Locked rates - or guaranteed exchange rates - protect businesses from Bitcoin price volatility. Specifically, locked rates ensure that businesses that automatically convert transactions to their preferred local currency always receive the full expected amount (minus any processing fees).
From a payer perspective, payment requests quote a BTC equivalent amount in OpenNode’s checkout for 10 minutes before expiring.
If a payment request does not result in in-checkout payment within 10 minutes, it will show as expired and allow the payer to refresh or re-initiate payment to obtain an updated BTC amount equivalent to the local currency amount (minus processing fees) expected by the merchant.
In the case of an underpayment (i.e. payment for less than the full amount requested), Payers are provided the option to top up the payment or request a return of the underpayment.
If a Payer selects return of the underpayment, OpenNode prompts the payer to enter the email address and Bitcoin address.
If a Payer does not top-up to the full amount within 10 minutes, OpenNode will systematically initiate the return of BTC funds by prompting the Payer to enter an email address and bitcoin address.
In the case of any other payment discrepancies, OpenNode will respond to Merchant inquiries on a case by case basis.