A payment ID (or memo ID) is used to identify transactions to wallets which utilise the same address for all incoming deposits. This can work the same for withdrawals. Certain wallets will require a payment ID to be entered, as well as the destination address.
What assets require a Payment ID on Poloniex?
How to Deposit a Payment ID currency
Visit the wallet page in your Poloniex account. Generate your Poloniex address by selecting the asset you wish to deposit after selecting Deposit. Above the address, you will see a payment ID accompanied by a QR code. Please ensure your transaction contains both the payment ID and the address as failure to do so may result in the loss of your deposit. Additionally, sending any other asset to the provided address may result in the loss of your funds!
How to Withdraw a Payment ID currency
Click on Balances → Deposits & Withdrawals. Click on Withdraw at the bottom right corner of the screen and then click the asset you wish to withdraw. For a payment ID currency, you will be prompted to enter both the payment ID and the destination address in their designated fields. The payment ID & address information will be provided to you by the receiving wallet. To clarify, this information cannot be obtained from within your Poloniex account.
While we cannot suggest which external wallet or exchange to use, you can search for compatible wallets which support this asset on websites such as CoinGecko or Coinmarketcap. As is the case with any Payment ID transaction, it is important that all information is entered correctly to avoid the risk of losing funds.
What happens if I don’t include my payment ID?
If you make a deposit without the payment ID, you will need to open a support ticket here. When creating your ticket you will need to specify your issue is related to a deposit → Forgot or wrong payment ID, tag or memo and include your transaction ID.
For a quicker resolution, please attach a screenshot of your entire withdrawal history from the sending wallet. To ensure accuracy of the information provided, ensure the URL bar is visible in the image, and refrain from redacting or editing the screenshot.
If you complete a withdrawal (meaning your withdrawal is visible on the block explorer), you will need to reach out to the support team for the wallet/exchange you have withdrawn to. When a withdrawal is completed, the transaction details cannot be amended. The receiving wallet will need to exercise recovery efforts on their end dependent on their policies. It is important that you take extra care when initiating your withdrawal, ensuring that you have included all the required information.
A Payment ID is like an address on a letter. Would Grandma receive this letter in Canada? Definitely not. For a letter to reach its destination, all of the required information is necessary and a Payment ID transaction is no different.