Refunding via Cryptocurrency

Refunding via Crypto

Lutendo offers the option for product testers to receive refunds in cryptocurrency. This guide will walk you through the process of issuing refunds using various cryptocurrencies.

Obtaining Cryptocurrency Refund Information

1. Begin the refund process as outlined in our How to Refund article.
2. When you reach the payment details section, look for the tester’s cryptocurrency information.
3. Product testers can provide their cryptocurrency wallet addresses for refund purposes. When you access the crypto payment details, you will see the following information:
   1. Network: The blockchain network on which the transaction should occur (e.g., Ethereum, Bitcoin, Binance Smart Chain).
   2. Token: The specific cryptocurrency to be used for the refund. Options include:
      • USDC (USD Coin)
      • USDT (Tether)
      • BTC (Bitcoin)
   3. Wallet Address: The unique address of the tester’s cryptocurrency wallet.

Step-by-Step Refunding via Cryptocurrency

1. Log into your cryptocurrency exchange or wallet platform.
2. Navigate to the section for sending cryptocurrency.
3. Enter the tester’s wallet address carefully. Double-check this information as cryptocurrency transactions are irreversible.
4. Select the correct network as provided by the tester.
5. Choose the appropriate token (USDC, USDT, or BTC) as specified in the tester’s refund details.
6. Input the refund amount:
   • If using USDC or USDT, enter the exact refund amount as these are stablecoins pegged to the US dollar.
   • If using BTC, you’ll need to convert the refund amount to the equivalent in Bitcoin based on the current exchange rate.
7. Include a memo or reference if your platform allows it. You might want to include your Lutendo seller ID and the campaign name or ID.
8. Review all details carefully before confirming the transaction.
9. Complete the transfer by following your platform’s security procedures.

Keep in Mind

• Triple-check the wallet address before sending. Cryptocurrency transactions cannot be reversed if sent to the wrong address.
• Be aware of network fees (gas fees) which may vary depending on network congestion. Ensure the tester receives the full refund amount.
• Keep a record of the transaction hash for your own accounting purposes and in case of any issues.
• Be mindful of price volatility, especially when refunding in BTC. Consider using stablecoins (USDC or USDT) for more predictable refund amounts.