Excel Sheet Explained

Glossary

LetKnow Pay ID is an internal transaction identifier assigned to each transaction. LetKnow Pay ID is unique for each transaction, also sent via the API for every transaction, and can be used for locating transactions in the transaction history and for sharing with LetKnow Pay support. 

API_CRYPTO_DEPOSIT_AND_SELL - is a deposit from your client via the API that was automatically converted to fiat. Crypto was received and auto exchanged into fiat currency either EUR or USD.

BUY_CRYPTO_BY_WALLET - is a crypto purchase from your EUR or USD balance. Is when you manually buying crypto using your fiat balance.

CRYPTO_DEPOSIT - is a manual crypto deposit, when you directly deposit crypto to your wallet with LetKnow Pay.

CRYPTO_WITHDRAW - is a manual crypto withdrawal, when you withdraw from your wallet directly to another address.

SELL_CRYPTO_TO_WALLET - is when you are manually exchanging crypto to fiat, meaning selling your crypto to USD or EUR via exchange function within your LetKnow Pay account.

RECEIVE_FROM_USER - is when you receive funds internally (P2P) from another LetKnow Pay user. Also used for bank deposits currently.

SEND_TO_USER - is when you send funds internally (P2P to another LetKnow Pay user. 

You can only send crypto to another user, you can not send fiat to another LetKnow Pay user, because LetKnow Pay is not registered as an electronic money institution. 

IBAN_PAYMENT - is a bank withdrawal request

Calculations

Crypto to Fiat Deposits:

1. Amount referes to an amount sent by the depositor/payer
2. Network fee for deposits refers to deposit network fee (if any)
3. Exchange rate refers to a confirmed exchange rate from crypto to fiat
4. Amount exchanged refers to a fiat amount received after exchanging crypto 
5. Processing fee is a percentage charged on Amount exchanged 
6. Merchant balance is a fiat amount credited to a merchant balance after the processing fees

For example: 

• Amount: 1
• Currency: BTC
• Network fee: 0
• Currency: N/A
• Exchange Rate: 20,000
• Currency: BTC/EUR
• Processing Fee: charged by LetKnow 2%
• Amount exchanged: 1 BTC * 20,000 BTC/EUR = 20,000 
• Currency EUR: because the merchant has defined in the API config EUR to be the settlement currency
• Processing Fee: 400 EUR
• Merchant Balance: 19,600 EUR

Merchant balance credited with 19,600 EURs. Merchant has paid the total fee of 400 EURs. 

Crypto to Crypto Deposits:

1. Amount referes to an amount sent by the depositor/payer
2. Network fee for deposits refers to deposit network fee (if any)
3. Processing fee is a percentage charged on (Amount - Network fee)
4. Merchant balance is a fiat amount credited to a merchant balance after the processing fees

Fore example:

• Amount 100 
• Currency XRP
• Network fee 0
• Currency N/A
• Processing fee: charged by LetKnow 1% 
• Merchant Balance: Amount - ((amount - network fee) * 0.01) = 99 XRP

Merchant balance credited with 99 XRP

POS Deposits:

POS deposits are not reflected in this excel sheet. The POS deposits available in the POS Transaction History. POS Transaction History has another export excel sheet related to POS only. 

Manual Crypto Depostis:

1. Amount referes to an amount sent by the depositor/payer
2. Network fee for deposits refers to deposit network fee (if any)
3. Processing fee is a percentage charged on (Amount - Network fee)
4. Merchant balance is a fiat amount credited to a merchant balance after the processing fees

Fore example:

• Amount 100 
• Currency XRP
• Network fee 0
• Currency N/A
• Processing fee: charged by LetKnow 0% 
• Merchant Balance: Amount - ((amount - network fee) * 0) = 100 XRP

Merchant balance credited with 100 XRP

Deposits received from another LetKnow Pay user:

• Amount refers to an amount received from another LetKnow Pay user. 
• Amount equals the merchant balance. 
• For example if amount is 100 XRP the merchant balance is credited with 100 XRP.

Deposits received by the bank:

• Amount refers to an amount received from another LetKnow Pay user. In case of bank deposits you will receive a transaction from letknow company account user.  
• Amount equals the merchant balance. 
• For example if amount is 1,000 EUR the merchant balance is credited with 1,000 EURs. LetKnow will deduct all the applicable bank charges and credit the net amount to a merchant account balance. LetKnow will deduct only the chagres mentioned in the merchant Service Level Agreement. 

