Create your wallet
Create the self-custody wallet every payment lands in, and save its recovery phrase before you accept a payment.
Your wallet is where every payment lands. It's self-custody: its recovery phrase is created and encrypted in your browser, and only you can move its funds. Each business has one wallet, at $5 a month.
- 1Encryption password. Locks your recovery phrase on this device. Use one you don't sign in with.
- 2The checkbox. Losing both your phrase and this password means losing the wallet's funds.
Create it
Setup creates your wallet as its last step, or go to Wallet and select Create wallet.
- Name your wallet, or keep Main wallet.
- Choose an encryption password and enter it again. It locks your recovery phrase, and it must be different from the password you sign in with.
- Tick the box to say you understand that losing both your phrase and your password means losing the wallet, then select Continue to recovery phrase.
- Save your 24-word recovery phrase: write it down, or use Download or Copy. A copied phrase is cleared from your clipboard after a minute.
- Confirm you've saved it, then fill in the two missing words we ask for and select Create wallet.
Encryption password rules
At least 12 characters using three of lowercase, uppercase, numbers and symbols, or at least 16 characters of any kind. Common passwords, and ones built from your business's name or your email, are refused. The bars under the field show how strong it is.
Before you accept a payment
Back up your recovery phrase
Your recovery phrase is the only way to restore your wallet anywhere else. 402pay stores it encrypted with your password and can't read it, so if you lose both, no one can recover your funds. Keep it offline, somewhere safe, and never share it.
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