Introducing Fiat Payouts

A new feature that allows enterprise sellers to get paid out in their local currency 💸

Introducing Fiat Payouts

At Paper, we make it easy for buyers to purchase your NFTs using credit card or cross-chain crypto payments. However, we also believe that retrieving your funds as a seller should be just as easy which is why we've introduced our newest feature: Fiat Payouts!

What does it mean to be paid out in fiat?

Just as the name 'Fiat Payouts' suggests, this feature enables you to get paid out in your local currency (aka 'fiat').  

Fiat currency or fiat money is a government-issued currency such as the U.S. Dollar

In order to use this feature you would need to ensure you meet the following criteria:

  • Your NFT checkout accepts either cross-chain crypto payments or credit card payments (or both) using Paper
  • You are an enterprise customer

Expanding on the criteria that your Paper NFT checkout must accept either cross-chain crypto or credit card payments, this is because Fiat Payouts only applies to those transactions at this time. This means that revenue made through native minting cannot be paid out in fiat and will still be paid out in the respective cryptocurrency.

Native minting or purchasing using the native cryptocurrency means that buyers purchase your NFTs on the same blockchain that you created the assets on.

For example, if you launched an NFT project on Polygon and someone pays with MATIC (Polygon's native cryptocurrency), you can only be paid out in MATIC. However, when a buyer purchases your NFT using cross-chain crypto such as ETH or if they purchase using their credit card, Fiat Payouts allows you to retrieve that revenue in your local currency.

How does it work?

Fiat Payouts works as follows:

  1. Paper keeps track of each time an NFT purchase is made using credit card or cross-chain crypto
  2. The conversion rate at the time the funds were received is used to determine the fiat amount to pay out
  3. These transactions and amounts are tallied so you can be paid out in fiat on a weekly basis

Currently, we support Fiat Payouts for the following:

  • ETH on Ethereum
  • USDC on Ethereum
  • USDC on Polygon
  • WETH on Polygon

How can I set-up Fiat Payouts?

To get paid out in fiat, you must complete the following steps:

  1. In your Paper Dashboard, navigate to "Fiat Payouts" in the left navigation panel.

2. Set-up your smart contract so that it pays Paper's wallet. Do this by using the wallet address on the Fiat Payouts page, in your smart contract. (funds made from NFT sales will go to Paper's wallet so that they can be tracked and paid out to you in fiat and the native cryptocurrency weekly).

If you happen be using one of the thirdweb contracts we support, paste the Paper wallet address here in your thirdweb dashboard:

3. Click "Get Started" on the Fiat Payouts page to add in your banking information. (This information will be used to pay out revenue made from cross-chain crypto and credit card transactions in fiat)

4. Add your recipient wallet address. (This is where you will be paid out in the native cryptocurrency for all revenue made from native mints)

5. Double check that you have created a Paper checkout using the smart contract you listed Paper's wallet as the recipient address.

6. Once everything is set-up, your funds will be paid out to you automatically on a weekly basis!

Summary

  • Fiat Payouts allows enterprise customers to retrieve funds made from cross-chain crypto or credit card transactions in their local currency
  • Funds made from native minting will be paid out in the respective cryptocurrency
  • Fiat Payouts can be implemented by navigating to the 'Fiat Payouts' page in your Paper Dashboard (more details on set-up here)
  • Once you have set-up Fiat Payouts, you will automatically receive the funds in your bank account/wallet address on a weekly basis

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