Automatic Payout refers to an automated procedure for transferring your Speed account balance to an external wallet that you’ve configured.
Whenever a payment is received into your account, if the payout scheduling is enabled and all stated criteria are met, the system will initiate the payout automatically to your wallet.
Automatic payouts save you the time and effort required to initiate manual transfers. It ensures that funds are regularly and reliably moved to the designated external wallet without the need for constant oversight. By automatically moving funds to an external wallet, you can reduce the risk of holding a large amount of assets in one account.
Here's a step-by-step guide on how to create an automatic payout in Speed:
- Go to your account settings and navigate to business settings.
- Then navigate to “Payout Scheduling”.
- You can select only one payout type at a time: either “On-chain” payout (using an on-chain address) or “Lightning” payout (using an LN address).
If you haven't added a payout wallet yet, Speed will guide you to the "Payout wallet" section, where you can easily add your payout wallet.
- Add a new payout wallet by providing the required information, such as the wallet address.
- Speed will send a verification email 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.
While setting up payout scheduling, it's important to note that the use of a Speed payment address or an on-chain Speed address is restricted.
- Automatic payouts eliminate the need for manual intervention to transfer your accumulated Speed account balance to your desired bitcoin or Lightning wallet, enabling quick and efficient payment processing.
- Businesses can set and predict payout schedules, helping with financial planning and cash flow management.
- Increase accuracy: Automatic payouts reduce the risk of human error associated with manual payment processing, leading to more accurate and error-free transactions.
- Customization: Businesses have the flexibility to tailor the payout amounts and reserves (for cashback feature) according to their specific needs, enabling a high level of customization.
Overall, automatic payouts can simplify the payment process, reduce administrative overhead, and enhance the user experience, ultimately benefiting businesses and their customers.
Updated about 1 month ago