How is a payout to a bank account made?
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 an exchange of Bitcoin into Euros, Dollars or other currencies, but works with partners that allow the exchange and withdrawal to a bank account.
By working with different Bitcoin brokers, it is possible to withdraw 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, you have to consider in which country the bank is located where you have your bank account and in which currency the withdrawal should be made.
As a rule, you have to register separately with the corresponding Bitcoin brokers and enter your personal data and bank details.
Each Lightning broker has different requirements for the documents to be submitted and information about your company.
With some providers, the account opening can also be started directly from Coinsnap.
From the Bitcoin or Lightning broker you will receive your own Lightning address, which you can deposit at Coinsnap. All incoming Bitcoin and Lightning payments from your customers will be forwarded to this Lightning address by Coinsnap.
The credit will then be made to your Lightning broker, who will convert the incoming amount into Euros or another fiat currency and pay it out to your bank account.
The payout can be made per incoming payment or cumulatively, depending on the amount.
Instead of a Lightning address, the Lightning broker can also provide credentials in another form, which you can enter into the corresponding fields of the respective provider in the Coinsnap backend.
The fiat invoice amount to be paid by the customer is calculated based on the bitcoin exchange rate provided by Lightning Brokers.
The final conversion is done at the time the payment is received by Lightning Brokers.
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 almost risk-free due to exchange rate fluctuations.
Below is a list of Bitcoin and Lightning brokers to which Coinsnap offers connectivity.
This list of Lightning broker connections is constantly being expanded. If your Lightning broker is not yet listed here, 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 exchange 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.
SEPA countries include the 27 EU member states (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden), the three EEA countries Iceland, Norway and Liechtenstein, as well as Switzerland, the United Kingdom, San Marino, Vatican City, Andorra, Montenegro and Monaco.
The fee for exchanging Lightning into euros or Swiss francs is 1.49% on the turnover.
Merchants who want to have their customers’ sales paid out to a bank account must select the provider DFX in the backend under Payouts to bank account.
There, the fields account holder, IBAN bank details and currency of the bank account can be specified.
Further details are not required as long as the submitted turnover is below 1,000 CHF / 950 € per day or 100,000 CHF / 95,000 € per year. If the turnover exceeds this limit, an additional identification check according to Swiss law is required. The fee thereafter amounts to 1.99% of the turnover.
Coinfinity (planned)
Coinfinity is an Austrian Bitcoin broker that is currently testing the purchase and sale of Lightning. The purchase of Lightning credits is already possible during the test phase. The sale of Lightning, i.e. the exchange of Lightning into euros, is not yet possible.
As soon as an API interface for the sale of Lightning is available, Coinsnap will check whether 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 credits is already possible during the test phase. The sale of Lightning, i.e. the exchange of Lightning into euros, is not yet possible.
As soon as an API interface for the sale of Lightning is available, Coinsnap will check whether technical integration into the 21Bitcoin system is possible.
Pocket Bitcoin (requested)
Pocket Bitcoin is a Swiss Bitcoin broker that is currently testing the purchase and sale of Lightning. The purchase of Lightning credits 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.
As soon as an API interface for the sale of Lightning is available, Coinsnap will check whether technical integration into the PocketBitcoin system is possible.
Other Lightning Brokers
Coinsnap is interested in working with Bitcoin brokers that offer selling via Lightning and payout to a bank account.
With the connected Lightning brokers, a payout via SEPA transfer to European bank accounts in the currencies EUR, CHF and GBP can be offered.
Coinsnap aims to cooperate with other Lightning brokers to enable payouts in other currencies and countries.
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