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Blog Feature Updates

Sep 16, 2021

Feature Update: Automatically Accept and Process Underpaid Checkouts

COINQVEST now offers an account setting enabling you to automatically accept and process charges that were underpaid by your customer (because their wallet deducted some fees during the payment for example).

One of the most frequently requested features by our merchants was the ability to automatically accept, process, and settle payments that were underpaid up to a certain threshold. We are happy to report that this can now be enabled in your account settings (Account Settings -> Payment Settings -> Settlement Settings).

Unlike credit card payments, where merchants provide the required payment amount and initiate a "pull" charge, cryptocurrency payments must be actively "pushed" by the buyer. During this process there can be situations in which a mistake is made (missing decimals, digit twists) or the buyer's custodial wallet (sadly) deducts some arbitrary fees. In consequence the payment amount received for your charge is lower than what was required.

By default, this triggers a mitigation process on COINQVEST, where the buyer and seller are notified via UI, API webhooks, and notification emails about the underpaid charge and are given tools to mitigate the situation. A buyer can manually accept underpaid charges at a discount, insist on the seller paying the remaining amount, or send a refund to the customer.

We were told that with increasing volume it can become a nuisance to go through the review process and manually resolve the situation. Therefore it is now possible to automatically settle underpaid charges up to a custom threshold amount. You can enable the feature in your account setting and configure a percentage (e.g. 98%) of the payment amount that you are willing to accept automatically. Payments above that threshold will be automatically processed and settled into your account, while payments below the threshold will still behave as previously with the notification and mitigation process described above.

We hope this makes your life easier. Please let us know anytime if you have questions or if there is anything else that we can assist you with.

underpaid checkoutsmitigationtools
Marcin Olszowy COINQVEST Co-Founder
© COINQVEST LLC 2018-2022 · Terms of Service · Privacy Policy · KYC/AML Policy · Anti-Fraud Policy · Data Processing · License COINQVEST LLC (Company Number 0000970546) is a limited liability company incorporated at 54 Jedności Street, 65-018 Zielona Góra, Poland. COINQVEST LLC reports to the General Inspector of Financial Information and is authorized by the Polish Ministry of Finance to provide virtual currency exchange and custody services under Virtual Asset Service Provider number RDWW-311. Licensed and Regulated in the EU © COINQVEST LLC 2018-2022 · Terms of Service · Privacy Policy · KYC/AML Policy · Anti-Fraud Policy · Data Processing · License
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