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?

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]

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

I am currently testing︇ 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 a︀ start-up. With that said, I'm not looking to process USD via a regular gateway and︁ then on ramp, because if I could do that, I wouldn't have the need to︂ on ramp (again as I'm not actually interested in maintaning crypto).

 

[johndoe11]

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]

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 down︀ this path is not my first option, but rather out of necessity. If I could︁ easily just get an account with Stripe, I wouldn't be going don the crypto on-ramping︂ 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]

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]

Have you tested any of the‍ above ?

 

[twgtrading]

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

 

[W Fish]

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

 

[nuer]

I am interested on this topic, johndoe11 do you find any reliable solution?

​

 

[Tzar 25]

I am also wondering if https://card2crypto.org is legit , seems super dodgy to be honest‌ and I saw a member getting banned promoting them, in the comment section a moderator‍ wrote that it’s a scam . I hope admins could clarify

 

[ilke]

It's only a tech solution, I guess there is no custody of funds,⁠ because it's just a plugin that plugs into various real on-ramp platforms and redirects the⁤ user to one to buy crypto that is then sent to you.

That means high⁣ declines (many cards will reject crypto purchase) and mostly client confusion since it shows them⁢ a usual crypto purchase page with a prefilled wallet, not a normal checkout. Not to︀ mention that they have to KYC themselves with liveness and the solution cannot be iframed.︁

So I think the issue is more in the principle than the legitimacy.

 

[Zala]

Hi, I'm facing the same challenge as well (you can check my post). Should we‌ exchange Telegram to share information?

 

[waynexso]

You still looking for solution?‍ You need process CC and settlements in crypto?

 

[uplana]

Are you seriously planning to reopen every single thread just to ask‍ the same pointless question and sneak in hidden advertising?

 

[Zala]

Please send me a private message so we can discuss it

 

[waynexso]

I just did