Fiat-to-crypto On Ramping Payments

[johndoe11]

Hi,

I am interested in the possibility of "Fiat-to-crypto" on ramping for receiving online payments.

I want this to work in the following way where my customers can view and interact with a regular online checkout, put in their Visa/Mastercard details and pay in USD. However, to have the underlying transaction converted and "flipped" into crypto i.e. USDT/USDC.

I am not looking for a payment system where the customer pays in crypto (where they already have crypto), but where it appears like just a regular checkout and to the customer, there is no difference functionality, therefore not impacting conversion/dropoff.

However, I am not sure exactly how this can be done (if it can) and if so the regulations/implications. Most of my customers will be based in the US, UK and Australia and therefore likely need to comply with regulations in these jurisdictions.

I've looked into the following (but it is very difficult to get a hold of them if at all, and therefore I've got no concrete answers):
- https://corefy.com/
- https://card2crypto.org/
- https://mercuryo.io/
- https://www.moonpay.com/

The most promising one who I could actually talk to but looks also the dodgiest: https://card2crypto.org/

Does anybody have any knowledge of this particular space and specific use case?

 

[daniels27]

We discussed this quite extensively. Due to the litter number of such services, I guess that compliance i and risk is difficult. Solutions will most likely be either expensive, unstable or both.

Why not go with a normal gateway and then onramp yourself?

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

Apr 19, 2024

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...

• jafo
• Replies: 38
• Forum: Card & Crypto Payment Processing

• 

B

Question Thread 'EMI with card processing and crypto payouts'

Apr 30, 2024

Hi guys,
I’m looking for a payment gateway that has fast settlement and crypto payout.
I heard that in zen.com business it’s possible, if anyone can provide feedback.

• Boombox9000
• Replies: 10
• Forum: Card & Crypto Payment Processing

https://www.offshorecorptalk.com/threads/cc-to-crypto-processor.33535/#post-195934

 

[W Fish]

Just out of curiosity - why do you want real-time conversion?
Would it not be much easier to collect the card payments and convert them after. Maybe even automatically at pre-determined intervals or according to other criteria?

 

[twgtrading]

Hi,

I am interested in the possibility of "Fiat-to-crypto" on ramping for receiving online payments.

I want this to work in the following way where my customers can view and interact with a regular online checkout, put in their Visa/Mastercard details and pay in USD. However, to have the underlying transaction converted and "flipped" into crypto i.e. USDT/USDC.

I am not looking for a payment system where the customer pays in crypto (where they already have crypto), but where it appears like just a regular checkout and to the customer, there is no difference functionality, therefore not impacting conversion/dropoff.

However, I am not sure exactly how this can be done (if it can) and if so the regulations/implications. Most of my customers will be based in the US, UK and Australia and therefore likely need to comply with regulations in these jurisdictions.

I've looked into the following (but it is very difficult to get a hold of them if at all, and therefore I've got no concrete answers):
- https://corefy.com/
- https://card2crypto.org/
- https://mercuryo.io/
- https://www.moonpay.com/

The most promising one who I could actually talk to but looks also the dodgiest: https://card2crypto.org/

Does anybody have any knowledge of this particular space and specific use case?

Recently I came across a provider that provides such a solution.

I am currently testing the payment module and flow. Once it is reliable, I shall post more details. Cheers.

 

[johndoe11]

Hey @daniels27, thanks for the comment and sharing those resources.

1. From my understanding, it looks like even with those threads, there isn't a clear answer or consensus as to accepting card payment via fiat (USD) and having the transaction settled in crypto (USDT).
2. Note, I am exploring this path, not because I want to on-ramp or convert to crypto necessarily, but because I'm exploring alternative payment gateway options. I've been having difficulty trying to find a reliable traditional fiat payment gateway due to the nature of being a foreign owned LLC operating in the high risk category / adult vertical as a start-up. With that said, I'm not looking to process USD via a regular gateway and then on ramp, because if I could do that, I wouldn't have the need to on ramp (again as I'm not actually interested in maintaning crypto).

 

[johndoe11]

Recently I came across a provider that provides such a solution.

I am currently testing the payment module and flow. Once it is reliable, I shall post more details. Cheers.

Interesting - if you don't mind, would you be able to share the name of the provider as I need a solution ASAP (Won't take this as a recommendation and I assume all risks and will have to conduct my own DD).

 

[johndoe11]

Just out of curiosity - why do you want real-time conversion?
Would it not be much easier to collect the card payments and convert them after. Maybe even automatically at pre-determined intervals or according to other criteria?

I've been having difficulty trying to find a reliable traditional fiat payment gateway due to the nature of being a foreign owned LLC operating in the high risk category / adult vertical as a start-up. As I understand, most of the requirements that are causing me difficulty come from the underlying acquiring banks that settle transactions and take on the risk.

So, I've been exploring alternative payment solutions that may have different requirements, since they operate on a different network and infrastructure then your traditional acquiring banks (operating via fiat).

Going down this path is not my first option, but rather out of necessity. If I could easily just get an account with Stripe, I wouldn't be going don the crypto on-ramping rabbit hole.

 

[daniels27]

Not sure. But my feeling after some time here is that it should be easier to find a normal processor than one that pays out in crypto. I think @MichaelUniq etc. can maybe help me?

 

[johndoe11]

Not sure. But my feeling after some time here is that it should be easier to find a normal processor than one that pays out in crypto. I think @MichaelUniq etc. can maybe help me?

Hey thanks - I've actually already been in contact with Michael from UniqPayments and I'd rather not go down the cloaking route unless it's a complete last resort

 

[uplana]

I've looked into the following (but it is very difficult to get a hold of them if at all, and therefore I've got no concrete answers):
- https://corefy.com/
- https://card2crypto.org/
- https://mercuryo.io/
- https://www.moonpay.com/

Have you tested any of the above ?

 

[twgtrading]

Hey @daniels27, thanks for the comment and sharing those resources.

1. From my understanding, it looks like even with those threads, there isn't a clear answer or consensus as to accepting card payment via fiat (USD) and having the transaction settled in crypto (USDT).
2. Note, I am exploring this path, not because I want to on-ramp or convert to crypto necessarily, but because I'm exploring alternative payment gateway options. I've been having difficulty trying to find a reliable traditional fiat payment gateway due to the nature of being a foreign owned LLC operating in the high risk category / adult vertical as a start-up. With that said, I'm not looking to process USD via a regular gateway and then on ramp, because if I could do that, I wouldn't have the need to on ramp (again as I'm not actually interested in maintaning crypto).

Can you DM me direct and I will send you my Telegram contact. Thanks.

 

[W Fish]

I've been having difficulty trying to find a reliable traditional fiat payment gateway due to the nature of being a foreign owned LLC operating in the high risk category / adult vertical as a start-up. As I understand, most of the requirements that are causing me difficulty come from the underlying acquiring banks that settle transactions and take on the risk.

And so you decided to make your task even more complicated by adding crypto to it?