What is Auto-Conversion and Why is it Important?

Find out more about the auto-conversion feature at KUNA Pay, including why you should consider activating the feature, when you read below.
August 17, 2023
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Here at KUNA Pay, our platform offers several exciting features, all of which come together to create the best crypto payment processing solution on the market.

One of the most useful features of the platform is auto-conversion, which is used by many businesses looking to convert their crypto into other supported currencies quickly and easily, and without any outlandish costs.

Find out more about the auto-conversion feature at KUNA Pay, including why you should consider activating the feature, when you read below.

What is Auto-Conversion?

If you haven’t already noticed, there are swathes of different cryptocurrencies being used online, from popular cryptos like Bitcoin, Ethereum, and Litecoin, to niche cryptos only used by a small handful of people.

The auto-conversion features allows cryptocurrency to be automatically converted to one of the supported currencies on the platform. So, as soon as you’re paid in crypto, this crypto will be converted to your currency of choice, without you needing to initiate a manual trade.

With KUNA Pay, you can automatically convert payments into three options: USDT, UAH, and EUR. By enabling auto-conversion, the payment options available to customers will be automatically limited to those currencies paired with the chosen currency. You can view the exchange pairs, plus find out more about auto-conversion, by clicking this link. If no auto-conversion is enabled, all currencies can be accepted.

It should be noted that it’s not currently possible to auto-convert a percentage of money received. Instead, all money received from a customer must be converted.

Why Use Auto-Conversion?

Owning several types of crypto isn’t the most organised way to do business. Instead, it’s far more streamlined to have all your crypto holdings in one currency. It allows you to better understand exactly how much money you have, plus it also makes it far easier to withdraw the money to your bank account when needed.

You’ll also find that auto-conversions save a lot of time. Instead of manually initiating conversions, they’ll instead be done without any input from you. The conversion happens immediately, so there’s no waiting around to get your money. The only exception to this is when more than $20,000 needs converting. In this case, the conversion can take up to two business days.

It is not free to use the auto-conversion feature, but the prices charged are reasonable. The exact amount the auto-conversion feature will cost depends on the plan you’re using. You can check out the prices at our Pricing page.

How to Get Started with Auto-Conversion

For many, auto-conversion is an exceptionally useful tool, that makes their business that much more organised. To get started with this feature, navigate to “Settings” and then choose to turn on auto-conversions. It’s a simple process that only takes a few seconds to complete. If you decide you don’t want auto-conversion on, it is equally as simple to deactivate it.

If you’re unsure about activating the auto-conversion feature, please get in touch and we’ll happily talk you through the process. 

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#technology
#management
#products
#sell