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Create a Payout Schedule

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Upon reaching the Payment Scheduling page, you need to setup your automatic payout. You’ll be presented with the choice to select the payout type either via “On-chain address” or via “LN address”.

Payout via On-chain address

  • If you haven't added an on-chain wallet address, you can do so from the payout wallet section.

    • When you add a new payout wallet, Speed will send a verification email to the owner of the account to confirm and approve the payout wallet address.
    • Once the wallet address is successfully verified, it will be available for you to set as the default wallet for automatic payouts.

  • Now you can select “On-chain address” as payout type and then select the available on-chain wallet address that has already been added and verified.

  • You then need to define "Minimum payout amount" i.e. system will initiate automatic payouts once this limit is triggered.

    • The "Minimum payout amount" should not be set below 0.0005 BTC i.e. 50000 SATS.
    • It can be adjusted up to a maximum of 5 BTC.

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    Users have the option to enter values for the "Minimum payout amount" and "Maintain minimum balance" in BTC or SATS.

  • You need to first determine whether you want to keep any reserve balance for your cashback functionality. For the same, you need to define "maintain minimum balance”.

    • You can set any amount as minimum balance.
      Alternatively, you can opt for a minimum balance of 0 BTC, where your corresponding "Minimum payout amount" should be 0.0005 BTC or more.

  • After specifying all the details correctly, automatic payouts will be enabled.

    • You'll receive an email notification directly to your registered email address when the on-chain automatic payout feature is enabled initially or gets disabled manually at later stage.
    • You’ll also receive email notifications from the system every time there is a change in payout details or a successful payout takes place.

Payout via LN address

  • If you haven't added a LN wallet address, you can do so from the payout wallet section.
    • When you add a new payout wallet, Speed will send a verification email to the owner of the account to confirm and approve the payout wallet address.
    • Once the wallet address is successfully verified, it will be available for you to set as the default wallet for automatic payouts.
  • Now you can select “LN address” as payout type and then select the available LN wallet that has already been added and verified.
  • You need to then define “maintain minimum balance” i.e. balance you want to set aside to account for cashbacks.
  • After specifying all the details, automatic payouts will be enabled.
    • You'll receive an email notification directly to your registered email address when the automatic payout feature is enabled initially or gets disabled manually at later stage.

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Please note that for both "On-chain" and "Lightning" payout types, it incurs network fees *, resulting in a deduction from your wallet balance and consequently reducing the payout amount.
These fees may vary depending on the transaction's size and the current state of the bitcoin network.

Updated 21 days ago