Coinbase’s Merchant Tools product will be retired on April 30th 2018. Learn more.
Coinbase sends payouts to your local bank account once per day when you enable automatic payouts. You can also manually sell bitcoin at any time from the sells page.
As a merchant, you never need to hold bitcoin or expose yourself to any exchange rate risk if you don’t want to.
Most merchants set prices in their local currency and receive payouts in their local currency. For this service (Instant Exchange) we charge 1% or $0.15 (whichever is greater) to convert the bitcoin you receive into your local currency.
If you wish to get paid in and keep bitcoin, this is completely free.
When you enable Instant Exchange, bitcoin you receive for merchant orders can be immediately sold to Coinbase at the current sell price, locked in at the time of your customer’s purchase. This ensures that your sale of bitcoin to Coinbase will pay you the exact local currency price that you set in the merchant tools, less applicable fees.
Orders processed via Instant Exchange will appear in your transaction list but BTC received will not accrue to your receiving account total. You will also see them on your merchant order page and in your exported order history.
Let’s look at an example. Suppose you create a payment button with a USD price of $10, and sell ten orders during the day. If you have Instant Exchange enabled, your payout at the end of the day will be for $100 USD, regardless of how the price of bitcoin changed during the day. After deducting our fee (1% in this case) you will receive $98.85 to your bank account.
Visit the merchant settings page and check the box for Instant Exchange
Payouts arrive to your bank account within two business days
Payouts are sent at 2pm Pacific Time each day and will appear in your account within two business days. Until the payouts are sent, they will appear as pending payouts on your merchant payouts page (login required).
Merchants also have the option to keep a minimum balance in bitcoin. If your balance is below the minimum, orders that you will receive will be kept in bitcoin until you reach or exceed your minimum balance. After that, orders will be “instant exchanged” as described above.
Merchants also have the option to keep a percentage of incoming orders in bitcoin. You can set a percentage that you would like to keep in bitcoins on the settings page, the rest of your orders will be “instant exchanged” as described above.
Some merchants prefer to keep a portion of their revenue in bitcoin so they can avoid the “instant exchange” fee. If you have any suppliers, contractors, or employees who are willing to accept bitcoin, you can then pay them directly in bitcoin instead of cashing out and save yourself the fee.