Minimum deposit amounts
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The lowest amount at which a payment can be created and subsequently a deposit to it can be processed is referred to as minimum deposit amount. Different deposit currency/network combinations will have different minimum deposit amounts, depending on multitude of factors such as volatility, network fees, etc.
We are introducing the minimum deposit amount functionality, which will allow merchants to better understand the lowest amount they can receive as deposit and create a payment for it, when they wish to do so. The goal is to improve efficiency and avoid handling deposits that are too small to process effectively.
The exact minimum deposit amounts are derived as combination of multiple parameters and can be found in both display and deposit currencies .
Any merchant that has this functionality turned on, can expect all deposits below the minimum amount to be marked as UNPROCESSABLE().Such deposits also won’t be credited to the merchant. Deposits above the threshold will continue to be processed as normal but may have different fee structures depending on the amount.
A minimum deposit amount will be enforced for every cryptocurrency we support.
The minimum deposit amount will vary depending on the specific cryptocurrency due to differences in transaction fees and other factors.
Deposits below the minimum deposit amount will receive UNPROCESSABLE as their status. Payments with such deposits will also have their status set to UNPROCESSABLE.
These UNPROCESSABLE deposits will not be credited to the merchant’s account and wont be taken into consideration when calculating volumes
Minimum deposit amounts and the fees associated with them are a subject of constant change and are not fixed numbers.
Deposits for amounts that meet or exceed the minimum deposit amount will be processed as normal.
Fees will be applied to received deposit in one of the following manners:
The regular deposit processing fee will be applied. This fee is based on the organisation's crypto deposit fees percentage
A low amount fee will be applied. This is a flat fee, calculated by factoring in multiple parameters, most notably the blockchain fee, but also others. In cases where the low amount fee is higher than the regular deposit processing fee, we will always deduct the low amount fee from the deposited amount.
In cases where the deposit amount is higher than the minimum deposit amount, but still lower than the low amount fee, we will charge the whole received amount as fee.
If you still have questions or need help with integrating this feature, contact our support team (support@finrax.com) and they will gladly help you further.