Payments received to your Confirmo account are kept in our safe and secure custody, and you have different tools available to withdraw these funds to your bank account and crypto addresses. One of them are Settlements, our automatic withdrawals.
Whenever you receive a payment, it is processed according to your chosen settings when setting up the given Payment tool. Currently, you have three options: keep the cryptocurrency your customer chooses to pay with, have their cryptocurrency converted to Bitcoin, or have the cryptocurrency payment converted to fiat. These are then kept in your respective balances.
Once you want to withdraw your funds, you can do so via Settlements and Payouts.
Settlements are recurrent withdrawals to your linked bank account or crypto wallet. Settlements can be used to send fiat, but also crypto and stablecoins, and work on a set-and-forget basis like traditional standing orders. To add and manage your Settlements, navigate to Settings – Settlements. These settings show a list of all your Settlement methods which can be edited and deleted. You can have any number of Settlements set up at the same time.
To create a new Settlement, click the “Add Settlement method” button. You will be first prompted to choose whether you want to set up the recurrent withdrawal in cryptocurrencies and stablecoins, or in fiat currency. Once you have made your choice, you will be asked to choose your preferred cryptocurrency, blockchain, and crypto address or fiat bank account. When withdrawing fiat, we will require you to provide your receiving bank account’s IBAN and SWIFT.
After setting these up, you will also be asked to specify the conditions under which a Settlement is dispatched. Advanced settings allow you to define the exact day of the week or month when the Settlement is to be dispatched, and you can set a Minimum Settlement amount and request to Keep minimum balance.
The Minimum Settlement amount parameter lets you define a threshold which, when reached, triggers the dispatch of the Settlement.
The Keep minimum balance parameter then lets you define an amount on your balance that you want to keep. This is handy when you also plan to withdraw via Payouts.
As such, Settlement methods allow you to define the logic for creating Settlements. Your balance has to be higher than your Minimum keep balance + Minimum Settlement amount on the day you set that the Settlement to be dispatched.
We are constantly improving Confirmo functionalities, so certain features may change before this guide is updated. We do our best to keep our content up to date and apologize for possible minor differences between our guides and product. Thank you for your understanding. Contact us at [email protected] should you require any assistance.