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Is there a payment processor converting client card payments to crypto?

jafo

jafo

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May 13, 2022
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#1
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This question has been floating around on a few social media sites for a while in various forms. For example:

(1) Is there any payment gateway for debit/credit cards that pay out in crypto?

(2) Is there any payment system where clients can pay with a credit card but sellers get paid in crypto?

(3) Is there a way to accept credit card payments from my website and convert that amount into bitcoin or maybe convert portion of the amount to bitcoin?

(4) Crypto payouts enable your platform to pay out in crypto, starting with USDC. You can use crypto payouts with your existing integration to avoid managing crypto yourself—your platform’s funds can remain in fiat currency, and Stripe handles converting to crypto and then paying it out.

The last one, #4, is from Stripe, but I have no experience with how it works or what the fees are. It seems that the user needs to link their crypto wallet instead of a bank account (or credit card?). If this is correct, this would not be interesting and would not meet the requirements.

Does anyone know of a solution?

PS. I got curious based on this post DePay Web3 Payments Processor so now I am wondering if a solution exists ...
 
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#3
Yes and no.

AFAIK, what Stripe does under its Stripe Connect service is something different. That's a product they have built for EU PSD2 compliant marketplaces. For example, if you want to launch a new eBay, you can use Stripe Connect to manage payouts to sellers in a way that's compliant.

When a typical processor settles funds, they are bound by regulations to pay only to a bank/EMI account in the name of the merchant. In very rare circumstances, third-party payouts are allowed but still via fiat.

So in order to still comply with that, you would need a transit account that funds are deposited into and then swept into crypto. There are some services for that (many of which aren't public facing), which issue a dedicated account in your name and automatically converts it to crypto whenever money reaches that account. It's not cheap, though.

Alternatively, you can work with high-risk processors that have creative solutions to enable direct payouts in crypto. They also add considerable cost.
 
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#6
alley said:
What services you know?
Click to expand...
The ones I know that are fully automatic are not public facing and I can't disclose.

IIRC, you can get pretty similar service with Trastra, Nebeus, and Swapin. It's not automatic but they're crypto exchanges with dedicated IBANs, so you can receive fiat from Stripe and convert to crypto on the same platform.
 
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#8
Yes you can work with OnRamp solutions but they most likely don't look / work smooth compared to a casual CC Payment Solution and might seem a bit "edgy" for your customers.

Obviously this depends hardly on your UseCase. A lot of "Crypto Casinos" operate like that, since running Crypto only with a casino is much easier and cost efficient but you also don't want to lose your 0815 credit card players.

If you Google you can find various providers, all of them have their pros and cons.

Mostly for me a possible KYC for customers and high fees are the biggest issues with it. (E.G you sell something for 100$ and use an OnRamp Solution your customers pays 100$ + 6$ for Conversion to Crypto which will mostly kill Conv. at least for common E-Com)

Also for "non Crypto customers" an OnRamp solution might be a bit confusing since they won't understand why they now seem to buy "Crypto" to make a purchase.

https://www.moonpay.com/business/onrampshttps://onramper.com/https://nowpayments.io/fiat-on-ramphttps://wert.io/fiat-onramp
to name a few there are dozens more all with different requirements and solutions.

Unfortunately I don't know of any still operating providers which doesn't show the customer his FIAT funds are exchanged to crypto first before they are sent to you.

Otherwise this would be a fraudsters wet dream :rolleyes:
 
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#14
sumtingwong said:
I've recently started to try a new service that does exactly this. They process CC and instantly settle you in crypto with no rolling reserves.

Let me know if you are interested I can put you in touch with them via Telegram.
Click to expand...
Please hare the processor here or your post makes no sense for anyone else.
 
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#18
sumtingwong said:
I've recently started to try a new service that does exactly this. They process CC and instantly settle you in crypto with no rolling reserves.

Let me know if you are interested I can put you in touch with them via Telegram.
Click to expand...
You may share what you know or a link to the provider otherwise we will remove your post and any reply to it.

This post makes no sense should you now be around here any longer.

Share within the next 24 hours or it is gone.
 
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#20
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