As businesses increasingly integrate cryptocurrency into their operations, offload wallets provide a seamless way to convert crypto earnings into fiat currency. With SpherePay’s Offload Wallet, merchants can receive payments in crypto but ultimately settle transactions in fiat, making the process both convenient and efficient.
What is an Offload Wallet?
An Offload Wallet is a feature that links a wallet address to a registered bank account. This allows merchants to:
✅ Facilitate wallet-to-wallet transfers while ensuring that funds are settled into their bank accounts in fiat.
✅ Use Offload Wallets in Payment Links, enabling customers to pay in crypto while merchants receive fiat.
✅ Automate the conversion process, eliminating manual steps required for off-ramping crypto assets.
Instead of manually withdrawing cryptocurrency and converting it to fiat, an Offload Wallet streamlines this process instantly and securely.
When to Use an Offload Wallet?
SpherePay’s Offload Wallet is useful for various business scenarios, including:
🔹 Selling products/services via Payment Links – Businesses can list products in crypto but receive earnings directly in fiat.
🔹 Automating payouts and settlements – Merchants dealing with crypto transactions can set up wallet-to-wallet transfers with final settlement in a bank account.
🔹 Reducing volatility risks – By automatically converting crypto to fiat, businesses avoid exposure to crypto market fluctuations.
How to Set Up and Use an Offload Wallet?
Step 1: Register a Bank Account
Before setting up an Offload Wallet, ensure that you have a bank account registered in SpherePay.
Step 2: Generate a Wallet Address for Offloading
1️⃣ Navigate to the Bank Accounts section in the SpherePay Dashboard.
2️⃣ Locate the desired bank account.
3️⃣ Click on the More option (represented by the three-dot menu).
4️⃣ Select Generate Wallet Address.
Once generated, SpherePay will provide a unique wallet address that can be used for:
Wallet-to-wallet transfers with automatic offloading to fiat.
Receiving crypto payments via Payment Links, with direct fiat conversion.
Step 3: Use the Offload Wallet for Transactions
Now that the wallet address is generated, merchants can integrate it into their operations:
✔ Send crypto payments directly to the Offload Wallet to settle in fiat.
✔ Use the wallet in Payment Links to accept crypto while ensuring final fiat settlement.
Conclusion
The Offload Wallet feature in SpherePay enables merchants to simplify the process of receiving crypto while ensuring fiat settlements. Whether you're processing wallet transfers or integrating crypto payments in your business, Offload Wallets provide a secure, automated, and efficient solution.
Ready to get started? Register your bank account today and generate your Offload Wallet! 🚀