Payment processor for P2P Crypto

Joyceww

Joyceww

New Member
Sep 30, 2022
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Hi !

This is my first post on Mentor Group. First of all, I greet you all.

I am interested in Crypto P2P business and I need a payment processor.

There are many handlers on the internet that claim to offer this, but I'm not sure how reliable they are. The thing I hate the most is that an account is closed with a balance in it and I have to wait for months.

Is it possible to find a reliable processor for up to €30,000 per month, where I can receive incoming payments seamlessly into my bank account the next day?

Speed, reliability and smooth operation. Is this really possible?

Thanks 🙂
 
JohnnyDoe said:
JohnnyDoe said:
P2p by definition doesn't require a processor.
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Yes, I could be wrong about the definition. My English not good.

Still, you must have understood what I want. I want to receive payment from my client via credit/debit card and sell cryptocurrencies to him.
 
@JohnnyDoe is absolutely right. If you want to offer a financial service and take payment through a regulated, reputable, payment processor, you need to get a license or only offer your services in jurisdictions where a license isn't necessary and get legal opinions for each jurisdtion. With that, you can then go to acquirers/card processors and apply for a merchant account. But even so,
30,000 EUR/month is not enough volume for a payment processor to do daily settlements. 30,000 EUR/day would be closer to the required volume.

What you are seeing others do is either that, or using high-risk payment processors that mask your transactions as something else, or they are white labelling or using another company's system/platform with their own branding.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
@JohnnyDoe is absolutely right. If you want to offer a financial service and take payment through a regulated, reputable,i jkpayment processor, you need to get a license or only offer your services in jurisdictions where a license isn't necessary and get legal opinions for each jurisdtion. With that, you can then go to acquirers/card processors an78d apply for a merchant account. But even so,
30,000 EUR/month is not enough volume for a payment processor to do daily settlements. 30,000 EUR/day would be closer to the required volume.

What you are seeing others do is either that, or using high-risk payment processors that mask your transactions as something else, or they are white labelling or using another company's system/platform with their own branding.
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Thank you for your valuable comment. The license recommendation is still not valid for me. I don't know, but it probably means a lot of regulation,policy and cost. I'm not big a crypto currency exchange 🙂

I'm fine up to 7 days if not daily. I just want to make sure my money is safe. Imagine if payment processor closed the account out of the blue and returned all the balances inside to customers, that's terrible.

I think I'm going to take a slightly more privacy-oriented path. The payment processor does not know that I am selling crypto and I receive the payments. Is there any advice you can give on this?
There are people who do this, but I don't know how they do it.
 
Joyceww said:
Joyceww said:
Thank you for your valuable comment. The license recommendation is still not valid for me. I don't know, but it probably means a lot of regulation,policy and cost. I'm not big a crypto currency exchange 🙂
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Well, it is valid in the sense that what you are doing is offering a regulated financial service. I'm afraid there is no way around that aspect of it, unless you only offer your service to customers in jurisdictions where no license is required, in which case you need to get legal opinions from reputable law firms in each individual jurisdiction you target.

That is if you want to do things in a compliant way, in line with the regulations.

Joyceww said:
Joyceww said:
I'm fine up to 7 days if not daily. I just want to make sure my money is safe. Imagine if payment processor closed the account out of the blue and returned all the balances inside to customers, that's terrible.
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That practically never happens, if you work with regulated payment processors.

On the other hand, if you start working with transaction layering and shop fronts, your money is at risk.

Joyceww said:
Joyceww said:
I think I'm going to take a slightly more privacy-oriented path. The payment processor does not know that I am selling crypto and I receive the payments. Is there any advice you can give on this?
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Then it's a very different story. You can set up shop fronts (real ecommerce websites) and open accounts with Stripe and other light-touch processors. Use these accounts for your real business. Processing less than 10,000 EUR per month with each helps you stay under the radar. A lot of people do this successfully.

There are payment processors that already do this on scale, but while they save you time, they often cost more than DIY. Total costs usually in the range of 8”“14% for newbies, and settlements are T+7 or T+14. Much lower cost and higher frequency settlement is possible with good volume.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
There are payment processors that already do this on scale, but while they save you time, they often cost more than DIY. Total costs usually in the range of 8”“14% for newbies, and settlements are T+7 or T+14. Much lower cost and higher frequency settlement is possible with good volume.
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You mean payment processors accept Front shops?
 
Sols said:
Sols said:
In the particular text you quoted, I was referring to payment processors that have their own fronts and let merchants process through merchant accounts opened for those fronts.
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So If I have like a grey business. Can I apply for those merchants and use them that way? Do you have any good recommendations?
 
Octagon said:
Octagon said:
So If I have like a grey business. Can I apply for those merchants and use them that way?
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Yes, exactly.

Octagon said:
Octagon said:
Do you have any good recommendations?
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The ones I'm aware of are very selective. This is one of the biggest challenges. Access to most of these payment processors is limited to introductions and referrals. However, this might be a good place to start: https://www.offshorecorptalk.com/resources/categories/payment-service-provider.4/

Look at ones that specialise in high risk processing.

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This is the probably the answer to your question.
 
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