Accept Bitcoin – payout to a bank account
You use the service of Coinsnap and your customers can pay with Bitcoin and Lightning?
Then you get the sales of your customers in the form of Lightning credited to your own Lightning Wallet.
However, you may prefer to have this Lightning credit paid out in Euros to your own bank account.
In this case, you can forward your Lightning balance to a Lightning broker and it will be immediately converted into Euros and paid out to your bank account.
Coinsnap itself does not offer exchange of bitcoin into euros, dollars or other currencies, but it works with partners who enable the exchange and withdrawal to a bank account.
By working with various Bitcoin brokers, it is possible to pay out in different currencies and to bank accounts in different countries and regions.
As a Coinsnap merchant, you are free to choose your Bitcoin broker
In addition to the fees, it is important to consider the country of the bank where you have your bank account and the currency in which the payout is to be made.
As a rule, you have to register separately with the relevant Bitcoin brokers and enter your personal data and bank details.
Each Lightning broker has different requirements for the documents and information to be submitted about your company.
With some Lightning Broker, the account opening can also be started directly from Coinsnap.
You will receive your own Lightning address from the Bitcoin or Lightning broker, which you can deposit with Coinsnap.
All incoming Bitcoin and Lightning payments from your customers will be forwarded by Coinsnap to this Lightning address.
The amount is then credited to your Lightning Broker, who converts the incoming amount into euros or another fiat currency and pays it out to your bank account.
Depending on the amount, payment can be made per incoming payment or cumulatively.
Instead of a Lightning address, the Lightning broker can also provide access data in another form, which you can enter in the corresponding fields of the respective provider in the Coinsnap backend.
The fiat invoice amount to be paid by the customer is calculated using the Bitcoin exchange rate provided by Lightning Brokers.
The final conversion takes place at the time the payment is received by the Lightning Broker. When paying by Bitcoin (onchain), the time of crediting depends on the confirmation on the blockchain, which can take an hour or longer. If the end customer pays via Lightning, the Lightning Broker is credited within a few seconds and is virtually risk-free due to price fluctuations. Below is a list of Bitcoin and Lightning brokers to which Coinsnap offers a connection. This list of Lightning Broker connections is constantly being expanded. If your Lightning broker is not yet listed here, please inform them about the possibility of working with Coinsnap and ask them to contact us.
DFX.Swiss
DFX is a Swiss crypto exchange and offers the possibility to buy and sell Lightning.
Coinsnap customers have the possibility to automatically convert the incoming Lightning payments of their end customers into Euro or CHF and have them paid out to their own bank account.
Payments can be made to all countries that are members of the SEPA area.
The SEPA countries include the 27 EU member states (Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the Czech Republic), the three EEA states Iceland, Norway and Liechtenstein as well as Switzerland, the United Kingdom, San Marino, Vatican City, Andorra, Montenegro and Monaco.
The fee for converting Lightning into euros or Swiss francs is 1.49% of the turnover.
Merchants who wish to have their customers’ turnover paid out to a bank account must select the provider DFX in the backend under Payouts to bank account. The fields Account holder, IBAN bank details and Bank account currency can be entered there. No further details are required as long as the turnover submitted is less than CHF 1,000 / € 950 per day or CHF 100,000 / € 95,000 per year. If the turnover exceeds this limit, an additional identification check is required in accordance with Swiss law. The fee is then 1.99% of the turnover.
Strike
The Strike Wallet is a Bitcoin Lightning Wallet with a bank account.
The Strike Wallet is particularly suitable for store operators who prefer to have sales from their online store paid out to their own bank account instead of in Bitcoin.
In addition to the US and Europe, Strike is available in more than 95 other countries, including Brazil, Argentina, Mexico, El Salvador and Serbia.
Any online merchant in whose country Strike is available can accept payments from their customers via Coinsnap Bitcoin Lightning and receive the credit either in Bitcoin or in their local currency to their bank account.
The Strike Wallet is an ideal addition to the use of Coinsnap.
With the Strike Wallet, a Coinsnap merchant has the option of either having the transactions credited to their Bitcoin wallet or to their own bank account.
Wherever Strike is available, merchants can accept Bitcoin Lightning payments in their online store and receive the payout to their own bank account via Strike.
All you have to do is install the Strike app on your smartphone, verify yourself and enter your bank account.
