With Auto Conversions, you can automatically convert your incoming Bitcoin, Ethereum, and USDC payments to USD.
This feature allows you to reduce your exposure to crypto price volatility and conveniently retain the value of the payments you receive.
How Auto Conversions work:
When a payer sends a payment, their crypto funds are transferred to a Coinbase commerce account that is used to divert funds into other accounts based on the instructions set for the transaction.
If the merchant has chosen auto-conversions, the crypto funds will first automatically convert into fiat (cash) before being deposited to the merchant's exchange account.
To opt into Auto Conversions:
- From Settings, select Payments
- Auto-conversions should be the first option on the page.
- Switch Auto-conversion to On.
To turn off Auto Conversions, simply switch the toggle back to the original position (the switch should turn from blue to gray).
Please be aware:
- Any changes to the Auto Conversions settings will apply once the crypto funds have settled into Coinbase’s commerce account before being transferred to the merchants exchange account.
- Auto-conversions can only be enabled for BTC to USD and ETH to USD today.
- At this time, Auto Conversions cannot be used for payments over the amount of $1,000,000 USD.
- Auto Conversions will not trigger until you have received a minimum of 0.001 BTC in your exchange account.
- Auto Conversions are available 24/7 as long as the Coinbase exchange is processing trading orders through its order book. If there’s an issue with order books, all conversions will be paused and then resume once order books have returned to operational levels.
Frequently Asked Questions
What kind of reports will I receive to track payments, fees and conversions?
Coinbase Commerce transaction reports house all information related to payments, fees, and conversion status. This information can also be found from the Payments table under the ‘Payments’ tab.
Am I allowed to convert a certain percentage of incoming payments to my local currency?
It is not possible at this time to perform partial conversions for incoming payments. All conversations will be for 100% of the incoming payment amount.
Can I change the currency I receive for payments?
At this time, merchants can only receive auto coveted payments in USD.
When using auto conversions, how long does it take to receive my funds once a customer has paid?
As soon as a transaction is confirmed and converted to USD, it should immediately arrive in your account.