We continuously strive to offer as much flexibility and as many opportunities for our customers as we can. As a result, our core strengths reflect on our wide variety of settlement options and desirable payout methods.
In this article, we will cover all the possibilities available for CoinGate customers regarding what sort of settlements they can do, as well as how to correctly set them up. In the second part of the article, we will look into the payout options that our vendors can choose from. So, let’s get going!
What settlement options does the CoinGate provide?
When you begin accepting cryptocurrency payments using one of CoinGate’s merchant tools, you get to decide how you want to proceed with each received coin.
First of all, note that you can change the settlements of all +50 cryptocurrencies that you accept. However, some digital assets that we support natively bestow even more flexibility for vendors to diversify their portfolios and set up the settlements in any way you wish to.
There are three settlement options to choose from:
- Keep any native coin in its original form. That means if you, for example, receive XRP, you can keep it as it is and request a payout to your provided external wallet.
- Convert any crypto earnings to fiat currencies, such as Euros, US dollars, or both.
- Settle one cryptocurrency to another. For example, you can receive Litecoin instead of Bitcoin, Bitcoin instead of Ethereum, Bitcoin Cash instead of Ethereum, and so on.
You can customize settlement options from your account dashboard. In addition, you can turn off particular cryptocurrencies if you don’t want to accept them and change the positioning of digital assets on your invoice.
If it looks tiny bit complicated, just click here and learn how to set up settlements step-by-step!
What payout options do I have at CoinGate?
All available payout options are visible on the CoinGate account dashboard under the “Account->Payout settings” tab. However, keep an eye open as add we might add new options in the foreseeable future.
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Firstly, if you intend to keep some of the assets in their original form, you can! The feature is available for all natively supported cryptocurrencies, which includes Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Nano, TRON, DAI, and USDT. In this case, all payouts go to your provided external wallet address.
Next, you can convert all accepted cryptocurrencies to Euros or US Dollars, and receive payouts to the bank account (SEPA/International transfers).
Lastly, you are able to convert each and all digital assets that you accept to some of our native cryptocurrencies on-demand, and request a payout to your dedicated external wallet. These are the options: Bitcoin, Ethereum (including all natively supported ERC20 tokens), Litecoin, Bitcoin Cash, and USDT.
How to set up fiat payouts?
Below, you will find an example and step-by-step explanation on how to set up crypto-to-fiat payouts to a bank account. You can also enable different fiat payouts at the same time if you want to. For this example, we will walk you through the process of setting up fiat payouts to a bank account (SEPA):
Step #1. Open the payout settings
Go to your CoinGate business account dashboard, click the “Account” section in a menu tab and select the “Payout Settings -> EUR Bank (SEPA)” tab.
Step #2. Fill out the form
Firstly, enter your payout title. It will help you remember what payout option it is if you decide to set up several different ones. Next, continue field by field – enter the name of the account holder (it must match with the documents provided during the account verification process), the name of the bank, SWIFT code, and account number (IBAN).
Once ready, click ”Save payout setting”.
Fiat payouts will be processed weekly by default and apply for all digital assets set to particular fiat currency, as well as all created payout options.
Step #3. Wait for confirmation
When done, you will get an email from CoinGate asking to confirm your new payout option. Once you approve it, you will be ready to withdraw Euros or/and US dollars to your chosen destination!
Step #4. Configure fiat payout options
It’s up to you whether you want to receive Euros, US dollars, or both. Keep in mind that when withdrawing several fiat currencies at once, or converting one cryptocurrency to another, you will have to set up different payout method for each.
Have any questions?
If you encounter any problems while setting up payout methods, tailoring your invoice, or else, we’re always ready to help. Simply shoot a message to our support team at firstname.lastname@example.org, and we’ll do our best to assist you!
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