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.
About CryptoProcessing.com and CoinsPaid
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:
- Simple and convenient cross-border payments for businesses that maintain worldwide operations or offer their products and services to a global customer base;
- Cheap and cost-effective payments – CryptoProcessing by CoinsPaid charges 0.8% and 1.5% to process digital asset transactions and fiat currency withdrawals to banks, respectively;
- 24/7 payment processing – this one applies to the cryptocurrency transactions processing, enabling merchants to accept digital asset payments twenty-four hours a day, seven days a week;
- Eliminates chargebacks – cryptocurrency payments cannot be reversed, and this prevents chargebacks, a convenient feature for businesses that also means they do not have to maintain rolling reserves that add to their capital needs;
- Broadening of the customer base – businesses that accept payments in digital assets can offer their services to customers globally that may have otherwise been inaccessible in the conventional financial system.
Why Businesses use CryptoProcessing by CoinsPaid
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:
- Support for leading crypto and fiat currencies – so far, CryptoProcessing by CoinsPaid supports 20+ of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Additionally, businesses have the option to convert these payments into 40+ traditional currencies and easily withdraw to a bank account via SEPA or SWIFT;
- Simple integration – each business gets personalized integration and support from a dedicated account manager, making it easy not only to onboard new users and features but also to implement future changes to systems and processes. The manager makes the integration process as seamless as possible for the customer;
- Instant transaction confirmation – CryptoProcessing by CoinsPaid supports instant transaction processing for some of the leading cryptocurrencies even before they are confirmed on their respective networks, which facilitates positive end-user experiences in merchant stores online and offline;
- Legal compliance – CryptoProcessing.com, and by extension, CoinsPaid, is a legally-registered and licensed financial operator in the EU region, which makes it easy for most businesses in the EU region to integrate its services;
- Lower fees – commission fees on the CryptoProcessing.com platform are 0.8% for cryptocurrency transactions and 1.5% for fiat. This cost can be further reduced if the businesses opt to pay using the native CoinsPaid Token (CPD), which grants them an extra 50% off of their already low fees;
- Complementary services – the CoinsPaid ecosystem, which comprises CryptoProcessing.com payment gateway, gives customers access to other services, which include a business hot wallet, an OTC (over-the-counter) desk, an exchange, and a crypto SaaS (software as a service).
How CryptoProcessing.com’s Payment Gateway Works
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:
- Channels – an ideal model for entertainment platforms where customers deposit discretionary amounts into their accounts which are then converted into fiat on the fly for payment within the merchant stores;
- Invoices – these are payment requests allowing for immediate payment in cryptocurrencies;
- Payment links – similar to invoices, these links are payment requests to customers without a set time limit;
- Plug’n’Pay – ideally utilized by subscription model businesses where customers set up regular payments in crypto or where customers regularly top up their accounts with crypto balances.
How to Get Started with CryptoProcessing by CoinsPaid
For businesses looking to join the service, the signup process is straightforward and smooth. There are four steps to follow:
- Step 1 – request a proposal. A prospective business client should reach out to CryptoProcessing.com by filling in a form on the website’s homepage and providing contact information. A sales representative will follow up with a personalized offer for the client that is based on their business model and goals;
- Step 2 – Undergo verification. CryptoProcessing.com adheres to strict EU laws and global financial regulations, which include KYC (know your customer) and KYB (know your business) procedures. Therefore, the service will carry out a verification exercise on the potential client at this stage;
- Step 3 – Payment gateway integration. Once the signup process is done, CryptoProcessing.com will embark on integrating the customer’s systems with their own through an API (application programming interface), ensuring that payments can be sent and received based on their chosen or ideal payment methods;
- Step 4 – Aftersales support. There is constant support from CryptoProcessing.com to their customers, including software updates, innovations, and better product integration for new products both from the payment gateway and the merchant.
CryptoProcessing.com’s Key Products
CryptoProcessing by CoinsPaid has three main offerings to customers:
- Payment gateway;
- Business wallet;
- OTC Desk and Exchange.
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.
1. CryptoProcessing.com Payment Gateway
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.
2. Business wallet
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:
- Payments in crypto – the business has the option to send payments in any of the 20+ supported cryptocurrencies at low mining fees;
- Buy cryptocurrency using fiat currency – customers can acquire digital assets from the CoinsPaid exchange or directly from other customers by utilizing the CryptoProcessing.com OTC desk;
- Receive payouts in crypto – CryptoProcessing by CoinsPaid supports four payment methods: channels, invoices, payment links, and Plug’n’Pay models for accepting payments from partners and retail customers;
- Mass payouts – there is an option to make a crypto payment to multiple addresses by uploading a spreadsheet and assigning payout amounts. This feature is ideal for settling bills with business partners, and affiliates or even making customer refunds.
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.
3. OTC Desk & Crypto Exchange
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.
Is CryptoProcessing by CoinsPaid Safe?
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.
Pros and Cons of CryptoProcessing by CoinsPaid
- CryptoProcessing.com encourages crypto adoption by making it easy for merchant businesses to accept cryptocurrencies as payment;
- The service is available worldwide;
- Licensed and registered in the EU, CryptoProcessing.com/CoinsPaid is compliant with applicable financial regulations of operating a money transfer business;
- Transactions processing is instant;
- There is support for over twenty of the leading digital currencies, including BTC, ETH, and LTC;
- Commission fees are as low as 0.8% for crypto transactions and 1.5% for fiat transfers;
- There are multiple payment methods to cater to different customer needs;
- The platform does not support chargebacks and, therefore, no rolling reserve for the merchants;
- CryptoProcessing.com has invested heavily in the security and safety of systems and users’ assets using both cold and hot wallet options to achieve both speed and security when processing transactions.
- Limited fiat transfer channels.
- There is also limited support for cryptocurrencies.
CryptoProcessing by CoinsPaid Customer Support
Get further information on CryptoProcessing.com and CoinsPaid through the following channels:
- Website: https://en.CryptoProcessing/
- Documentation: https://docs.CryptoProcessing/
- Blog: https://en.CryptoProcessing/blog
- Facebook: https://www.facebook.com/CryptoProcessingcom/
- LinkedIn: https://www.linkedin.com/showcase/CryptoProcessing-/
- Twitter: https://twitter.com/processing_com
- Instagram: https://www.instagram.com/cryptoprocessingcom/
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.
Risk Disclosure and Disclaimer:
Frequently Asked Questions on CryptoProcessing by CoinsPaid
What is CryptoProcessing.com?
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.
How does CryptoProcessing.com work?
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.
What are the fees and commissions on CryptoProcessing.com?
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.
Is CryptoProcessing.com safe?
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.