We've compiled a list of SpankPay API integration FAQ's:
Can we disable credit/debit card payments and only use crypto?
At this time we do not support enabling/disabling debit or balance payment transactions. These features are on and available by default.
We’re not located in the US. Can our holding fiat balance be my holding country’s currency?
The only holding fiat currency we support at this time is USD, however most country’s fiat is supported for withdrawals, meaning you can hold in USD and withdraw (for example) in GBP, AUD, etc. Your bank would convert the funds based on their established currency conversion rate.
Do crypto payments automatically convert to fiat?
All incoming payments are either converted to your holding currency of choice, or left in the original payment currency.
Can we pass transaction fees onto customers?
Any blockchain "gas" fees are paid by the sender. Debit fees are also paid by the sender. If you set your holding currency up as "payment currency" then you would incur no fees on incoming transactions, as you would be holding in the payment the user paid in. If you were to set your holding currency to something specific, such as USD, then each incoming transaction would incur a swap fee. It is my understanding you can pass this fee along to your users, but I believe there may be some additional level of disclosure regarding the fees that is required. I can check with my team on that one, but since we're not based in Australia you'll probably want to have your own team look into those details as well. All swaps incur a 1% fee, but depending on the currency, there may be a set minimum fee as well. For example, holding in USD incurs a 1% or $1 minimum fee.
Can we set up recurring monthly subscriptions?
We’re currently working on building this feature, however in the meantime, it is not possible. Because of how crypto transactions work, we cannot always guarantee the amount someone receives for an invoice was the exact invoiced amount, therefore we instruct integrators to parse the webhook we send for the actual amount so they can credit their users accordingly. Having a setup like this should also allow you to set up your own recurring billing.
Can we top up wallet balances to purchase pay-per-view content and tip creators, etc?
If your users are maintaining balances in SpankPay accounts to pay for recurring subscriptions, they could also use those funds to pay for content and send tips to creators. Users would be able to top off their SpankPay wallets using any of our supported crypto currencies.
I don’t want users to pay with crypto currently due to its volatility. Do I have to enable crypto payments?
All incoming payments that we process are in crypto. The only exception is when someone with a SpankPay account has their holding currency set to USD and receives money, those funds are automatically converted into USD, and they would be able to pay someone in USD from their SpankPay balance.
Will I be issued a 1099 or W2 for tax purposes?
No, SpankPay does not send tax documents. As a US entity, we are required by law to collect the tax information for you or your business, however since we're just a facilitator of the payments, you would be responsible for reporting this income.
If you have any further questions, our support team is happy to help. Feel free to email us anytime at email@example.com