What is split settlement?
The split settlement feature allows you to split each payment into a precise allocation of Bitcoin and supported local currencies at the time of transaction. While automatic currency conversions convert 100% of the Bitcoin received into your local currency wallet, split payments lets you choose the percentage to keep in Bitcoin.
How does it work?
When you enable split settlements, every Bitcoin transaction that you accept with OpenNode automatically converts whatever percentage you selected on the split payments slider into the currency of your choice at the time of the transaction, no matter the size of that transaction. Whatever percentage that is split from Bitcoin into local currency has no exposure to Bitcoin price volatility.
Keep in mind, the price of bitcoin fluctuates so there is a possibility that if you hold your bitcoin and convert later, the value may have gone up or down.
The funds from the transaction go directly to your traditional currency wallet (i.e., USD wallet, Euro Wallet, etc.), not your Bitcoin wallet, with no additional fees*.
Funds automatically hit the USD wallet when automatic currency conversion is enabled. This user has their currency set to USD.
Note: Funds in your USD wallet are not in your bank account.
If you want to withdraw your traditional currency funds - such as USD, EUR, etc. - from your OpenNode account to your bank, you will need to follow the steps described in Bank Transfers.
How do I enable split settlement?
- Log-in to your OpenNode dashboard.
- Navigate to settings > payments.
- Tap the toggle next to "Split payment".
- Select the percentage that you'd like to receive in BTC. For example, if you select 66% as your BTC settlement ratio, when you receive a payment worth $100 USD you will receive $66.00 worth of BTC and $34.00 worth of USD.
5. Enter your 2FA, and click "Save changes".
How do I disable split settlement?
To disable split settlements:
- Log in to your OpenNode dashboard
- Go to Settings, then Payments.
- Use the toggle to disable split settlement.
Have questions? Let us know!
You can reach us at firstname.lastname@example.org or use the chatbot at the bottom right of any OpenNode page, 24/7.
*Funds may be subject to a transfer fee, minimum fees, and/or withdrawal minimums,. See pricing for details.