Settle Crypto Payments to Fiat Quickly and Easily
CoinPayments is excited to announce a new partnership with Wyre – a fiat settlement service we have integrated into our platform, allowing our merchants to convert their crypto to USD, CNY, BRL and MXN and automatically wire it to their bank accounts.
The Wyre platform leverages blockchain technology to build the fastest and most cost-effective way to transfer money internationally, with no strings attached! Instead of struggling with expensive fees and questionable security, Wyre allows you to send money 8 times cheaper than with the banks. Plus, every payment has a unique tracking link that you and your beneficiary can follow from start to finish.
You can settle or send money through the Wyre dashboard directly or use the CoinPayments integration with their money transfer API for an automated approach. Either way, you’re getting the fastest and fairest currency exchange rates in the world!
“It’s awesome that we can let businesses get comfortable at their own pace, instead of forcing unwanted volatility onto their balance sheet. It’s a great approach for the business, and furthering education of cryptocurrencies!”
– Michael Dunworth, CEO of Wyre
How Wyre will Benefit CoinPayments Merchants?
CoinPayments merchants can benefit from Wyre’s low fee, convenient fiat settlement service by linking their CoinPayments account to their Wyre account. Once linked, merchants have the option to select which coins they want to settle to fiat and to set the threshold for how much fiat to accumulate before settling and wiring the funds to their bank account.
Settling to fiat allows merchants to avoid the volatility common amongst cryptocurrencies. Removing this barrier to entry will ultimately help to further the adoption of cryptocurrencies as a payment method, which is why the CoinPayments + Wyre partnership is such a great step forward!
How it Works?
To link your CoinPayments account with your Wyre account, follow these simple steps:
- Sign up for your Wyre account
- Verify and add your bank account to your Wyre account
- Login to CoinPayments and go to Account -> Coin Acceptance Setting -> Fiat Settlement
- Select the fiat currency you want to use
- Login to Wyre and go to Your Account -> API Keys
- Add an API key, leaving the IP Whitelist field blank
- Input the API & Secret key from your Wyre account into your CoinPayments account
The fees for using the Wyre service include a 0.5% service fee (reduced fee exclusive to CoinPayments merchants) as well as a small spread built into the spot rate. Overall, the merchant can expect a fee of about 1.5% for settling their BTC into USD, CNY, BRL or MXN and having the fiat wired to their bank account.
Please note: Wyre uses the mid-market exchange rate for exchanging fiat currencies, by combining rates from multiple exchanges to determine the spot rates for BTC.