Getting started with BitPay Send (for merchants)

How does a business get started with BitPay Send? 

• Complete a BitPay Merchant application and select payouts (BitPay Send) at the time of application.
• Complete Know Your Business and Enhanced Due Diligence process: The usual turnaround time is 1-2 weeks.

How do I send funds for my payouts?

As fiat deposits differ by your banking country, please contact our support team at support@bitpay.com. 

Why are my settlements on hold?

We place merchants' account settlements on hold so that your fiat deposits for payouts will not be accidentally re-settled to your banking details. This is called a 'freeze' on your settlements, as a BitPay agent must be the one to remove the freeze (it cannot be removed on your side).

Suppose you are a merchant who processes incoming payments and outgoing payouts. In that case, you may wish instead to have a refund reserve, in which you hold back a certain amount from being settled but settle anything over that amount that reaches your settlement minimum. Please let us know your preference when setting up your account. As a BitPay merchant, you are set up to be paid out via daily settlement. However, with the reserve feature enabled, regular account settlement will only occur if your available balance exceeds the specified reserve amount. Please reach out to our support team at support@bitpay.com if you wish to implement a reserve as this is something BitPay needs to set.
*Please be sure you are setting your reserve high enough to accommodate for any payouts you will need to complete.*

How does BitPay calculate exchange rates?

BitPay integrates with multiple crypto exchanges to get the current exchange rates and then uses the best exchange rate for the conversion at the time we process the payout batch.

When do the payout requests get processed?

Currently, the payouts are processed at 10AM ET and 5PM ET daily. In the future, we will improve this to hourly process times throughout the day.