CoinsPaid is an all-in-one ecosystem for any business type
In 2021 digital assets moved from the fringes of the economy and began to enter the mainstream, prompting more widespread public adoption. It was a transformative year for digital assets, and the stage is set for regulators to build a framework to govern this massive new market. The regulatory framework is evolving rapidly and changing quickly. Some jurisdictions have imposed outright bans while others are staunch advocates.
Make sure your future crypto processing provider is licensed in one of this countries:
CoinsPaid is registered and licensed in Estonia. One of the strictest and comprehensive framework covering the cryptocurrency industry.
License No.: FVT000166
Do not be in a hurry while planning to partner with a crypto processing company, do proper research. We've narrowed down a few tips as to how you can do this:
○ Research whether a business has officially registered with local, state or federal authorities
○ Check details like litigation, history, company structures, rankings, directorships, etc.
○ Check how many merchants the company serves and read the reviews.
○ Go to the official website of the chosen company and gain as much information about as possible.
○ Make sure the amount of staff match the complexity of crypto processing process
Crypto processing is a complex technology, and it takes a lot of money and human resources. A startup of 5 people can hardly deliver what it takes
Disclaimer. All financial, statistical and other data regarding the clients/merchants, conducted transactions, etc., has been provided as aggregate from activities of all legal entities operating under brand of Coinspaid, specifically: (I) Dream Finance OÜ, Harju maakond, Kesklinna linnaosa, Rotermanni tn 6, 10111, Tallinn, Estoni; (II) Dream Finance UAB, Gynejq St. 14-65, Vilnius, Lithuania and (III) Dream Finance S.A. DE C.V., 3A Calle Poniente Y, 71 Avenida Norte, Col. Escalon, edif. Lexincorp, office No 3698, San Salvador, El Salvador.
The opportunities and benefits of cryptocurrencies have been accompanied by new risks, as criminals use regulatory blindspots to launder money, finance terrorist activities, and commit other financial crimes. Given the regulatory uncertainty surrounding cryptocurrencies, it is important that firms operating in this space understand their crypto compliance obligations, and are able to detect and address the risks that they face.
○ Rigorous onboarding: Crypto processing companies should learn as much as possible about new merchants, emphasizing the Know Your Business (KYB) process. ○ Regulatory awareness: Crypto firms should understand what regulators expect of them, and be able to anticipate regulatory changes by studying draft guidance. Make sure your future crypto processing partner has a compliance department. ○ AML transaction monitoring: Firms must implement systems (for example Crystal Blockchain, Scorechain, Elliptic, Coinfirm, Sumsub) to trace the flow of cryptocurrency assets.
With that in mind, a comprehensive approach to cryptocurrency compliance should include:
At CoinsPaid we use reliable and well-known leading risk-scoring systems to check every crypto payment. We have integrated KYC and KYB procedures and own compliance department with AML officers & MRLO.
It is mandatory for crypto processing companies to opt for a formal audit at their earliest discretion. Not doing so could result in exploits, vulnerabilities and hacks. Comprehensive and solid security measures and extensive blockchain security services greatly help business enterprises globally fight against hacking attacks and malicious threats.
Here is a list of top audit firms with proven track history and professional expertise: Hacken, Quantstamp, Trail of Bits, OpenZeppelin, 10Guards, ConsenSys Diligence, Certik, LeastAuthority, PWC Switzerland, Kaspersky Lab, Slowmist
Even though it's impossible to get rid of all your fees, it's important to stay vigilant to protect yourself from hidden and illegal processing fees. Here are some tips to ensure you're paying fairly:
○ 0.5-0.6% fee per transaction is a red flag. Most processing providers have more or less the same fee around 1% per transaction.
○ Make sure there are no additional charges added on processing fee, which may be a one-time charge and may appear in fine print on a contract.
○ Check that a crypto processing partner offers real-time exchange rates. Otherwise, a provider might round payments in his favor.
Among crypto processing companies standard practice is to reward merchants for good volumes and loyalty. Some companies now have their own utility tokens that lets you obtain discounts on processing fees and other benefits.
Find out whether your future crypto processing partner has a discount program or not.
By connecting CryptoProcessing by CoinsPaid, you'll benefit from only transparent pricing with no hidden fees and zero markups on exchange rates. Our liquidity aggregator has integration with all the leading exchanges and liquidity providers giving you the best exchange rates and minimum slippage on any amounts. The real benefits, however, lie within our utility token – CPD – that might give you up to 50% off all CoinsPaid service fees.
Consumers increasingly demand seamless, frictionless and more efficient payment experiences beyond the credit card, EFT and cash payment options. In this regard, the ability of a crypto processing provider to enable instant cryptocurrency payments and deposits are non-negotiables. Yet, these are the traits that currently characterise much of the crypto payment sector, because merchants generally wait to receive multiple confirmations before completing a transaction. This can take between 10 and 60 minutes. Some crypto processing providers (including CoinsPaid) use own unique solutions, which enables the acceptance of instant zero-confirmed payments and deposits in crypto.
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you're first getting started in the world of crypto. While Bitcoin continues to dominate the crypto sector, other promising altcoins are also making headlines as they are attracting many crypto investors lately. So obviously, Bitcoin is not the only payment option.
Cryptocurrency payment gateway is an application designed to carry out purchase and sale transactions using cryptocurrencies as a payment method. There are two main options, how you can handle such payments:
○ the amount in cryptocurrencies can be converted into fiat money and deposited directly into your bank account
○ transactions between cryptocurrencies can be carried out without converting the digital money into fiat currency
If you choose the second approach, make sure your future crypto processing provider enables built-in crypto-crypto convertion. It will help you manage risk and volatility by holding funds in different currencies.
If you are aiming to accept payments in the most popular cryptocurrencies from anywhere in the world, instantly exchange crypto to traditional currencies and easily withdraw to a bank account via SEPA or SWIFT, make sure your future payment processors can do so. Pay attention on the following aspects:
○ How many cryptocurrency does a provider support?
○ How many fiat currencies does a provider support?
○ Can you withdraw your crypto-revenue to a bank account?
Make sure that a processing service can supply you with receipts and other documents that your accounting department needs to process bank settlements
Ensure that the payment gateway integration process is free and does not take long. This is not a complicated procedure, thus an experienced crypto processing provider can help you start accepting cryptocurrency payments within a few days.
Become absolutely certain that you can reach technical support 24/7. Your future partner`s team has to be on hand to assist with any technical queries and offer practical assistance and guidance whenever you need it.