Organizing Crypto Processing – Challenges and Solutions

Agencies
·3-min read

Amidst the rise of cryptocurrency adoption, many companies seek solutions for crypto payments processing. Unfortunately, not all solutions that are available at the market are efficient.

Also Read | 5 Benefits of Using Crypto for Payments

Let’s explore five challenges that companies face in their endeavours towards accepting crypto and identify some solutions for these problems.

Challenge 1 – Difficulty in finding complex solutions

For a fully functioning crypto processing, companies frequently use services from several companies. Instruments from different providers do not go well together and it causes technical difficulties.

Solution

There are companies with a holistic approach like CoinsPaid that has its own ecosystem of products – a crypto exchange, an OTC-platform, a hot wallet system, and a processing service. CoinsPaid’s clients receive all necessary instruments on one platform and do not seek add-ons from third-party providers. It saves businesses time and money.

Challenge 2 – Lack of security guarantees

Not all processing service providers possess a security certificate. The lack of cybersecurity guarantees scares off many companies from adopting cryptocurrencies.

Solution

BitPay, Wirex, and CoinsPaid are the exceptions. BitPay underwent the Service Organization Control 2 (SOC2) audit. Wirex received a PCI DSS audit, which was developed by the Payment Card Industry Security Standards Council, the members of which include companies like Visa, MasterCard, American Express, and Discover.

The CoinsPaid team went an extra mile by passing the security check by Kaspersky Labs, a more up-to-date version of the SOC2 audit protocol.

Challenge 3 – Difficulty in integrating instruments

Many popular services, like BitPay, Wirex, CoinGate, and Simplex, offer guidebooks on how to integrate crypto processing instruments. But the implementation may prove to be very complicated and none of these platforms offer full support service. The maximum support their clients might count on are the answers via chat or email.

Solution

In the market, some companies made an extra step to simplify the integration of their instruments. CoinsPaid provides clients with a personal manager who assists the integration at each stage of the process.

Challenge 4 – Lack of technical support

Being able to receive a consultation quickly is an essential component of efficiency. Lack of it could have some dire consequences for companies that opted to use technical solutions from different providers, as they will have to seek support from several service teams, which is not the most efficient way.

Solution

To mitigate technical risks, companies are advised to integrate compatible products from a single provider. An equally important step involves ensuring the availability of the provider’s experts in advance. CoinsPaid’s clients can get support at any time via various channels, for example, on Facebook or Instagram.

Challenge 5 – High prices for processing services

A company might face hidden fees and unexpected charges for crypto processing services. These tricks are used by some widely promoted companies with short-term focus.

Solution

Cutting costs starts with choosing a provider that can offer all the necessary services within one ecosystem, because this way a company eliminates third-party services transactional costs. For example, CoinsPaid offers an “all-in-one” crypto-fiat payment gateway integration and provides its clients with a transparent agreement without pitfalls.

Summary

Despite the many challenges companies might face during the integration of crypto-fiat processing solutions, there are decent offers in the 2021 market.

Well-established brands are not a quality guarantee. Some widely promoted services use their popularity for overcharging.

A reasonable choice for the fast integration of crypto-fiat payments processing per this review is CoinsPaid. The project is ahead of the game with their ecosystem, well-designed integration process, and an up-to-date security certificate.