Fees and Gas
Fees, gas, and all can be confusing in this space. Let's break down each item below:
For crypto renewals on Whop, we've created something called the Gas Tank. Here is how it will work:
- Your first crypto renewal payment, Whop will cover the gas price ($5). Your gas tank balance will now be negative -$5.
- Your next payment regardless of the size will go to your personal Whop gas address. For this example, we are calling it $100.
- Your Gas Tank balance will now be $95 ($100-$5). Your next payments will all be cycled to your wETH address until your gas tank has run out again.
You will not have direct access to your Whop Gas Tank wallet, but you can request to have your Gas Tank funds withdrawn at any time if you decide to leave the platform or stop using wETH payments.
Also, it is important to note your users will not be paying gas since it is coming out of your payments. You can charge an extra couple of bucks to cover gas fees if you'd like.
TL;DR: A small portion of your payments will go towards a balance that is used to cover all gas fees.
To view your gas tank transactional history on Whop you can:
Open your settings -> Click billing -> Click "View gas invoices" -> You will see the pop-up. It should look something like this :)
Whop will charge a 4% processing fee on all wETH renewal payments.