The following is a question and answer session with Taras Dovgal, VP of Products at Münzen, a business-oriented crypto processing solution. Taras shared with us his insights on the evolving crypto payment processing market, the benefits Münzen offers to merchants, and his vision for the future of crypto payments.
Q: Crypto payments have become increasingly popular in the past few years, leading to more businesses adopting them as a payment option. Some organizations, however, claim that crypto is too unstable, complicated, and too susceptible to fraud. In their minds, accepting crypto payments would open them up to a slew of problems. What does Münzen offer to help businesses accept crypto payments with greater confidence?
A: According to a survey of 3,000 fintech and ecommerce businesses across 10 countries, 23% of online businesses plan to accept crypto as a payment method by 2024, and 77% of merchants that accept crypto and stablecoin payments reported growth in cross-border sales. A whopping 82% of companies whose customers used cryptocurrency at checkout said they attracted net new customers and demographic groups. As can be seen from this stat, businesses are increasingly more open to the idea of accepting crypto payments.
Creating trust between companies and crypto payments is what we strive for, making the process as simple as a breezy sail. As if you are just there sailing, and the wind does its part by pushing and pulling you along.
With our tools and infrastructure, businesses can integrate crypto payments seamlessly and start accepting crypto payments and making payouts to their customers without a lot of effort. By processing over 500 cryptocurrencies, we streamline the inclusion of digital assets into regular business operations so that everything takes place behind the scenes. It is certainly possible for the business to see all the inside if they wish. But essentially what we do is allow organizations to focus on their core operations instead of juggling multiple crypto wallets with manual reconciliation processes.
Q: How does crypto processing work in more detail?
A: Business owners can use Münzen to create crypto invoices in both standard and channel-based forms. By using the crypto channels solution, customers can pay their current invoices or top them up for future ones by using the crypto addresses assigned to each client. Münzen notifies the business of the transaction and transfers the funds according to a pre-agreed settlement method. This allows companies to create an efficient and secure way to track payments, cutting down on invoicing and billing time.
Münzen’s stablecoin auto-conversion feature gives businesses peace of mind by removing volatility-related risks. Any crypto it receives from users can be converted into fiat-pegged stablecoins that can be then exchanged for fiat of the business’s choice and deposited into its bank account. This way, Münzen streamlines the entire crypto-fiat conversion process, allowing businesses to access funds in a familiar way.
Q: How about security and compliance?
A: Münzen is on the front line of security with its built-in anti-money laundering (AML) check that gives businesses comfort in knowing they will never receive crypto associated with criminal activity. It also helps companies stay compliant with international regulations, providing an extra layer of security and trust.
Additionally, we work with businesses to make the transition to crypto payments as smooth as possible with our dedicated customer support team.
Q: What other products and services does Münzen offer?
A: We also offer an easy-to-use on-ramp widget so users can buy cryptocurrencies in 16 fiat currencies in five minutes with just a credit card. With 186 countries covered, it allows users to buy cryptocurrencies quickly and easily from anywhere in the world.
Q: Which markets are you targeting?
A: Our primary focus is on Europe. However, since Latin America has recently become more open to crypto, we’ve been paying attention to the region as well. To meet a growing demand in this market, we just added support for Pix and the Brazilian real. We are committed to continuing to expand our offerings to other regions and markets to make cryptocurrencies more accessible to everyone.
Q: Can you predict what the future holds for crypto payments?
A: I am optimistic about the future of crypto payments. As more businesses start accepting cryptocurrency as a form of payment, and governments around the world recognize the potential of this technology, crypto payments will only keep growing. Regulatory and compliance standards will also continue to be implemented as the crypto industry matures, further enhancing trust and security.
