Do you have any questions about using Coinsnap?
Here we answer the most frequently asked questions:
You can log in to Coinsnap with your usual combination of e-mail address and password.
How to register with Coinsnap is explained on the Getting Started page in the Registration and Login section.
To accept payments via Lightning, you need a Lightning wallet that provides Lightning addresses (LNURL Pay).
You can find an overview of all Lightning wallets with Lightning addresses here.
We recommend using the Wallet of Satoshi or Strike Business for companies.
A Lightning address looks like an email address, but is intended for sending and receiving Lightning payments.
To receive Lightning payments, you need a Lightning address, which is provided by some Lightning wallets.
You can find an overview of Lightning wallets that provide you with a Lightning address under Lightning wallets.
Coinsnap is a Bitcoin-only service provider. Your customers can pay you with Bitcoin via the blockchain (on-chain) and via the Lightning Network (Lightning).
You already have a solution for Bitcoin payments and want to use Coinsnap for Lightning payments?
Integrate Coinsnap into your online store alongside your existing Bitcoin payment method.
In the list of payment methods available to the customer, you designate the Coinsnap function as a Lightning payment and add the Lightning logo.
If the customer wants to pay with Bitcoin, they use the Bitcoin-only payment provider.
If the customer wants to pay with Lightning, they can choose Lightning payments via Coinsnap.
If your customer accidentally selects Lightning and still pays with a Bitcoin wallet, you will not lose any revenue.
This Bitcoin on-chain payment is also processed and forwarded to your Lightning Wallet.
You don’t lose any sales. Quite the opposite. You offer customers who want to pay with Lightning a way to pay with you. See also Accepting Lightning payments
Coinsnap charges a fee of 1.25% on the turnover.
If you use a partner code, the fee is reduced by 0.25% and you only pay 1%.
No basic fee, no transaction fee, only 1% on the invoice amount
Forwarding to your Lightning Wallet may incur additional fees through the Lightning network, over which we have no control and which may reduce the payout amount.
External service providers charge fees for their own service, which are collected by the respective service provider and deducted from the payout amount.
These external fees may be incurred when swapping Lightning into Bitcoin or when cashing out to your bank account.
Coinsnap does not manage client funds.
Your customers can pay on your website or online store with both Bitcoin and Lightning.
Your customers’ Bitcoin and Lightning payments are credited directly to your Lightning wallet.
The credit is thus made in Lightning.
For this you need a Lightning wallet that supports receiving Lightning payments to Lightning addresses (LNURL Pay).
Lightning is Bitcoin just in a different form.
The difference is comparable to cash, which you pay with, and money in a bank account, which you save.
If you don’t need Lightning for payment but want to keep it, you should keep it on a secure Bitcoin hardware wallet.
You can exchange your Lightning balance into Bitcoin at a swap service and transfer it directly to your Bitcoin hardware wallet.
We explained how to do this using Boltz Exchange as an example in the article: “Switching Lightning to Bitcoin”.
Coinsnap is currently developing a direct connection to Boltz Exchange so that the switch and direct payout to your Bitcoin address will happen automatically as soon as you receive a Lightning balance.
Want to offer your customers payment in Bitcoin and Lightning, but have the payments paid out to your bank account?
We work with Bitcoin brokers that convert Lightning to fiat currency and make the withdrawal to your bank account.
Depending on the currency or country, different providers come into question and different requirements must be met.
In the article “Payout to bank account” we present some providers in more detail.
Coinsnap is currently developing direct connections to Bitcoin brokers that offer Lightning to fiat currency switching.
Your incoming Lightning payments will then be forwarded directly to the Bitcoin broker, exchanged into your desired currency and credited to your bank account.
Coinsnap is integrated as a payment gateway for Bitcoin and Lightning payments as an extension (add-on, plugin).
On the Payment Plugin page you will find an overview of all plugins that have already integrated Coinsnap.
Coinsnap develops plugins for the most popular store systems and internet applications.
If your store system is not yet offered, please let us know.
We are checking if and with what priority we can develop the plugin ourselves.
However, you can also commission your own developer with the connection.
With our API documentation, a programmer is able to develop a custom connection for you.
Perhaps the programmer can also develop a Coinsnap plugin that will be used by other users as well, thus recouping some of the development costs.
See affiliate program for plugin programmers
Coinsnap provides an API that allows you to create custom connections to the Coinsnap system. Maybe other users are interested in the connection you are creating individually? Then why not develop a standard plugin and make it available to other users and earn some SATS when other users receive Bitcoin and Lightning payments with your plugin.
Learn more about the possibilities as a plugin developer
As a Coinsnap customer, you are familiar with the Coinsnap system and can share your experience with other merchants.
If you help other merchants to use Coinsnap, through the Coinsnap Referrer Program (customers recruit customers) you can
Earning Sats.
When registering with Coinsnap, you as a merchant tell us which Bitcoin wallet your customers’ payments should be made to.
When a customer pays you with Bitcoin, this payment is routed directly to your Bitcoin wallet.
If your customer pays with Bitcoin, the payment is stored on the blockchain or routed via the Lightning Network and credited to your Bitcoin wallet.
The payment is secured via the Bitcoin blockchain or the Lightning Network.
Coinsnap monitors this payment on the blockchain or the Lightning Network and informs the store system as soon as the payment has been completed.
Fraudulent payment is also technically impossible with Bitcoin payments. Bitcoin payments can only be made by people who have full control over the Bitcoin. A payment with “foreign” data, as you may know it from credit card or PayPal payments, is not possible with Bitcoin payments. For data protection reasons, we do not request any customer data and do not store it. We only receive the order number from you, which we will provide you with after payment has been made. KYC/AML verification is mandatory for un-hosted wallets for amounts over €1,000. Our system only allows payments up to a maximum of €1,000, as we are unable to provide KYC/AML verification for your customers.
We do not hold or store any of our customers’ bitcoins. Bitcoin payments are credited directly to the merchant’s own Bitcoin wallet.
We offer a Magento payment module: https://coinsnap.io/en/coinsnap-for-magento-payment-plugin/
There is also an API. You can find the corresponding API documentation here: https://docs.coinsnap.io/
If you wish, you can convert your Bitcoin turnover into EUR and have it paid out directly to your bank account.
We work together with the Swiss Bitcoin broker DFX for this purpose.
You can find more information at: https://coinsnap.io/en/payout-to-bank-account-with-dfx/
The information that the customer has paid is immediately reported to your store system. This is the case with a Bitcoin on-chain payment as soon as your customer’s payment is displayed in the blockchain or mempool. The credit to your Bitcoin wallet depends on how quickly the Bitcoin payment is confirmed in the blockchain. In the case of a Bitcoin payment via the Lightning Network, the information about the payment and the crediting to your Bitcoin wallet takes place in the same second.
Coinsnap charges a fee of 1.25% for its service. This fee is reduced to 1% if you use a discount code from one of our partners. There are no setup costs, monthly fees or fees per transaction. If you wish to withdraw your Bitcoin turnover to your own bank account, the Bitcoin broker DFX charges an exchange fee of 1.49%. There are no additional fees such as bank charges etc.
- Credit to your own Bitcoin wallet: 1% Coinsnap fee
- Credit to your own bank account: 1% Coinsnap fee + 1.49% DFX fee = 2.49% total fee
There are no further fees
After you have opened an account with Coinsnap, you will find our support area in the backend. Here you can communicate with us by e-mail. For technical integration, we offer our support via our Telegram chat https://t.me/coinsnap_io.
Your question has not been answered?
Then post your question in our Telegram group: https://t.me/coinsnap_io
