19th December 2022 Uncategorized Why Should Your Payment Service Provider (PSP) Make Use of Crypto? With Payment service providers (PSPs) operating successfully for years, acting as third-party gateways in supporting retailers in accepting payments from their customers, it is time for companies to consider the adapting environment. There is a current gap between people who prefer to pay with crypto and the lack of payment service providers to support these transactions. It is essential to adapt to new technological advancements when aiming to generate a competitive advantage as a business operating with finances. This has caused multiple globally recognized PSPs such as PayPal to implement crypto payments into their system. In Q1 of 2021, PayPal’s revenue surpassed expectations at over 6 billion USD. The CEO stated that these results were impacted by their addition of cryptocurrencies. Why choose to work with Crypto? Due to Crypto’s decentralized finance system and blockchain technology, the space has rapidly become an attractive path for companies to take. Coinify introduces multiple benefits for businesses, supporting the adoption of financial innovation with an alternative payment method of +25 virtual currencies. With a high demand for customers in search of businesses that have adopted the usage of digital currencies, now is the perfect time to get started as a business or individual. Coinify supports a new method of financing, enabling online payments for customers without any dependence on banks. Additionally, transactions cannot be reversed once they go through. This provides an excellent benefit for PSPs, as this eliminates the need for handling customer chargebacks and refunds. Furthermore, blockchain technology aims to prevent cases of fraud by storing customer information on decentralized blocks. This supports the creation of a more transparent environment, with increased security and trust amongst partners, which Coinify holds as a key value, working as a company with the approach of compliance coming first. Adopting Coinify as a way for your customers to access crypto payments as a PSP in the newly emerging space of tech and the metaverse can allow your company to develop a strong positioning. One of the key opportunities crypto can introduce to businesses is attracting an entirely new customer base, with there being over 150 million users of crypto in the world today. This can both increase revenue and drive growth while building a newfound community of users who prefer crypto over fiat. PSPs adopting Coinify for transactions Cutting-edge PSPs are tightening the competitive landscape due to their inclusion of new technologies such as crypto. Our PSPs offer a broad range of payment options, providing customers with an all-in-one solution. Customers of our payment service providers achieve successful, secure, and legally compliant transactions by creating invoices with Coinify. The attractiveness of the process comes from its simplicity. No prior knowledge is required in the integration process of a crypto payment solution, as Coinify takes control of everything in between. When choosing to pay with crypto, the customer is redirected to a page of the PSP supporting crypto. Customers will then scan a QR code within their crypto wallet to conclude a payment. Overall, Coinify’s solution provides seamless integration with PSPs, whilst we generate awareness amongst our PSP merchants on the benefits of crypto. PSP Merchants using Coinify’s API We are proud to work with our multiple successful PSP merchants using Coinify’s API. Coinify’s solution allows for our PSPs to accept digital currencies, and additionally receive payouts in traditional currencies. There is no requirement for companies to have knowledge of blockchain technology, as Coinify takes care of the processes in which the money is both transferred and converted. DataTrans is the leading Swiss Payment Service Provider, offering over 40 payment methods with over 125 million transactions behind them. Datatrans believes in providing value for their merchant’s independence, having utilized Coinify’s solution since 2019. Paynet is the first digital wallet in Moldova which includes an online payment and loyalty solution, allowing users to make payments at any time, from anywhere. Paynet’s motto, “benefits attached,” reflects the company’s mission to provide their customers with a system that suits a fast-paced lifestyle, integrating the options to transfer, complete payments, and monitor finances. PSI-Pay provides customers with partner sponsorship payment solutions. Their philosophy is to empower their partners to do what they do best, being the sales, marketing, distribution, and general management of their payment card programs. Members are able to deposit and withdraw funds, in 44 currencies across 173 countries, often occurring in real-time. Payssion is a one-step solution, tailored for global payment processing. Their API system accounts for 200+ local payment methods worldwide, across 190 countries, and supports 35 currencies. ZotaPay facilitates online payment processing solutions for emerging markets worldwide. They supply innovative solutions and secure technology for their customers, with their services including credit and debit cards, alternative payment methods, and local solutions, which are each found in ZotaPay’s simplified API system. CuroPayments specializes in supplying the financial transactions which occur between consumers and online sellers. Curopayments additionally provide its services to companies engaging in online payments and e-commerce. Interested in offering virtual currency payment options? Michaela BekssonSales Manager[email protected]Muskaan KhuranaJunior Sales Manager[email protected] Reach out to us!