Payouts are payments originated by businesses and destined for recipients. Types of payouts include payroll, freelance/contractor payments, gaming winnings, supplier payments, tax refunds, and other types of disbursements.
Paying out is as mission-critical as accepting payments, but payouts reliant on traditional payment rails and currencies are often expensive, opaque, and slow. OpenNode Payouts deliver material benefits to payout platforms/originators and recipients.
OpenNode provides businesses with a compliant, simple, automated, and cost-effective way to initiate secure, near-instant Payouts to recipients around the world.
Requirements & Activation
In order to be able to send bitcoin payouts using OpenNode, businesses must complete KYB/KYC. Additionally, if funding bitcoin payouts with local currency, businesses must:
1. Possess a real (not virtual) bank account.
2. Complete the bank account verification process.
3. Hold corporate registration in one of our supported countries.
4. Transact in one of our supported currencies: USD, EUR, GBP, BRL, MXN, and AUD.
OpenNode will activate payouts for the account upon fulfillment of the above requirements. Depending on the value and volume of each payout, businesses may be required to provide additional KYC for recipients.
OpenNode carries out full KYC and KYB checks as part of business onboarding for bitcoin payouts. This includes verification of ultimate beneficial owner identities, intentions, and activities.
In addition, OpenNode:
- works with bank/exchange partners to establish a business' source of funds.
- monitors transactions for unusual spikes of inactivity.
- keeps detailed records of transactions.
- has the facility to electronically report any suspicious activity that may arise.
- may require additional KYC for payout recipients.
OpenNode charges businesses a flat 1% per transaction processing fee for BTC Payouts.
Note: Businesses that have Payouts enabled will also be charged a per-transaction processing fee for bitcoin transfers initiated from the merchant dashboard.
When deposit and/or conversion of local currency is part of the process, typical fees - not charged by OpenNode - will also include:
Business pay in
- Wire transfer fee for local currency deposit ($10-$30 for the U.S.).
- Nominal/small fee for BTC transfer.
- No conversion fee.
- Exchange rate.
Recipients are not charged any fees to receive BTC but will incur some cost when they convert to local currency and initiate a bank transfer.