Locked Exchange Rates on Bitcoin Checkouts2 min read
Bitcoin never sleeps, and the price fluctuates 24/7. To protect businesses from volatility, OpenNode has enabled Locked Exchange Rates.
OpenNode now offers guaranteed exchange rates to Merchants who automatically convert BTC payments to their local currency at the time of transaction. This provides price certainty for merchants averse to Bitcoin price volatility. With this update, OpenNode seeks to reduce the risk for merchants adopting Bitcoin as a payment method.
Example with a $50 Transaction
A Merchant who requests payment for $50 in BTC equivalent will now be guaranteed to receive $50 (minus processing fees) when Automatic Conversion is enabled.
From a Payer perspective, Payment Requests quote a BTC equivalent amount in OpenNode’s Checkout for 10 minutes before expiring. If a Payment Request does not result in an in-Checkout payment within 10 minutes, it will show as expired and will allow the Payer to refresh or re-initiate payment to obtain an updated BTC amount equivalent to the $50 (minus processing fees) expected by the Merchant.
In the case of an underpayment (i.e. payment for less than the full amount requested), Payers are provided the option to pay the remaining balance or request a return of the underpayment. If a payer does not pay the remaining balance within 10 minutes, OpenNode will systematically initiate the return of BTC funds by prompting the Payer to enter email address and bitcoin address.
Guaranteed exchange rates are another example of a product update OpenNode has shipped by Merchant request. Our goal is to make Bitcoin as easy to use as possible so we’re always open to user feedback and product suggestions that improve the experience on our platform.
We want to build the best Bitcoin payment infrastructure for you and your business. If you have suggestions or comments about our product offerings, please reach out. You can email us at firstname.lastname@example.org or reach out to us on Twitter @opennodeco. Keep those suggestions coming!