Bitcoin Forum
June 27, 2024, 10:40:40 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Crypto to fiat withdrawal  (Read 170 times)
adamcro (OP)
Member
**
Offline Offline

Activity: 276
Merit: 23


View Profile
January 30, 2022, 04:49:46 PM
 #1

I'm working on a marketplace, to there are buyers and sellers. Every seller is KYC verified. I would like to accept payments in crypto but payout sellers in fiat, or withdraw fiat to seller's bank account.

For example seller sells something for 1BTC, I withdraw 90%, so 0.9BTC converted to fiat, to seller's bank account.

Is something like that possible?

NeuroticFish
Legendary
*
Offline Offline

Activity: 3710
Merit: 6432


Looking for campaign manager? Contact icopress!


View Profile
January 30, 2022, 05:58:34 PM
 #2

For example seller sells something for 1BTC, I withdraw 90%, so 0.9BTC converted to fiat, to seller's bank account.

Is something like that possible?

I'm not sure I understood what you mean. My guess is the 1 BTC is the buyer's money, so the word you are looking for is not withdraw (maybe exchange, then withdraw).
In that scenario you'll have to have an account to an exchange - probably a KYC centralized exchange - and API keys for that account.
The shopping platform will transfer 0.9 BTC to the exchange; your API will sell that 0.9 BTC based on your settings and market price; when your sale was successful you'll withdraw the fiat to a bank account.

This would be the theory, but I've never done that, you should verify and confirm for yourself.
Even more, my not-too-big experience tells that many banks don't like to get money from crypto exchanges. Also I think that I've also seen requirements like the account on the crypto exchange has to be on the same name as the bank account. But maybe I've got that wrong and maybe that's different in case of companies. You have to research though. (Or maybe you'll have to withdraw you your bank account and then transfer to seller's account?).

█████████████████████████
████▐██▄█████████████████
████▐██████▄▄▄███████████
████▐████▄█████▄▄████████
████▐█████▀▀▀▀▀███▄██████
████▐███▀████████████████
████▐█████████▄█████▌████
████▐██▌█████▀██████▌████
████▐██████████▀████▌████
█████▀███▄█████▄███▀█████
███████▀█████████▀███████
██████████▀███▀██████████
█████████████████████████
.
BC.GAME
▄▄░░░▄▀▀▄████████
▄▄▄
██████████████
█████░░▄▄▄▄████████
▄▄▄▄▄▄▄▄▄██▄██████▄▄▄▄████
▄███▄█▄▄██████████▄████▄████
███████████████████████████▀███
▀████▄██▄██▄░░░░▄████████████
▀▀▀█████▄▄▄███████████▀██
███████████████████▀██
███████████████████▄██
▄███████████████████▄██
█████████████████████▀██
██████████████████████▄
.
..CASINO....SPORTS....RACING..
adamcro (OP)
Member
**
Offline Offline

Activity: 276
Merit: 23


View Profile
January 30, 2022, 07:22:52 PM
 #3

Also I think that I've also seen requirements like the account on the crypto exchange has to be on the same name as the bank account.

What is my main account can have subaccounts for my sellers

examplens
Legendary
*
Offline Offline

Activity: 3332
Merit: 3280


Crypto Swap Exchange


View Profile WWW
January 30, 2022, 09:48:53 PM
 #4

This sounds like dropshipping business, or maybe I'm wrong. with every buy/sell transaction, you have to use a payment gateway but I doubt any of them have the option of transferring funds from one trade to two different receivers.
maybe you should consider a system like escrow service, where you will be an escrow and hold 10% of each transaction

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
adamcro (OP)
Member
**
Offline Offline

Activity: 276
Merit: 23


View Profile
January 31, 2022, 08:22:53 AM
 #5

This sounds like dropshipping business, or maybe I'm wrong. with every buy/sell transaction, you have to use a payment gateway but I doubt any of them have the option of transferring funds from one trade to two different receivers.
maybe you should consider a system like escrow service, where you will be an escrow and hold 10% of each transaction

Yeah it operates like dropshipping business, exactly

examplens
Legendary
*
Offline Offline

Activity: 3332
Merit: 3280


Crypto Swap Exchange


View Profile WWW
January 31, 2022, 12:52:17 PM
 #6

This sounds like dropshipping business, or maybe I'm wrong. with every buy/sell transaction, you have to use a payment gateway but I doubt any of them have the option of transferring funds from one trade to two different receivers.
maybe you should consider a system like escrow service, where you will be an escrow and hold 10% of each transaction

Yeah it operates like dropshipping business, exactly

conversion Bitcoin to fiat can be a very tangible thing for a dropshipping business.
just as a suggestion, maybe check on Best_Change (I wear their signature), there you will find a lot of verified exchangers which provide BTC-fiat exchange on different payment processors. Also, many of them have API to implement it on your website.
Or ask them through his ANN thread or PM to help with the choice.

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!