Fiat to Crypto Withdrawals:

1. Merchant balance refers to an amount requested by a merchant client for a withdrawal
2. Processing Fee an amount charged by LetKnow for processing a withdrawal, added on top of the merchant balance
3. Amount exchanged is a total fiat amount debited (deducted) from a merchant account balance (Merchant Balance + Processing Fee = total fiat amount)
4. Exchange rate is a confirmed exchange rate for exchanging fiat to crypto
5. Amount is a gross crypto amount withdrawn to a merchant client third party wallet. An amount is calculated by merchant balance * exchange rate = amount
6. There is always a second transaction linked to a fiat to crypto withdrawal, called CRYPTO_WITHDRAW, which is a chain of the same sequence of fiat to crypto withdrawal, recoreded in a sepperate row. 
7. CRYPTO_WITHDRAW Amount is an Amount used from step 5 to withdraw
8. CRYPTO_WITHDRAW Network fee is a blockchain fee charged by LetKnow Pay for withdrawing crypto. LetKnow Pay owns its own nodes, thus charges its own network fees. 
9. CRYPTO_WITHDRAW Merchant Balance refers to a net amount in crypto that will be recieved by a merchant client, calculated by Amount - Network fee = Merchant balance 

 Example:

A merchant client has requested a withdrawal of 78.4 USD (Merchant balance) in to their USDT TRC20 wallet. 

LetKnow Pay has charged 1.6 USD (Processing fee) and debited (dedcuted) total of 80 USD (Amount exchanged) from a merchant balance. 

78.403136 USDT TRC20 is a gross amount before network fees (Amount)

2.5 USDT TRC20 is a withdrawal network fee 

75.903136 USDT TRC20 (Merchant balance) is an amount going to be received by the merchant client. 

Crypto to Crypto Withdrawals:

Merchants processing crypto to crypto withdrawals via the API have an option to define who will pay the withdrawal network fees and the processing fees, the merchant or the merchant client. In this example the merchant covers the all the fees. 

1. Merchant balance refers to an amount requested by a merchant client for a withdrawal. 
2. Processing Fee an amount charged by LetKnow for processing a withdrawal, a percent charged multiplied by the merchant balance. 
3. Amount is calculated by Merchant balance + Processing fee + Network Fee.

If the network fee would be paid by the merchant client then the Amount would be calculated as follows Merchant balance + Processing fee - Network fee.

If the network fee and the processing fee would be paid by the merchant client then the Amount would be calculated as follows Merchant balance - Processing fee - Network fee.

Manual Crypto Withdrawals:

1. Amount refers to an amount the merchant wishes to withdraw to an external wallet
2. Network fee is a fixed blockchain fee charged by the LetKnow Pay
3. Processing fee is calculated by Amount * % of the processing fee
4. Merchant balance is a net amount sent to a merchant external wallet after deducting all the charges

 Bank Account withdrawals:

Amount shows withdrawal amount requested by the merchant to be settled to their bank account. However, the table does not include the bank fees paid. The merchant will receive on a bank account an Amount less all the bank charges as metnioned in the merchant service level agreement. To check the fee charged, please go to transaction and click view transaction. 

 Internal transfers to another user:

Amount is the total amount debited (deducted) from a merchant account balance. 

Manual Crypto Exchange:

Buy crypto by wallet

Amount exchanged is an amount requested by the merchant to exchange from USD to crypto. 

Processing fee is the exchange fee.

Merchant balance shows how much net amount after processing fees will be used to exchange from USD to USDT in this example. Merchant balance is calculated by Amount exchanged - Processing fee.

Amount is the total crypto amount received after the exchange. Is calculated by Merchant Balance * (1/Exchange Rate) = Amount.  

Sell crypto by wallet

Amount is the total crypto amount that the merchant sells to USD. 

Amount exchanged is the total amount received in fiat after the exchange. Amount exchanged is calculated by Amount * Exchange rate 

Processing fee is the exchange fee. 

Merchant balance is calculated by Amount exchanged - Processing fee. Merchant balance is the balance credited (deposited to a merchant fiat account balance).

The above said only applicable to transactions with status success. Transactions with status Failed and/or Canceled have no effect on the balance change, thus are not relevant to calculations. Please make sure to filter the excel sheet for trasnactions only with status success. Transactions with a status Waiting for Approval means that funds were already debited (deducted) from the merchant account balance, but have not left the LetKnow Pay system yet. Transactions with the status pending refers to the situation when the funds are on its way to the merchant account balance, but have not been credited (deposited) yet.