Creating Pay-Outs for Crypto
Create a payment link to send out crypto payments or auto approve the payment if you know the address ahead of creating the payment.
This guide outlines the process for integrating crypto payouts into your platform using BVNK. It provides a detailed walkthrough on leveraging BVNK's Hosted Payments Page as a user interface component for end users to claim their payouts. Alternatively, it allows for the customization of your own payments page, where you can submit the payout address at the time of payment creation to automatically complete the payout.
A crypto payout involves transferring cryptocurrency from your Embedded Payment Manager (EPM) account to an end user's crypto wallet. This quick start guide aims to assist you in adding crypto payout capabilities to your product with BVNK, guiding you through each step of the process—from creating your first payout to developing a user interface ready to gather crypto wallet addresses from your customers.
Before You Start
At this point, you should have generated API keys for your EP account, established the correct authorization to make requests to BVNK, and created your EPM accounts, which are all equipped with wallets and linked Merchant IDs.
Payment Out Sequence Diagram
The sequence diagram for a pay out followed in this guide
Payment Lifecycle
The payment out process undergoes several statuses throughout its workflow, detailed below:
| Status | Immutable? | Description |
|---|---|---|
pending | No | The initial state of a payout, remaining here until a crypto address is provided or the payout request is cancelled. |
processing | No | Transitions to this state after a crypto address is submitted, during the processing of the payout. |
complete | Yes | Marks the completion of the payout once funds have been successfully transferred. |
cancelled | Yes | Indicates a payout has been cancelled or failed; funds stay in the merchant account. |
Steps to Follow
This guide covers the following key aspects of accepting crypto payments on your platform:
- Creating a Payout Request: Instructions on initiating a payout and managing the response.
- Claiming the Payout: Directing end users on how to claim their payouts.
- Monitoring Payment Webhooks: Setting up to listen for and handle payment webhooks effectively.
By following these steps, you can efficiently integrate crypto payouts into your platform, enhancing your payment offerings with BVNK.
Updated 11 months ago