You then open an account with Coinsnap and deposit the Lightning address provided by Strike.
Once you have installed the Coinsnap payment plugin in your online store, your customers can pay you with Bitcoin Lightning and the equivalent value is credited to the Strike Cash Wallet in your local currency and can be paid out to your own bank account.
Strike fee:
< €1,000 1.29%
€1,000 – €5,000 1.09%
€5,000 – €50,000 0.89%
> €50,000 0.79%
If you turn over less than €1,000 per month with Bitcoin in your online store and want to have the equivalent value paid out to your bank account via Strike, you will pay a fee of 1.29%, for example.
You can find detailed step-by-step instructions on how to install the Strike app on your smartphone and deposit it with Coinsnap in the article: Withdrawal via Strike to your own bank account
Pocket Bitcoin (in implementation)
Pocket Bitcoin is a Swiss Bitcoin broker that is currently testing the purchase and sale of Lightning. The purchase of Lightning credit is already possible during the test phase. The sale of Lightning, i.e. the exchange of Lightning into euros or CHF, is not yet possible.
Coinsnap is currently integrating the sale of Lightning via Pocket Bitcoin. Completion is planned for Q3/2024.
Coinfinity (planned)
Coinfinity is an Austrian Bitcoin broker that is currently testing the purchase and sale of Lightning. The purchase of Lightning credit is already possible during the test phase. The sale of Lightning, i.e. the exchange of Lightning for euros, is not yet possible.
As soon as an API interface for the sale of Lightning is available, Coinsnap will check whether a technical integration into the Coinfinity system is possible.
21Bitcoin (requested)
21Bitcoin is an Austrian Bitcoin broker that is currently testing the purchase and sale of Lightning. The purchase of Lightning credit is already possible during the test phase. The sale of Lightning, i.e. the exchange of Lightning for euros, is not yet possible.
As soon as an API interface for the sale of Lightning is available, Coinsnap will check whether a technical integration into the 21Bitcoin system is possible.
Lightning Broker wanted
Coinsnap is interested in working with Bitcoin brokers that offer Lightning sales and withdrawals to bank accounts.
Coinsnap is looking to partner with other Lightning brokers to offer payouts in other currencies and countries.
Coinsnap is a payment service provider that enables its merchants to accept Bitcoin and Lightning payments in their online stores. Some merchants want to keep the Bitcoin sales, while others prefer to have the Bitcoin Lightning payments they receive paid out to their bank account.
Therefore, we are looking for partners where these merchants can sell the Bitcoin Lightning sales and receive a credit in fiat to their bank account.
This means that the sales process should be automated for the merchant. The merchant should not have to go to the Lightning Broker website and manually enter the data for each sale. The data should be transferred automatically by Coinsnap.
The process could look like this:
The end customer orders something for €50 in the online store.
Coinsnap asks the Lightning Broker for the current exchange rate and receives, for example, 100,000 sats in response.
Coinsnap creates a Lightning invoice.
The end customer pays 100,000 sats and Coinsnap forwards the sats to the Lightning Broker.
The Lightning Broker exchanges the 100,000 sats for €50 and transfers them to the merchant’s bank account.
The implementation scenarios are listed below:
Lightning address:
One solution would be for the Coinsnap customer to open an account with a Lightning broker and receive a Lightning address from them. The merchant saves the Lightning address of the Lightning broker in the Coinsnap backend.
Coinsnap then forwards the merchant’s Bitcoin Lightning earnings to this Lightning address. The Lightning Broker then converts the incoming Lightning payments into fiat and pays them out to the merchant’s bank account.
API connection:
Coinsnap already has some information about the merchant. This data can be transferred to the Lightning Broker when registering a new merchant or a transaction.
1. User registration is required:
The service must allow users to register.
Registration includes receiving a signature message, signing it and registering via an endpoint.
Users can optionally provide additional information such as wallet and transfer/bank details.
2. the requirement for KYC verification
KYC verification is subject to regional regulations and may be optional in some countries and mandatory in others.
The service should offer the possibility of KYC verification based on transaction volume thresholds.
However, in cases where KYC is required, users must undergo identity verification via the API to ensure compliance.
3. transaction requirements:
The service should provide an API through which users can obtain offers for the sale of cryptocurrencies.
