To simplify accounting, SpankPay provides the ability to hold all payments received in a single currency.
By default, your earnings will be held stable in USD, so that if you earn $20, you can withdraw $20, regardless of which crypto you were paid in. Right now, USD earnings will be converted to ETH upon withdrawal, but we're working on alternative (non-crypto) payout options.
If you select ETH or BTC, you are choosing to convert your earnings into that cryptocurrency and take the risk of the price fluctuations that naturally occur. If you choose to hold in your earnings BTC for example, any ETH or USD earnings will be converted to BTC at the time of payment, and you will be able to withdraw in BTC.
If you select Payment Currency, you are choosing not to convert your earnings and hold on to BTC, ETH, or USD, depending on the payments you receive. You will be able to withdraw your BTC and ETH earnings in BTC and ETH, and your USD earnings will also be converted to ETH upon withdrawal.
Merchants can choose from:
- USD (default)
- Payment Currency
Simply log in to SpankPay, click Settings, and change your Holding Currency to that which you desire. Please note: By selecting ETH or BTC, you accept the volatility (gains and losses due to price fluctuations) of those currencies. Choosing USD will keep your balance stable, but it will be withdrawn as ETH.