Strike Business is a custody wallet where your funds are held by Strike and you have to go through a KYC process for your business.
In return, you receive a Bitcoin Lightning wallet with a Lightning address and can manage both Bitcoin and Lightning in one account and also receive an account for euros.
You will receive a Lightning address that you can store if you accept Bitcoin payments via Coinsnap in your online store or on your website.
Strike Business is of interest to all companies that receive Bitcoin payments and wish to either keep the Bitcoin received or convert it into euros.
To open a Strike Business account, go to https://strike.me/business The entire process is partly in English, as is the subsequent email communication with the Strike Onboarding Team. After clicking on Get Started, you will be asked to fill out a form. There you will need to fill out a form in which you provide your name, your personal e-mail address, the name of the company, the location of the company, the URL of the company’s website and the purpose for which you want to use Strike Business. If you already have a private Strike account, make sure you use a different email address here. Ideally an email address that is associated with the company. You will then have to wait until you receive a message from Strike. A few days later you will receive an email to start the registration process:
It is an advantage to find out in advance what to expect and it is advisable to compile the relevant documents in advance.
Shareholder audit
An audit includes the KYC audit of the acting persons of this company. These are the directors and managing directors and all shareholders who hold more than 10 percent of the shares in the company. Each of these persons is then asked by e-mail to send a photo of an identification document and to provide proof of their residential address in the form of a bank statement or utility bill.
Company audit
In addition to the persons involved, the company must also be checked. Company documents such as an extract from the commercial register and a current bank statement with the company name and address are requested for this purpose. Once you have prepared everything, click on “Start your onboarding” in the email. You will be redirected to a website where the onboarding process takes place. The link may already have expired. Then simply reply to the email you received. I’ve always gotten the best email support from this later. Once you’re on the website, you’ll go through several steps where you enter the relevant information we just talked about.
Strike Business Dashboard
After successful registration, we can log in via the URL https://dashboard.strike.me/login log in to the Strike Business Dashboard. In contrast to the Strike account for private use, which is managed as an app on the smartphone, the Strike Business account is managed via the web. Those who already have a private Strike account will be familiar with the handling of both accounts.
Cash Balance Account
At Strike you have an account in which the euro balance is managed. You can receive bank transfers to the account. You will receive the relevant bank details when you click on Deposit. Deposits can only be made from a bank account in the same name as the Strike account and Strike only supports Euro currencies for European customers. Withdrawals cannot be made yet, as we need to deposit our bank account first. To do this, go to Accounts and then to Add bank account. You can then enter the IBAN of your own bank. Payouts are only made to the company account.
Bitcoin Balance Account
We also have the Bitcoin Lightning account, which supports both Onchain Bitcoin and Lightning. With Onchain, the Bitcoin address is displayed to receive payments. Once as an onchain address and additionally as a QR code. To receive payments via Lightning, you must first create a Lightning Invoice. To do this, enter the amount in Bitcoin that you would like to receive. Please note that the entry is made in Bitcoin, i.e. with decimal places. So if you want to create a Lightning Invoice for 100,000 sats, the entry is 0.00100000 or 0.001.
Lightning Address
You can also receive Lightning via your Lightning address. Your Lightning address is username@strike.me But how do you get your username? Click on the three dashes at the top right and your username will be displayed, which unfortunately cannot be changed. If you accept Bitcoin payments with Coinsnap in your online store or on your website, you enter your Lightning address there. The credits are credited directly to your Strike Business account via this Lightning address. However, the Lightning credit is not credited to your Bitcoin account, but converted into euros and credited to your Euro Cash account. If you do not want to keep the Bitcoin, but prefer to have the Bitcoin turnover credited in euros, then you do not need to do anything. However, if you want to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet. You can reach Strike support at support@strike.me
Send Bitcoin to the hardware wallet
You can use the Send Bitcoin button to send Bitcoin via On-Chain or Lightning. If your Bitcoin balance on the Strike Bitcoin Wallet has become too high, it is advisable to transfer this Bitcoin to a secure Bitcoin hardware wallet, such as the Bitbox02. It is pleasing to note that Strike does not charge its own fees for Bitcoin withdrawals, as is often the case with other Bitcoin wallets. Only the fees for the Bitcoin blockchain that the miners receive are charged.
