How payouts work
Fanspay Payout API is great for businesses needing to automate sending payments in real time
How payouts work on blockchain
Fanspay uses a smart contract, which is responsible for debiting payments from your account and transferring them to your recipients' accounts.
Fanspay does not store your funds, funds go directly from your account to your recipients' accounts.
You can make a payout in multiple stablecoins in a single transaction (e.g., the first recipient receives USDT, the second - USDC, and the third - DAI within the Ethereum blockchain).
How to allow Fanspay access to stablecoins
To make payouts via API, you need to allow Fanspay's smart contract to access to your specific stablecoins. Here's how to do it:
- Go to Payouts tab in Merchant account menu.
- Connect the wallet.
- Select the blockchain.
- Choose the stablecoin.
- Sign the transaction.
You can provide access to one or more of the stabelcoins that you plan to use for payouts.
How Fanspay's commission is calculated
Since a single payout can include multiple recipients and tokens (stablecoins), Fanspay charges a fee on each token individually. For instance, consider a 3,500 payout on the Ethereum blockchain with the following token breakdown:
- First recipient: 500 USDT
- Second recipient: 700 USDT
- Third recipient: 400 USDC
- Fourth recipient: 900 DAI
- Fifth recipient: 1,000 USDT
In this case, the commission is 0.5%. Here's how the fee would be calculated for each token:
- USDT: (500 + 700 + 1,000) * 0.5% = $11
- USDC: 400 * 0.5% = $2
- DAI: 900 * 0.5% = $4.5
The commission is added to the total transaction amount.
If you want more information about this feature, feel free to contact us at [email protected] Our team will be happy to provide any additional details you need.
Updated about 1 month ago