Payout to bank account with DFX
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.
If you prefer to have your Bitcoin turnover paid out directly to your bank account, you can do this via the Swiss Bitcoin broker DFX.
Coinsnap works together with DFX and can thus exchange Bitcoin balances into Euro or CHF, which enables a payout to any bank account within the SEPA area.
The SEPA area comprises the 27 EU member states, the EEA states, Switzerland and the UK.
Deposit of your own bank account
Once you have registered with Coinsnap and entered your Lightning address, you can choose to pay out by bank transfer via the Payout menu item.
If you then select the provider DFX, you will be asked to enter your bank details.
This includes the exact name of the account holder and the IBAN number.
You must also specify the currency in which the payout is to be made. You can choose between Euro and CHF.
If you have not yet entered your personal and company details, you can do so here.
Payout to your own bank account
If a customer pays with Bitcoin or Lightning in your online store, the purchase amount is forwarded to DFX.
DFX converts the sats into euros or CHF at the current exchange rate and transfers the equivalent value to your bank account at midnight, where it is usually credited the next day.
Each payment is changed and paid out individually. This means that you have a separate entry on your bank statement for each of your customers’ purchases.
The minimum amount is € 10. If the amount is smaller, it is paid out to the Lightning Wallet.
The payout can be made in either euros or CHF. Your own bank account will be credited in the corresponding currency of this account. A merchant with a bank account in the UK can make the payout in euros, the credit is then made in pounds to his English bank account.
Prerequisite
To be able to make a payout to their own bank account, the merchant must provide the company details. In addition, the name of the account holder and the IBAN of the corresponding account.
No further information is required as long as the turnover 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 under Swiss law.
Fees
The fee for exchanging Lightning into Euros or Swiss Francs is 1.49% on the turnover.
If the turnover of CHF 1,000 / € 950 per day or CHF 100,000 / € 95,000 per year is exceeded and an additional identification check is therefore required, the fee is 1.99 % of the turnover.
