BlockATM QR PAY Withdrawal Process
Introduction
The BlockATM QR PAY Withdrawal Process is designed to provide merchants and users with a secure, efficient, and user-friendly method to withdraw their virtual assets from the BlockATM platform. This document outlines the steps involved in initiating a withdrawal request, the requirements for successful withdrawals, and the expected timeline for receiving funds.
Prerequisites
Before initiating a withdrawal, ensure the following:
You have sufficient virtual assets in your BlockATM account to cover the withdrawal amount and any associated fees.
The destination wallet address is accurate and supports the type of virtual asset being withdrawn.
You are aware of any withdrawal limits that may apply to your account.
Initiating a Withdrawal Request
To initiate a withdrawal request, follow these steps:
Login: Access your BlockATM account using your credentials.
Navigation: Go to the "Assets" section and click on the "Withdraw" button.
Select Wallet Address: Choose a pre-approved wallet address from the list provided.
Select Network and Asset: Specify the network and the type of virtual asset you wish to withdraw.
Enter Amount: Input the amount you wish to withdraw and review the transaction details.
Submit Request: Confirm the withdrawal request. You may be required to complete two-factor authentication for security purposes.
Withdrawal Processing
Once your withdrawal request is submitted, it will undergo a series of security checks to ensure the legitimacy of the transaction. This process includes:
Verification of the withdrawal amount against your account balance.
Validation of the destination wallet address.
Compliance checks to ensure adherence to regulatory standards.
Timeline for Receiving Funds
BlockATM operates on a T+1 Settlement cycle for withdrawals, meaning funds are typically transferred to your designated wallet address within one business day after the request is made. Please note that weekends and public holidays may affect the processing time.
Monitoring Your Withdrawal
To monitor the status of your withdrawal:
Login: Access your BlockATM account.
Navigation: Go to the "Assets" section and click on "Withdrawal History."
Status Update: Check the real-time status of your withdrawal request.
Fees and Charges
When withdrawing funds from BlockATM QR PAY, a service charge applies. This charge is calculated as 0.4% of the withdrawal amount. Additionally, there is a minimum fee of 3 USDT. This means that for withdrawal amounts where the calculated service charge is less than 3 USD, the minimum fee of 3 USD will be applied. Please note that the service charge is deducted from the withdrawal amount at the time of processing. The specific fee for each withdrawal will be displayed during the withdrawal process, allowing you to review the fee before confirming the transaction.
For example, if you withdraw 100 USDT, the service charge would be 0.4 USDT (0.4% of 100 USDT), but since the minimum fee is 3 USDT, you would be charged 3 USDT for the withdrawal, and 97 USDT will be transferred to your designated wallet.
Contacting Support
If you encounter any issues or have questions regarding your withdrawal, our support team is available to assist you. You can reach out to us through the support portal within the BlockATM platform or via email at cs@blockatm.net.
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