Tool of the week: MyPaymail

MyPaymail is a Bitcoin SV service that allows you to create custom paymail adresses and link them to any paymail enabled wallet, e.g. Moneybutton, Handcash, RelayX, Simply.Cash etc.

Any payment to the MyPaymail address will then automatically be sent to the wallet of your choosing. The advantage: you can keep your MyPaymail.co address forever, and switch the underlying wallet if wanted. Your customers, friends and relatives just keep sending you money to the address they are used to. MyPaymail.co allows you to track payments and provides data necessary for accounting and tax purposes, which should make it very attractive particularly for businesses.

MyPaymail opened their public beta recently, reason enough to take it for a quick testdrive. Result: Easy to use, clean interface, useful functionality (see below) – the service earned our stamp of approval.

Here is how it works and looks like:

When opening MyPaymail.co you can login with Moneybutton, as usual. You give MyPaymail.co the necessary rights and off you go, nice and easy.

MyPaymaill.co shows then in the panel the paymail addresses you own. There is at least one address: MyPaymail.co automatically creates a paymail address with the ID of your moneybutton account: e.g. 1234@mypaymail.co.

You can create a new paymail address by clicking the “create new paymail” button. 

A dialog opens allowing you to create a paymail using the “mypaymail.co” domain or you can use  a custom domain (more on that later).

The process to create a paymail is straightforward: you enter the name of the paymail and the paymail address the payments shall be routed to. MyPaymail checks both entries, then you click submit.

With a swipe of the Moneybutton you pay 0.50 USD to activate the new address, and voilà, the new paymail address is ready to be used.

Businesses and users with their own website have an even more elegant option: creating a paymail address using their own domain:

MyPaymail.co then checks if your domain is already enabled to use paymail, and if not gives you instructions on how to do that.

For our domain b2029.org this went very smooth, we entered the necessary information in the administration interface for the domain and a minute later were able to receive payments on pay@b2029.org.

Once you have configured your paymail you can see what payments have been received by clicking on the database symbol:

You get detailed information per payment: sender paymail, date and time, the BSV rate in the fiat currency of your choice, and the transaction ID of the payment. 

Important and useful: MyPaymail registers the BSV rate at the time of the payment, a feature which is very useful for accounting and tax purposes, and which is lacking in most of the current BSV wallets.

The list of payments can be exported to a CSV file (price tag: 10 USD cents), another useful feature.

Speaking of price tags: all the purchases that you do are visible in the “Receipts” section of the interface:

Summary:

There is one critical point: for this to work it looks like the users rely on MyPaymail.co. It is unclear whether the data is stored on bitcoin or not, and with regards to persistency and interoperability it would certainly be useful if this functionality could be provided independently from MyPaymail.

Other than that: MyPaymail.co is a very useful service. You can:

  • create a paymail address and use it independently of the wallet you choose to receive the funds,
  • keep track of all payments,
  • and extract the payment data to facilitate tax reporting and accounting

Already now in the beta stage the service is easy to use and seems to be stable.

It is another important step towards better useability of Bitcoin.

P.S.: This is the first of a new series of articles. How do you like it? Should we go more into detail? Or less? Feedback welcome!

P.P.S.: No Twetch account? Get one here, including 0.10$ in BSV to try it out!


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