Payouts (Sending Crypto)

What are payouts?

BitPay payouts allow you to send cryptocurrency to people you would like to pay, without needing to set up a crypto wallet. Use cases include employee payroll, B2B payments, paying freelancers/contractors, and more. Your business will simply wire fiat currency to BitPay's bank, then use your merchant dashboard or our API to initiate your payouts. You won't need to worry about which cryptocurrency your recipients want to receive - they can configure that themselves using their own BitPay portal.

Cryptocurrency Payouts Implementation Guide

Confirm Interest: Begin by confirming the interest of employees or recipients in receiving cryptocurrency payouts through BitPay. Implement an opt-in process, such as distributing a survey or form, where they can express their interest in receiving crypto payments.

Educate and Inform: Ensure that employees are well-informed about the benefits, risks, and implications of receiving cryptocurrency payouts via BitPay. Provide them with resources to learn more about cryptocurrencies and address any questions or concerns they may have.

🚧

Invitations should not be used as the first touchpoint to gauge interest or educate users on crypto payouts.

Collect Information: Gather the necessary information from recipients who have expressed interest in receiving crypto payouts. This includes their email addresses and, if applicable, the amount of cryptocurrency they would like to receive.

Verify Funds Availability: Before you can send a payout to a recipient, you need to make sure that your BitPay ledger has been credited with the necessary funds to satisfy the payout + BitPay's 1% fee. You can check your ledger balance in your merchant dashboard, or using an API call. If you do not have enough funds available on your ledger, you will need to send money to BitPay's bank. You should have received funding instructions after your account was approved, but please contact out support team ([email protected]) if you need us to supply them.

Initiate BitPay Payout: Once the necessary information is collected from your recipient, initiate the cryptocurrency payout using BitPay. BitPay will handle the process of converting the payout amount into the chosen cryptocurrency and sending it to the recipient's wallet address. Use the Create Payout API to initiate the payout. Any recipients that have not been invited yet will be invited at the same time. Any recipient that has already moved to the active status will receive their payout in the next batch processed.

Monitor BitPay Payout Status: Keep track of the payout status using BitPay's dashboard or API to ensure that the transaction is successful. To receive initial notifications about the payout status, use the Payouts Webhooks. For additional confirmations, use the Get Payout API documentation. The possible statuses are new, processing, error, and complete.