Mass Crypto Payouts

Mass Payouts can be used to pay multiple crypto beneficiaries at once. Mass crypto payouts will allow you to payout from a single fiat wallet (such as USD) to multiple different crypto beneficiaries across different crypto currencies (such as USDT or BTC)
To access the feature, log into the BVNK Merchant Portal, and select Mass Payouts from the side navigation panel.

Steps to Upload for Mass Payout

To ensure a smooth and efficient mass payout process, follow these steps:

  1. Access the Merchant Portal: Log in with your merchant credentials.
  2. Navigate to Mass Payouts: In the sidebar menu, click on ‘Mass payouts’.
  3. Download the template CSV as the template for your mass payout CSV.
  4. Populate the template with your payout and beneficiary details
  5. Choose the Payout Currency: Click on the ‘Cryptocurrencies’ option to select it as the currency type for your mass payout.
  6. Select the Funding Wallet to use for the mass payout. This is the wallet that will be used to fund the pay out file
  7. Upload the CSV File: Click on the ‘Upload CSV’ area or drag and drop your file into the space. Ensure that your CSV file is less than 10MB in size for optimal processing.
  8. Batch Payments: For enhanced processing speeds, we recommend batching your payments in groups of 100.

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File Format and Template Download

The CSV file will have the following format:

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Funding Wallet Amount --> if you populate this column, the amount will be deducted from the funding wallet you choose to fund the mass payouts

Paid Currency Amount --> if you populate this column, the beneficiary will receive the specified amount of crypto currency, and the converted amount will be deducted from the funding wallet

Paid Currency --> the crypto currency the beneficiary will receive (for all of BVNKs supported currencies please see here https://docs.bvnk.com/docs/currencies-1)

Blockchain --> the blockchain that the payment is being sent over. For stablecoins please reference the protocol of the token such as ERC20 or TRC20 etc.

Recipient wallet address --> Address of the beneficiary

Destination tag --> only relevant for XRP and Algo payments

Reference --> each payment needs a unique reference

To ensure the correctness of the file and format, please use our predefined template for mass payouts that are available for download from within the BVNK Portal. The template outlines the required structure and fields for your CSV file, significantly reducing the likelihood of errors during the upload process.

 

Processing and Error Handling

Upon uploading your mass payout CSV file, our system diligently processes each transaction row by row. Successful transactions are processed seamlessly. However, if there are any discrepancies or issues with specific payments, these will not halt the entire batch. The system will continue to process the rest of the file accordingly.

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In the event of an error with one or more transactions, we will immediately notify you in the Merchant Portal. You can then edit each payment easily via the interface and make corrections. The payments will be highlighted with the errors that need to be updated.

For example, if you upload a file with 7 payments and encounter issues with 4 of them, the remaining 3 will be processed successfully. The 4 transactions with errors will be detailed, so you can quickly identify and rectify the issues.

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Submit Payments

Once you have cleared all the errors or removed the payments form your batch, you can submit the file and the payments will continue to process.

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Successful Transactions

Successfully processed transactions will appear in the "Recent Transactions" section of the merchant portal as well as in the Payments table. All details related to the payment will be visible in these sections.

Possible Error codes that you could see in the User Interface

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