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Payout fees consideration
Before proceeding with the payout creation, let's focus on the fees required for sending cryptocurrency to the recipient.
There are two types of commissions involved in the payment process - the fee charged by Cryptopay commission and the blockchain fee, so-called network fee.
Cryptopay fee is charged for processing payments and you can check its amount with your Account Manager at Cryptopay.
Network fee (or, in other words, miner fee) is not controlled by Cryptopay. This commission is paid directly to the miners so that the cryptocurrency transaction sent to them is included in the blockchain, i.e. confirmed by the network. Once your payment request has been processed on our side and the transaction has been sent to the recipient, Cryptopay's payment processing is over. Next, the transaction sent must be confirmed on the network. The time required to receive confirmations depends on the following variables: the size (level) of the miner fee that is specified when sending the transaction, and the load of the network at the moment.
The more transactions on the network are waiting to be confirmed by the miners, the more time it takes to receive the confirmation. And the lower the miner fee paid for sending a transaction, the lower the priority of such a transaction in the queue. Cryptopay segments the miner fee into three levels: Slow, Average and Fast. Here you can find out how to view the current amount for each miner fee level by sending a request to the API.
Both of these fees must be charged before the cryptocurrency transaction is sent to the customer's wallet address. The merchant can decide whether they wish to bear the costs of both fees and then the amount of the fee will be deducted from the merchant's balance additionally above the amount of the payment or both fees will be included in the amount of the transaction sent. Both scenarios will be discussed below.
Last modified 1yr ago