Payouts and Settlements: You’re in Control of How You Receive on Bitnob

Any bitcoin you receive either via on-chain or lightning invoice can be sent directly to your USD wallet, split between your USD wallet and BTC wallet, or sent into your mobile money or bank account. 

In other words, the payouts feature gives you access to the following options:

• Auto Payout
  
  If you want to receive money via Bitcoin but do not want to keep the balance in bitcoin you can set your wallet to automatically settle all your bitcoin receipts in your USD wallet as stablecoins. This protects you from volatility even when you’re not online! Now you don’t need to take the extra step of selling it for USD.
   
• Split Payout
  
  You can set what percentage of Bitcoin you receive automatically converted into USD. For example, if you select 70:30 and receive $100 worth of Bitcoin, your wallet will automatically settle $70 into your USD wallet, and the remaining $30 into your BTC wallet.
   
• Direct Payout
  
  This option saves you the extra steps of selling your Bitcoin and initiating a withdrawal. With the direct payout option Bitcoin received is automatically converted to your local currency and sent to your bank or mobile money account.
   

As for lightning addresses, you get to choose where you’d like payments made to your lightning address to be settled.

A lightning address looks like an email address but it’s actually a unique identifier through which people can send you bitcoin via the lightning network. The lightning address contains the “username” and “@bitnob.io”. For example, bella@bitnob.io. This works differently from a lightning invoice. 

When it comes to a lightning invoice you have to manually generate a lightning invoice for a specific amount before someone can send you bitcoin via the lightning network. But with a lightning address, you don’t have to create an invoice before someone sends you bitcoin. All you need to do is share your lightning address, and the person can send you bitcoin of any amount.  

Although the default settlement destination is the BTC wallet, users can select USD wallet and bank account or mobile money account as the settlement destination for all BTC received via lightning address. These settlement destinations can be changed whenever you want.

You get to choose one of the 4 settlement destinations:

• USD wallet
• BTC wallet
• Bank Account
• MOMO (Mobile Money)

Why should the payouts and settlement feature matter to you?

Aside from giving you more control over how you receive your bitcoin, the payouts and settlement feature gives you the opportunity to take advantage of bitcoin’s lightning speed and still receive it in the form you’d desire. 

Those who are worried about the volatility of bitcoin you can choose to receive money directly into their USD wallet as stablecoins or send it to their bank account or mobile money wallet in their local currency. 

The payouts and settlement feature helps to solve remittance problems. You can receive money from anywhere in the world 24/7 365 days a year. This is unlike what conventional remittance institutions like Western Union offer as they close during the weekend and bank holidays. 

For countries where platforms like PayPal or Stripe are unavailable, payout and settlement on Bitnob becomes a valuable feature especially if you want to receive money from a loved one abroad or be paid for freelance gigs. 

How to use Auto Payouts

• Tap on the “Settings” button in the quick links section of the home page. 
• Select “Payouts” under the payment option.
• Tap “Auto Payouts”.
• Select a Wallet. You’re given the option to set the default method to either USD or BTC Wallet.
• Tap “Finish”.

And just like that, you’ve successfully set a default wallet for bitcoin received via a lightning invoice or via on-chain. 

How to split every bitcoin received between your USD and BTC wallets

• Tap on the “Settings” button in the quick links section of the home page. 
• Select “Payouts” under the payment option.
• Tap “Split Payouts”.
• Move the slider to set the percentage you want to be directed to your USD wallet and your BTC wallet.
• Tap “Finish”.

And voila! You’ve set a split option for every bitcoin received via a lightning invoice or via on-chain. 

How to direct every Bitcoin received to your local account or mobile money wallet

• Tap on the “Settings” button in the quick links section of the home page. 
• Select “Payouts” under the payment option.
• Tap “Direct Payouts”.
• Select the currency that applies to you (whether Kenyan Shilling (KES), Ghanaian Cedis (GHS), or “Nigerian Naira (NGN)”)
• Tap on “Mobile Money” for Kenya and Ghana, or “Bank Transfer” for Nigeria
• Select an existing mobile money wallet (for Kenyan and Ghanaian users) or bank account (for Nigerian users). You can add a new mobile money wallet or bank account by tapping on “Add new account”, then fill out the details of the mobile money wallet or bank account and tap on “Connect”.
   

There you have it! You’ve successfully added a mobile money account or bank account to receive Bitcoin via a lightning invoice or via on-chain. 

How to change Lightning Address Settlement destination on Bitnob

• Tap "Lightning" in the quick links section of your homepage on the Bitnob app
• Tap "Change Destination"
• Select a new destination for the bitcoin sent to your lightning address. You are presented with 4 different options:
  • USD wallet
  • BTC wallet
  • Bank Account
  • MOMO (Mobile Money)

And just like that, you’ve successfully set the destination of Bitcoin received via your lightning address.  
 

Want to try out our new payouts feature? Click here to start today.