Overview

You can use Fireblocks to pay payees in crypto and stablecoins. Due to the speed of blockchain transactions, funds can be immediately available for settling payees’ accounts. Using the Payments feature, you can settle bulk payouts quickly and securely which helps reduce transaction times and costs. In addition, funds are available immediately. You can use this flow to settle with merchants, vendors, employees, creators, liquidity providers, and others who wish to be paid in cryptocurrency.

After funds are deposited to the vault account or exchange account in your Fireblocks workspace used for paying payees, you can use the Fireblocks Console to define the payment details and initiate settlements. The transactions are verified using your Transaction Authorization Policy (TAP) rules before being processed. Funds are then transferred directly to the payee as stablecoins. Fireblocks manages each of these steps and notifies you if any individual transaction fails, along with the reason for its failure.

Creating a merchant settlement payment flow

Merchant settlement payment flows allow you to create instructions for paying multiple payees in a single operation.

1. In the Fireblocks Console, go to Payments > Create > Merchant settlement.
2. Select the desired source account for sending funds.
3. Select Create instruction set. The amount of funds to send to merchants can be calculated by:
   • Fixed amount: Select this method to enter a fixed amount for each merchant.
   • Percentage of amount: Select this method to enter a percentage of the total payment amount to send to each merchant.
4. Select a recipient for receiving the funds, the type of asset to send them, and the amount to send.
   • You can only use one asset type in the instruction set.
   • You can enter 0 for the amount if you want to enter the actual amount when executing the payment.
5. Select Add instruction to add instructions for paying additional merchants. You can add, edit, and delete instructions as needed.
   • You can include up to 200 transactions in a single instruction set. If you need to include more, please contact your Customer Success Manager. 
6. After completing the instruction set, select Apply > Save.
7. Select Create payment flow.