In this review, we are looking at CryptoProcessing by CoinsPaid, a crypto payment gateway for businesses looking to accept digital currencies from their customers. Specifically, we will consider the platform’s selling points, features, fees, how to get started as a business, and whether it is safe for merchants and their customers.
There are several options for businesses looking to integrate crypto payment gateways, all of which contribute to the growing digital asset adoption as a channel for value transfer. However, CryptoProcessing.com differentiates itself from the rest by offering the following opportunities:
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As of publishing this review, CoinsPaid has existed for close to a decade, and in that time, it has attracted more than 800 businesses and merchants. These businesses, in turn, serve more than 10 million end users, which, by extension, means that the CoinsPaid ecosystem, including CryptoProcessing.com, helps serve millions of users.
Here’s why most businesses have opted to integrate the CryptoProcessing.com crypto payment gateway to enable them to accept payments in digital currencies:
As a crypto gateway, CryptoProcessing by CoinsPaid helps solve a bulk of the challenges most businesses have when it comes to accepting digital assets as payment for goods and services. Key among them is the market volatility and regulatory risks.
The service offers the option of instant asset conversions, thereby helping businesses keep cryptocurrencies out of their accounting books, which helps solve the market volatility risk. Merchants are also able to accept payments in cryptocurrencies and receive these payments in fiat currency.
CryptoProcessing.com offers multiple payment options that fit most businesses’ needs, and these are:
For businesses looking to join the service, the signup process is straightforward and smooth. There are four steps to follow:
CryptoProcessing by CoinsPaid has three main offerings to customers:
The three products are not dependent on one another, and it’s possible for customers to interact with one or all of them separately. Let’s consider why the three market solutions are even necessary and what they offer to customers.
As explained earlier in this guide, a crypto payment gateway is a service that enables customers to accept payments in cryptocurrency. Once they do, they can then transfer them to a cryptocurrency wallet or convert them to fiat currency to facilitate easier accounting.
CryptoProcessing by CoinsPaid payment gateway supports more than 20 leading cryptocurrencies as well as 40+ fiat currencies, and merchants have the option to withdraw to a bank account via SEPA or SWIFT.
The service works by enabling clients to connect their websites to the payment gateway’s systems through an API. Once done, payments are processed automatically.
Benefits of using the CryptoProcessing.com payment gateway include saving on commissions by up to 80% while offering the business a chance to expand and serve a wider audience looking to make payments in cryptocurrency.
Business crypto wallets are not unlike the common retail-focused digital wallets, except that they are designed to cater to the needs of a corporate clientele. CryptoProcessing.com’s business wallet can be used to accept cryptocurrency payments, settle with contractors and affiliates, and withdraw money to a bank account.
CryptoProcessing.com’s business wallet offers four main features, which are:
The benefits of using the business wallet are more akin to those derived from using most of CoinsPaid’s other products, and they include low-to-zero volatility risk, transparent fees, simple accounting processes, global coverage, and support for SEPA/SWIFT bank transfers.
The CryptoProcessing by CoinsPaid OTC Desk and Exchange products are available for crypto purchases and sales over the value of €1 million. The feature supports 20+ cryptocurrencies and fiat transfers in more than 20+ various currencies.
The advantages of using CryptoProcessing.com’s OTC Desk and exchange to buy or sell digital assets are that the customer gets access to deep liquidity with minimum spreads on any amount. This means that rates on the platform are competitive.
Additionally, there is support for leading digital currencies, including Bitcoin and Ethereum, plus more than 20 fiat currencies.
CryptoProcessing.com takes a proactive approach to protect its users’ funds and its systems. As such, the platform has employed an in-house security team charged with ensuring safety and security and risk mitigation procedures are adhered to across all CoinsPaid products.
Protections include obtaining the right regulatory clearances to operate not just in the EU but across all jurisdictions the company wishes to maintain operations. The same applies to its customers, whereby it regularly monitors for regulatory updates that affect its service delivery and that of its merchant clients, informing them of the potential risks of dealing with virtual currencies.
Regulatory compliance is aided with the help of Crystal Blockchain and ScoreChain analytics and cyber security service providers. The two companies help with monitoring transactions on the CryptoProcessing.com/CoinsPaid ecosystem by employing KYA (know your address), and KYT (know your transaction) processes to reduce the risks of facilitating illegal activities.
Additionally, CryptoProcessing by CoinsPaid has taken the initiative of undergoing external independent security audits by leading security analysis firms Hacken and 10Guards.
Finally, it is worth noting that onboarding new clients is done using a dedicated manager as opposed to letting customers undertake the venture by themselves. Doing this ensures that API connections are not only implemented correctly but also are done according to internal standards making it easy to manage in case of potential security incidents.
As a testament to CoinsPaid’s solid security practices, the company has not yet reported any security incidents since its launch in 2014.
Get further information on CryptoProcessing.com and CoinsPaid through the following channels:
Cryptocurrency payment gateways such as CryptoProcessing.com are playing a bigger role as digital assets become more popular and retail users find more ways to spend their crypto. This means that merchants will be pushed to adopt this nascent technology, but most are not capable of creating a proprietary system from the ground up.
Payment gateways such as CryptoProcessing.com are uniquely positioned to address this issue and contribute toward more adoption of blockchain. However, CryptoProcessing by CoinsPaid has a few benefits over its competition. The lower fees, instant transaction confirmation, regulatory compliance, and global availability make it one of the leading service providers in the space.
Its complementary services, such as the business wallet, OTC desk, and exchange, could help it stand out as a comprehensive service provider, ensuring merchant customers do not have to use multiple platforms to achieve their needs.
The information provided in this review should not be regarded as investment advice. Cryptocurrency assets experience high market volatility, and therefore buying, selling, and trading them exposes you to significant financial risks.
CryptoProcessing.com is a cryptocurrency payment gateway operated by CoinsPaid, an EU-licensed company based in Tallinn, Estonia. The service can be used by offline and online businesses globally to accept and process crypto payments, then pay the merchants in fiat currencies.
The service connects a business’s online systems to its payment gateway through an API, a process that is done in conjunction with a dedicated account manager. Once the connection is done, the merchant’s customers will be able to make payments in crypto, while the merchant has the option to receive these payments in crypto or fiat to their bank accounts.
Commission fees on CryptoProcessing by CoinsPaid are competitive, with crypto transactions attracting a 0.8% charge while fiat transfers are charged 1.5% of the value transacted. The already low commissions can be further reduced by paying them using the native platform CoinsPaid (CPD) token.
CryptoProcessing.com/CoinsPaid takes a risk-based approach when it comes to security and compliance. It has employed the services of industry-leading security companies such as Crystal Blockchain to assist with transaction monitoring and grading. Additionally, the platform uses both cold and hot wallet storage techniques to achieve both speed and security when handling customer assets.
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