Bitcoin Commission Payment Option Policy Change.

Posted in: Uncategorized- Aug 27, 2019 2 Comments

THE BAD NEWS:

Due to the high fees involved with paying Bitcoin directly to Bitcoin addresses, we have made the following commission payment policy change effective 8/27/2019.

For members’ convenience sake, we used to pay commissions to Bitcoin addresses directly and absorbed the fees involved with this option. However, due to the volume of transactions involved, we can no longer afford to absorb the fees involved with this option.

THE GOOD NEWS:

CoinPayments has the ability to transfer Bitcoin payments directly to other CoinPayments members by transferring Bitcoin directly to their Merchant account ID’s. Follow the instructions below if you want to use this option:

Sign-up for a CoinPayments account [Here]. Afterwards, go to Account >> Account Settings in CoinPayments and locate your Merchant ID number. This is a better option anyway because there are no fees involved with transferring member to member. However, the minimum must be equivalent to 0.0008 BTC . Currently $7 Minimum.

IMPORTANT: ONLY ENTER YOUR MERCHANT ID in the CoinPayments option for commission payments in SOTAM and BoB. Bitcoin addresses are not valid there.

If you had a Bitcoin address as your primary payment method, that was been moved to >> Hold Commissions for now until you go in there and choose another option.

Regards,

Brad Webb
Co-Founder/Operations
StateOfTheArtSites

 

 

 

2 Responses to “Bitcoin Commission Payment Option Policy Change.”

  1. Reply Cynthia Howard says:

    Hi Brad,

    I just want to let you know that I can’t use Coinpayments because New York State is on the Banned List, and I get this error when I try to log in:
    ERROR: YOU ARE IN A BLOCKED JURISDICTION

    • Reply Brad Webb says:

      Yes, I am aware of the cypto limitations in New York. For those from that region, I believe another payment processor like Skrill would be a better option.

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