CoinPayments Integration: Step 3 | CoinPayments Weblog

Allow Helpful Service provider Fee Options

Now that you’ve got accomplished your ecommerce retailer integration setup, you could need to think about using a few of the extra comfort options provided by the CoinPayments platform, corresponding to:

1. Auto-Sweep
2. Auto-Convert & Forwarding
3. Fiat Settlement
4. Reductions & Mark-Ups
5. Secured Vaulting
6. $PayByName

These automated options assist handle the cash in your account by forwarding balances to different wallets, changing balances to different cash, settling balances to fiat, storing balances extra securely, and rather more. 

Right here’s a step-by-step information on easy methods to set them up:

1) Auto-Sweep

The Auto-Sweep function means that you can robotically withdraw and/or convert your total stability of a particular coin each night time (at approx. midnight EST, GMT-0500). 

As soon as enabled, this function will help you robotically take your total stability (when above a sure minimal quantity set by you) and convert it to a different coin (if the conversion pair is supported) and/or ship off the CoinPayments platform to any deal with you specify. 

This function must be arrange for every coin individually. Conversion is supported for any coin listed on ShapeShift, Changelly or Kyber. 

**Please observe the conversion function requires you to generate a brand new pockets deal with for the coin you need to convert into (completed by the wallets web page).

To setup Auto-Sweep:

1. Login to your CoinPayments account.
2. Go to the Your Pockets tab on the dashboard.
3. Scroll down to seek out the pockets of the coin for which you need to setup Auto-Sweep.
4. Click on the Choices button dropdown menu on the appropriate, then click on Auto-Sweep. Screenshot: Auto-Sweep Menu
5. Click on the verify field on the high to Allow Auto-Sweep. Screenshot: Auto-Sweep Settings
6. Choose if you’d like the coin to be robotically transformed earlier than withdrawing.
7. Enter the pockets deal with you need to withdraw to (if changing you possibly can go away clean to ship again to the CoinPayments pockets of the transformed coin).
8. Enter the minimal quantity/stability of coin to set off the Auto-Sweep function (have to be increased than the Minimal Auto-Sweep Quantity).
9. Click on the Replace Settings button to save lots of your adjustments.

2) Auto-Convert & Forwarding

If you obtain a fee as a service provider you possibly can (in real-time) have that fee transformed into one other coin (Auto-Convert) or have that fee forwarded on to a specified deal with, usually off the CoinPayments platform (Forwarding). 

To arrange automated conversions of a stability of cash each night time, please use the Auto-Sweep function above. 

**Please observe the conversion function requires you to generate a brand new pockets deal with for the coin you need to convert into (completed by the wallets web page).

The Auto-Convert function is helpful for retailers seeking to settle for many alternative cash as fee, however solely desirous to obtain and retailer a particular coin of their pockets. 

Each Auto-Convert & Forwarding options are enabled for every particular person coin as a Payout Mode choice within the Coin Settings tab on the dashboard. 

The Payout Mode choices are:

• To Stability: Acquired funds are saved in your CoinPayments pockets for later withdrawal at your leisure.
• ASAP: Acquired funds are despatched to the deal with you specify as quickly as they’re obtained and confirmed.
• Nightly: Acquired funds are grouped collectively and despatched each day (at approx. midnight EST). Fairly than paying sending charges for every transaction (like ASAP), you pay just one sending price for your complete group.
• To Stability + Convert: Acquired funds are transformed to the chosen coin and saved in your CoinPayments pockets. In some circumstances corresponding to if the quantity obtained is just too massive to transform at present market volumes you could obtain the unique forex as an alternative.
• ASAP + Convert: Acquired funds are transformed to the chosen coin and despatched to the deal with specified. In some circumstances corresponding to if the quantity obtained is just too massive to transform at present market volumes you could obtain the unique forex as an alternative in your CoinPayments pockets.

To setup Auto-Convert and/or Forwarding:

1. When logged into your CoinPayments account, go to the Coin Settings tab on the dashboard.
2. Discover the coin you need to allow and click on the Payout Mode drop down menu beside it. Screenshot: Payout Mode
3. Choose To Stability + Convert (ship transformed cash to your CoinPayments pockets) OR choose ASAP + Convert (ship transformed cash to handle you specify).
4. A brand new dropdown field will seem beneath. Choose which coin you need to convert the fee into.
5. When you chosen ASAP + Convert, then enter the deal with the place you need to ship the transformed cash.
6. If you wish to Ahead the fee solely (no conversion), then choose ASAP, then enter the deal with the place you need to ship the fee.
7. Scroll to the underside of the web page and click on the Replace Coin Preferences button.

