on all accounts paid in cryptocurrencies
    • a report on all bank payments (money transactions) that you have received in the company account from Paycek
  • accounting then links the data in the reports to accounts, payments, and bank transactions.
  • In the case of refunds of goods purchased through PayCek, you decide whether to return in cash, through a transaction account, PayPal, etc., because the kuna amount from cryptocurrency transactions was paid directly to your IBAN.
  • Custom reporting - the ability to submit reports in .csv, via the API or in any way the merchant wishes.

Who already uses PayCek?

PayCek has already been adopted by many companies from various industries. Thus, with the help of Bitcoin and society, it is possible to pay for dog food, order craft beer, refuel your car or choose something from a wide range of products on bazzar.hr

PayCek korisnici i reference

About Electrocoin

Company Electrocoin is a Croatian company that is one of the pioneers in the fintech world of cryptocurrencies. Since its establishment, it has received numerous awards from the business community (eg Poslovni dnevnik, Večernji list), and has been included in the Deloitte Technology Fast 50 list for Central Europe as one of the fastest-growing technology companies.

Electrocoin deals not only with purely commercial but also with socially useful projects, so for example they have entered into cooperation with The city of Sveta Nedjelja whose citizens can now pay their bills in cryptocurrencies. Numerous donations for various associations have been collected in cryptocurrencies through Electrocoin platforms (SOS dječje selo, Klinika za dječje bolesti Zagreb - Klaićeva, Plavi telefon, HCK, Klikeraj), and are also involved in crowdfunding platform initiatives Croinvest.eu.

When do you start with cryptocurrencies?

Our mission is to provide customers with a customized and advanced eCommerce solution through Shape Core that brings a competitive advantage. To činimo na nekoliko načina:

  • eCommerce websites that we build are easy to use for both customers and administrators
  • we integrate the webshop with external parties so that as many processes as possible are automated and instantly executed
  • we monitor market innovations and implement them in the Shape Core platform in order to give our customers an advantage over the competition.

This is exactly how this story about PayCek and Shape Core came about.

Stand out from the competition, attract a new generation of consumers who want to pay for cryptocurrencies with their products and services. PayCek allows you to easily, securely and quickly receive cryptocurrencies. The service is after the initial integration for you completely free of charge and commission. No prior knowledge of cryptocurrencies, no special permissions or third party approvals is required. Accounting and legal everything is covered, and marketing opens up a great opportunity for promotion.


Read more about other Shape Core platform integrations: