Crypto Payments, Crypto-Friendly Merchants

How to Change Currency Settlement & Payout Settings?

Last updated: August 8, 2019 4 min read

Vilius Barbaravičius

One of CoinGate’s strengths is that merchants can accept +70 cryptocurrencies for payments and receive recurring payouts in a single currency of their choice, crypto or fiat.

settlement and payout options

When a merchant uses CoinGate API, payment buttons, or the PoS solution, all received coins are automatically converted into USDT by default and can be withdrawn from CoinGate to a merchant’s preferred wallet later. 

However, merchants also have the option to change settlements of all 70+ cryptocurrencies that they accept using tools provided on the account dashboard.

How flexible are currency settlements at CoinGate?

In terms of currency settlement options, CoinGate is very flexible, as merchants can:

crypto to fiat settlements

  • Keep coins in their original form. If you, for example, get a payment in ETH, you can keep it and request a payout in ETH to an external wallet.
  • Convert crypto earnings to fiat currencies, such as EUR, USD, and GBP.
  • Settle one cryptocurrency to another. For example, you can receive LTC but get payouts in BTC, and so on.

How to modify currency settlements?

When a merchant accepts crypto payments with CoinGate, the collected coins are automatically converted to USDT before initiating a payout. This setup can be changed by a merchant in various ways.

Log into your CoinGate business account, then go to the Account Settings > Manage Business’ menu section and navigate to theCurrency Settingstab to set a different ‘default receive currency’ and three fallback currencies in case there’s a problem with using the default option.

default receive currency

To further modify the currency settlements of individual accepted cryptocurrencies for API, payment button, or Point-of-Sale (PoS) integrations, log into your CoinGate business account and head over to the settings page of your active integration method under the ‘Merchant’ menu tab, as shown in the example below.

currency settlements

In addition, you can turn off particular cryptocurrencies if you don’t want to accept them and also change the positioning of crypto assets presented on the invoice. 

Be mindful that modifying settlements for individual currencies override settings on the ‘Currency Settings’ page at Account Settings > Manage Business’. Click here to learn how to set up settlements for each currency step-by-step. 

What payout options are available at CoinGate?

Payouts refer to a process of withdrawing the collected cryptocurrencies from CoinGate. Payout address settings is a place to provide a destination for withdrawals of these funds. 

Options for payout destinations include cryptocurrency wallets for the majority of accepted cryptocurrencies, also bank accounts, and AdvCash for payouts in fiat currency (EUR/GBP/USD). 

Payouts can be set up on the CoinGate account dashboard under the Account Settings > Payout Settings tab after clicking the ‘+Add New’ button. Note that only verified merchants can add payout addresses.

add payout address

How to set up payouts to a bank account?

  1. Click the ‘+Add New’ button in Account Settings > Payout Settings;
  2. Select the ‘Bank Account’ option;
  3. Name your payout address in the ‘Title’ field;
  4. Select your bank’s local national currency;
  5. Add a bank account number or IBAN;
  6. Select the frequency of payouts;
  7. Click ‘Next’ and confirm your payout address by following the instructions.

How to set up payouts in Bitcoin and other cryptocurrencies?

  1. Click the ‘+Add New’ button in Account Settings > Payout Settings;
  2. Select Bitcoin or other cryptocurrency you intend to collect and withdraw;
  3. Select a currency network that matches your wallet address;
  4. Name your payout address in the ‘Title’ field;
  5. Copy and paste the wallet address;
  6. Click ‘Next’ and confirm your payout address by following the instructions.

How to set up payouts to an AdvCash account?

  1. Click the ‘+Add New’ button in Account Settings > Payout Settings;
  2. Select the ‘AdvCash’ option;
  3. Name your payout address in the ‘Title’ field;
  4. Add your AdvCash account;
  5. Click ‘Next’ and confirm your payout address by following the instructions.

Have issues?

If you encounter any problems while setting up payout or settlement settings, shoot a message to our support team at support@coingate.com, and we’ll do our best to assist you!