3) Fiat Settlement

For comfort and to assist take away value volatility, CoinPayments has built-in numerous fiat settlement companies permitting retailers to transform (in actual time) their incoming crypto funds into USD, EUR, CNY, AUS and plenty of extra. Now we have Coinmotion built-in to settle into EURO and we now have Wyre built-in to settle into 9 completely different fiat currencies.

4) Reductions & Mark-Ups

CoinPayments has a built-in function permitting retailers to set reductions or mark-ups on funds for particular cash. 

For instance, you possibly can provide a ten% low cost on checkout when paying with Dogecoin or you possibly can add a mark-up of 0.5% to cowl our processing price (or increased to cowl conversion charges) when clients pay with a particular coin. The pliability is obtainable to help you customise the low cost or mark-up nevertheless you need.

To set Reductions or Mark-Ups:

1. Log into your CoinPayments account and go to the Coin Settings tab on the dashboard.
2. Discover the coin you need to allow this function for and enter a share quantity for the Low cost or Mark-Up. Screenshot: Low cost and Mark-Up
3. Enter a constructive quantity to supply a Low cost for the shopper when paying on this particular coin.
4. Enter a destructive quantity so as to add a Mark-Up for the shopper when paying on this particular coin.
5. Scroll to the underside of the web page and click on the Replace Coin Preferences button.

5) Secured Vaulting

The Lock in Vault function provides a further layer of safety to your account by putting a time-release lock on particular coin wallets. 

As soon as enabled, your complete stability of a particular coin can’t be withdrawn, transferred, transformed, or utilized in any approach till unlocked. You may nonetheless obtain funds and deposits with out interruption. 

When you unlock your cash from the vault, you must wait the pre-specified period of time earlier than having access to your locked cash once more. 

This extra safety function will notify you by e mail when unlocked, offering you with sufficient time to contact us in case your account has been breached.

To lock cash within the vault:

1. Login to your CoinPayments account and go to the Your Pockets tab on the dashboard.
2. Scroll down to seek out the pockets of the coin for which you need to lock within the vault.
3. Click on the Choices button dropdown menu on the appropriate, then click on Lock in Vault.
4. Learn by the complete checklist of what you possibly can and may’t do whereas your cash are locked. Screenshot: Lock in Vault
5. Enter the period of time you want the cash locked as soon as they’re launched (the default is 24 hours).
6. Click on the Lock Stability button to finish the vaulting course of.

6) Customizable Pockets Addresses & $PayByName

$PayByName

$PayByName is a function on CoinPayments that gives one distinctive and handy $tag to obtain funds from all cash. 

As an alternative of getting to enter a vacation spot pockets deal with for a particular cryptocurrency, the sender can as an alternative use the receiver’s $PayByName, permitting the recipient of the transaction to obtain ANY coin supported by CoinPayments to their one distinctive $PayByName. 

This function can solely be used when the sender and receiver are each utilizing CoinPayments for the transaction. 

All $PayByName identify tags are prefixed by the $ image. For instance, CoinPayments’ personal tag is $CoinPayments. 

A $PayByName tag may be bought by the CoinPayments platform for $1.99 USD and lasts for 1 yr.

To buy a $PayByName:

1. Login to your CoinPayments account and go to the$PayByName tab on the dashboard or within the navigation menu.
2. Choose to buy 1, 5 or 10 $PayByName tags. Screenshot: $PayByName Buy
3. Click on the buying cart fee button within the Redirect field.
4. Enter First Identify, Final Identify and choose which coin you need to use for fee then click on the Full Fee button.
5. You may be redirected to the fee display to ship your fee to handle offered.
6. When fee completes, return to the$PayByName web page and it is best to see a brand new “Unclaimed” $PayByName tag.
7. Click on the Declare Tag button. Screenshot: PayByName Tag Listing
8. Enter your new $PayByName tag and click on the Declare Now! Button. Screenshot: Declare PayByName Tag
9. If the tag is obtainable you’ll be redirected again to the $PayByName web page the place it should present the expiry date.
10. Now you can present this $PayByName tag to different CoinPayments customers to obtain funds in any coin supported by CoinPayments!

Click on right here for extra particulars about $PayByName.

Unstoppable Domains

CoinPayments teamed up with Unstoppable Domains to allow customers to simplify their pockets addresses. 

You may change your lengthy and complex pockets deal with with a site identify of your alternative. Select any identify you need, and obtain cryptocurrency securely. 

Get your personal [NAME].crypto area through the use of this affiliate hyperlink. 

FIO Protocol

CoinPayments’ FIO Protocol integration is one other approach for customers to ship/obtain crypto with out lengthy pockets addresses. As an alternative, all they should do is enter a easy, human-readable FIO Crypto Deal with (e.g., cryptofan@hodl) at checkout.

Study extra in regards to the FIO Protocol integration and easy methods to set it up by watching this video. 

Able to Transfer on to the Subsequent Step?

Click on right here to go to STEP 4: Testing Integration