How to create a business?

Get started with business creation

Let's create a business in a few easy steps.

Enter the Dashboard and click on the 'Create business' button on the side menu. Follow the onscreen process and in the end you'll be provided with a businessToken for API access. The process consists of several steps, now let's take a closer look at each of them.

1. Select business name

To begin with, you'll need to name your business.

2. Choose display currencies

Regarding your checkout deposit process, your users would prefer for their own convenience to enter the deposit amount in their local currency. We currently support 30+ fiat currencies and we are taking the most recent exchange rates from the ECB(European Central Bank). This way we calculate the most up-to-date exchange rate for Fiat vs. Crypto.
For instance, if your user wants to deposit 1000 Thai baht we will make sure to provide an accurate Bitcoin amount in order to receive 1000 Thai baht in your platform.

3. Choose deposit currencies (cryptocurrencies)

Currently supported are 20+ cryptocurrencies. You can either select a few that you are happy to work with or just select them all. In the end this is not that important as we exchange every cryptocurrency to EUR or stablecoin, which brings us to

4. Asset allocation

To enable user withdrawals, the operator has to allocate a % of the deposits to be converted to a stablecoin such as USDT (1 USDT = 1 USD) This ensures enough liquidity for swift player payouts in crypto.

We are registered as Virtual Currency Exchange Operator and as Deposit Virtual Currency Wallet Operator and due to regulatory requirements, we are currently unable to hold Players’ funds in EUR. Therefore all the EUR amounts accumulated with our gateway will be settled via regular IBAN transfers to the operator’s bank account.

Say you've set an allocation ratio FIAT/CRYPTO of 70%/30% and

say the business accumulates 10000 USD in crypto deposits, then:
• 7000 USD worth will be converted to EUR and paid out to your bank account
• 3000 USD worth will be converted to stable coin USDT, which can later be used for enduser withdrawals in crypto or simply settlements in Bitcoin.

5. Callback notification endpoints

Here you can set 2 different callback endpoints, if you like to segregate them.
Please refer to our API documentation to learn more about Callbacks and how to use them properly.

If you are feeling you are missing something. Feel free to reach out at info@finrax.com

6. Overpayments and follow-up transactions handling

At this page you can choose how to handle overpaid amounts and follow-up transactions for one-time payment links. By default overpaid amounts are processed unless you have specific business/regulatory requirements you need to meet. Here's a more in-depth guide for overpayments and follow-up transactions.

How to create a business?

Get started with business creation#

1. Select business name#

2. Choose display currencies#

3. Choose deposit currencies (cryptocurrencies)#

4. Asset allocation#

5. Callback notification endpoints#