Manage a Payout Schedule

Let's look at all the available features to manage your payout scheduling. The feature listed below demonstrates how various actions are available on the Speed web application that can be used to schedule an automatic payout.

Scheduling an Automatic Payout Request

To schedule a payout from the web application, you have to navigate to "Business Settings>Payout Scheduling”.

The automatic payout setup can be configured for either an on-chain or lightning payout type.

Onchain Address

You can schedule an on-chain payout by either selecting an existing on-chain wallet address or adding a new one, along with specifying the “maintain minimum balance” and “minimum payout amount”.

Every time payment is received, if you’ve configured the 'On-chain' option, the system will verify if the payout balance (which is the available balance minus the maintain minimum balance) is equal to or exceeds the “minimum payout amount”.

• If this condition is satisfied, the payout balance will be transferred to the designated on-chain address configured.”

Lightning Address

The Lightning payouts can be scheduled by adding and selecting the LN Address and specifying the “maintain minimum balance” fields.

The payout amount received at this LN Address will be equal to the 'Available Balance - Maintain Minimum Balance'.

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Imp note: When setting up payout scheduling, it's important to note that the use of a Speed payment address or an on-chain address is prohibited

After configuring automatic payouts, you can easily access this information in speed web application from here. You'll find all the details of the payout, including

• its activation status,
• its type, i.e. lightning or an on-chain
• the associated payout wallet name,
• the relevant fields along with their values (i.e., maintain minimum balance or minimum payout amount).

Updating the Payout Scheduling

Once you've configured it, you have the flexibility to make changes at any time by selecting the "EDIT" option.

It's important to note that adjustments to the payout settings can only be made if the automatic payout feature is already activated. This means that if you’ve deactivated it, you won’t be able to make changes. While you can initially set up automatic payouts only once, you are free to make updates as often as needed.

You can modify various aspects of your payout, like:

• Your choice between the Lightning and on-chain type
• Your wallet address,
• Adjustments to the minimum balance or the minimum payout amount, all at your convenience.

After making the necessary changes, be sure to click "SAVE" to store the updated details.

Activating and Deactivating the automatic Payout

By default, after setting up, the payout request will be in an active state.

Once you've scheduled a payout, you have the flexibility to activate or deactivate it at any time with a simple toggle of the switch, as shown in the below screenshot.

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If you choose to deactivate or reactivate the payout scheduling, an email notification will be sent to the owner of your account to keep them informed.

Please note that deactivating it will stop automatic payouts to your specified address until you choose to reactivate them.

It's important to note that the wallet (on-chain or lightning) associated with the “payout scheduling” setup cannot be deactivated unless it is first removed regardless of whether the payout scheduling is activated or it has been deactivated.