Receive Bitcoin – Credit in Euro
If you have deposited the Lightning address you received from Strike with Coinsnap, your customers’ Bitcoin payments will be credited directly to the Strike wallet. The question now arises as to which Strike account the credit should be made to. To the Bitcoin account or to the Euro Cash account? The default setting for Strike Business is to the Euro Cash account. For traders who are wary of the volatility of the Bitcoin price, we recommend retaining this setting. For example, if the end customer pays €50, this amount will be credited to your Euro Cash account minus the fees. These fees are on the one hand the fees that Coinsnap charges for its own services and on the other hand the exchange fee from Strike. If you would like to offer your customers the option of paying with Bitcoin, but would like to be credited in euros, Strike offers you an immediate conversion at the most favorable fees. The immediate conversion upon receipt of the Bitcoin payment is very advantageous and you are thus protected against the volatility of the Bitcoin exchange rate. Strike Business is particularly recommended for merchants who receive Bitcoin payments from their customers and want an immediate credit in euros.
Receive Bitcoin – Credit in Bitcoin
Currently, incoming Lightning payments are converted directly into euros via the Lightning address and then credited to the Euro Cash Wallet.
However, if you wish to keep the Bitcoin you receive, you must contact Strike Support and request that the conversion is not carried out and that the Bitcoin is credited directly to your Bitcoin wallet.
You can reach Strike support at support@strike.me
Fees
Strike impresses with its low fees and, unlike other Bitcoin Lightning wallets, does not charge any fees for certain services.
Euro deposits and withdrawals
You can make deposits and withdrawals to the Euro Cash account in our Strike Wallet by bank transfer. Strike does not charge any fees for deposits or withdrawals to another bank account.
Bitcoin deposits and withdrawals
You can send and receive deposits and withdrawals from your Bitcoin wallet via Onchain and Lightning. Strike does not charge any fees for deposits and withdrawals of Bitcoin payments.
Lightning
There are no fees for switching from Lightning to Onchain or vice versa. You can therefore receive Lightning credits from your customers, which are credited to the Strike Bitcoin wallet and transferred to your Bitcoin hardware wallet at no additional cost. Other Bitcoin Lightning wallets charge an average fee of 0.5% for forwarding to an on-chain Bitcoin wallet, which Strike does not charge. To be fair, however, it must be pointed out that network fees are incurred when paying via Lightning and Onchain. However, these fees are not charged by Strike, but the actual network costs are passed on. Lightning payments only incur routing fees, which are in the millicent range.
Onchain
Onchain payments incur fees that depend on how quickly the credit is to be issued. However, these fees are displayed before the payment is executed. Strike breaks this down into three stages:
- Priority – about 10 minutes – network fee plus strike fee
- Standard – about one hour – network fee plus strike fee
- Free – about one day – no fees
Strike here means that a strike fee is incurred, but not how high it is. So please pay attention to this when transferring Bitcoin yourself. But if you transfer the Bitcoin to your own Bitcoin wallet, then you certainly have enough time and then there should be no fees and no network fees.
Exchange fee
But how does Strike earn his money?
Strike’s business model is based on the exchange between euros and Bitcoin. Every time you buy or sell Bitcoin, i.e. exchange euros for Bitcoin and vice versa, Strike charges a fee. This fee is staggered and depends on the monthly exchange volume. If you exchange less than €250 per month, you pay 1.29%. If you exchange €1,000 per month, the fee is only 1% and is reduced accordingly. Every month it starts all over again. So check for yourself what fees you would incur. The standard market rate is around 1.5%, making Strike one of the cheapest providers.
Summary
Strike Business is the ideal Bitcoin wallet for businesses. Strike is a custody wallet where your Euro balance and your Bitcoin are held by Strike. To open a Strike account, KYC is required for your company and the acting persons. You will receive a wallet with a euro account and a Bitcoin account, which you can use to manage both separately. You will receive your own Lightning address for your company and, if you want to accept Bitcoin Lightning payments in your store or on your website, you can have the sales credited directly to your Bitcoin or euro account. You can receive Bitcoin and Lightning payments from your customers and decide whether you want to keep the Bitcoin or convert it into euros immediately. With Strike Business, you have a clean separation between your private Bitcoin and your company’s Bitcoin. Strike Business also scores highly in terms of fees. Deposits and withdrawals by bank transfer are free of charge. There are also no fees for deposits and withdrawals via Bitcoin Onchain and Lightning, only the routing and network fees are passed on. Fees are only charged when exchanging Bitcoin for euros or vice versa. However, these fees are cheaper than what is usually charged on the market. Strike Business is particularly recommended for businesses that want to accept Bitcoin and Lightning payments in-store or on the Internet or online store with Coinsnap.
