Help CenterIn this article we will describe how to manually payout (withdraw) funds to clients of a merchant.
Step 1: Go to Assets
Step 2: Make sure you have enough crypto balance in the selected crypto currency to payout to your client. If you dont have the crypto balance available in that asset, please follow the step 2.1, 2.2 and 2.3.
If you have sufficient balance in the crypto asset to payout to your client, skip directly to step 3.
Step 2.1: Top up fiat balance, go to deposit EUR by clicking on the three dots:
You will see the bank transfer details. Please intiate a bank transfer to the given details. Once the funds arrive to LetKnow's bank account they will be reflected in your account balance.
Step 2.2: When you have a sufficient fiat balance (either EUR or USD), go to the exchange area and purchase the necessary quantity of the crypto currency your client wishes to receive (see the screenshot below):
Click on "Choose currency to buy" to choose the crypto and "Choose payment asset" to choose which fiat currency you will use. Then click on "confirm" to conclude the purchase.
Your fiat balance will be automatically reduced and your crypto balance will increase for the asset you chose.
Go back to assets.
Step 2.3: In case you dont have fiat funds to transfer or you don't wish to use fiat, you may also top up your LetKnow Pay wallet directly by sending the asset from another wallet, using the deposit button of the asset you wish to top up:
Click on "deposit" and you will see the wallet address and a QR code for the wallet. Use either of these to send the funds from your other wallet to the LetKnow wallet address. Please pay attention to the blockchain network and the currency type you are sending to the LetKnow wallet address. For USDT ERC20, deposits should be done through the ERC20 network. For USDT TRC20 deposits, please use the TRC20 network. For XRP, please be sure to remember to add the destination tag.
Step 3: When you have the crypto balance available for a payout.
Go to the assets and click the withdraw button of the crypto currency wallet you wish to withdraw from:
Enter the address given by your client in the field where it says "Enter USDTTRC20 Address" (or whichever crypto asset is designated)
Leave a comment*, please note, comment is an optional* feature, you may leave a comment for your internal accounting purpose (i.e. transaction number). The comment will be reflected in your transaction history as well as in your excel statement when you download the XLS Report.
Enter the crypto amount you wish to withdraw from the wallet. Please pay attention to the Miner Fee (Network/blockchain fee), the client will receive the funds with this fee subtraced. Fore example, if you enter the amount to withdraw 100 USDT TRC20 you will be charged a withdrawal network fee (miner fee) of 2.5 USDT. If you approve the withdrawal, the client will get 97.5 USDT. If you wish to pay the network fee yourself (instead of the client), the client will receive 100 USDT exactly. You just need to increase the amount to withdraw to 102.5 USDT, keeping in mind that 2.5 will go to miner fee (network fee) and the client will recieve 100 USDT.
After you initiate a transfer it will show the status "pending." Once the funds are sent from the wallet it will change to show the status "success."
The status "Waiting for approval" means a second level of verification is requried. A second level of verification is a written approval to the LetKnow Pay account manager from an authorised signatory of the merchant to confirm the payout. "Waiting for approval" is an optional security feature. If you wish to set up a limit for a written approval you may contact your LetKnow Pay account manager.