Payment processor to take fiat, & Ok with Crypto in the business - any ideas?

yorkie

newbie

Activity: 6

Merit: 0

Quote from: PassThePopcorn on October 15, 2018, 11:49:55 AM

It's a rewards program, as it isn't a payment system there is no need to notify any payment processor of this, if you want to tell them anything tell them you have a rewards system in place. The moment you tell a MSB that you are in crypto their first reaction is to deny you service. You are not explaining to them what you are doing properly and once you say crypto they think you are part of a crypto business which from what you have posted you are not doing.

What you described is a rewards system, not a crypto currency. It gets a little weird when you try to sell your rewards points (token) for fiat though because then it is similar to a crypto currency but again many companies sell their internal points for fiat.

thank you - good response Wink

many thanks for everyone's help on this thread

PassThePopcorn

sr. member

Activity: 463

Merit: 309

Quote from: yorkie on October 15, 2018, 10:24:35 AM

Quote from: drmilind2004 on October 08, 2018, 12:28:01 AM

Quote from: yorkie on October 02, 2018, 05:24:09 AM

We're developing a Music Business - which will have a monthly recurring membership, payable in fiat.

but, we are using our own token in the back-end, and for rewards and incentivisation etc.

Does anyone know of any Payment Processors for fiat who are comfortable with a business startup who has Crypto in their Business Model ?

many thanks

I remember Stripe used to accept Bitcoin. I don't know their present policy about it, so, you can take a look at their offerings if you are in a country where they do business.

It seems to me that you have two entirely different streams. If the membership is based on fiat, then there's no reason any payment gateway would refuse your business.

Since the tokens generated on your site are used only for in-site stuff, they are basically User Points, and there's no reason for a payment processor to get involved in that stream. These points you will need to administer through your own Content Management System (CMS); and there's no reason to involve a payment processor in this part of your ops.

I am familiar with the User Points system in Drupal 7 CMS, but there are also several other competitors.

Yes, you've got it right - 2 entirely different streams .. however, being transparent to the payment gateways and banks, about the tokens and the fact that we have Crypto and Blockchain involved .. it seems that they aren't that keen on it. It may be due to them misunderstanding how they are completely separate. (our internal tokens, as you say are being handled by the custom system the devs are building)
But, for example, Adyen, who process for Spotify - have virtual currencies in their restricted list ( https://docs.adyen.com/legal/adyen-restricted-prohibited-list )

As you say, Stripe used to accept Bitcoin, so have been accepting of new tech, but we're a little wary of some reports about Stripe randomly closing accounts Sad

- our search continues.

I'm surprised one of the big exchanges, like Binance hasn't developed something like this, as it could potentially rival Paypals position in the future.

It's a rewards program, as it isn't a payment system there is no need to notify any payment processor of this, if you want to tell them anything tell them you have a rewards system in place. The moment you tell a MSB that you are in crypto their first reaction is to deny you service. You are not explaining to them what you are doing properly and once you say crypto they think you are part of a crypto business which from what you have posted you are not doing.

What you described is a rewards system, not a crypto currency. It gets a little weird when you try to sell your rewards points (token) for fiat though because then it is similar to a crypto currency but again many companies sell their internal points for fiat.

yorkie

newbie

Activity: 6

Merit: 0

Quote from: drmilind2004 on October 08, 2018, 12:28:01 AM

Quote from: yorkie on October 02, 2018, 05:24:09 AM

We're developing a Music Business - which will have a monthly recurring membership, payable in fiat.

but, we are using our own token in the back-end, and for rewards and incentivisation etc.

Does anyone know of any Payment Processors for fiat who are comfortable with a business startup who has Crypto in their Business Model ?

many thanks

I remember Stripe used to accept Bitcoin. I don't know their present policy about it, so, you can take a look at their offerings if you are in a country where they do business.

It seems to me that you have two entirely different streams. If the membership is based on fiat, then there's no reason any payment gateway would refuse your business.

Since the tokens generated on your site are used only for in-site stuff, they are basically User Points, and there's no reason for a payment processor to get involved in that stream. These points you will need to administer through your own Content Management System (CMS); and there's no reason to involve a payment processor in this part of your ops.

I am familiar with the User Points system in Drupal 7 CMS, but there are also several other competitors.

Yes, you've got it right - 2 entirely different streams .. however, being transparent to the payment gateways and banks, about the tokens and the fact that we have Crypto and Blockchain involved .. it seems that they aren't that keen on it. It may be due to them misunderstanding how they are completely separate. (our internal tokens, as you say are being handled by the custom system the devs are building)
But, for example, Adyen, who process for Spotify - have virtual currencies in their restricted list ( https://docs.adyen.com/legal/adyen-restricted-prohibited-list )

As you say, Stripe used to accept Bitcoin, so have been accepting of new tech, but we're a little wary of some reports about Stripe randomly closing accounts Sad

- our search continues.

I'm surprised one of the big exchanges, like Binance hasn't developed something like this, as it could potentially rival Paypals position in the future.

drmilind2004

member

Activity: 280

Merit: 28

Quote from: yorkie on October 02, 2018, 05:24:09 AM

We're developing a Music Business - which will have a monthly recurring membership, payable in fiat.

but, we are using our own token in the back-end, and for rewards and incentivisation etc.

Does anyone know of any Payment Processors for fiat who are comfortable with a business startup who has Crypto in their Business Model ?

many thanks

I remember Stripe used to accept Bitcoin. I don't know their present policy about it, so, you can take a look at their offerings if you are in a country where they do business.

It seems to me that you have two entirely different streams. If the membership is based on fiat, then there's no reason any payment gateway would refuse your business.

Since the tokens generated on your site are used only for in-site stuff, they are basically User Points, and there's no reason for a payment processor to get involved in that stream. These points you will need to administer through your own Content Management System (CMS); and there's no reason to involve a payment processor in this part of your ops.

I am familiar with the User Points system in Drupal 7 CMS, but there are also several other competitors.

vakaxacompany

newbie

Activity: 177

Merit: 0

Quote from: yorkie on October 06, 2018, 12:27:16 PM

Quote from: vakaxacompany on October 04, 2018, 08:21:36 PM

Hi, we are a blockchain company in viet nam. If you want to make a cryptocurrency payment system, please contact us via telegram @vakaxasupport. Our payment system accepts any kind of cryptocurrency and fiat money.

Hi,

I've had a look at your website - do you have some examples of previous use-cases of your gateway please. And the integrations it has etc

thank you

Hi. Sorry for replying you late. Now, We are building a payment gateway. When it finishes, I will send you.

yorkie

newbie

Activity: 6

Merit: 0

Quote from: Theb on October 06, 2018, 02:04:54 PM

If you are having a monthly subscription with your music business I think the best way to go is to accept credit card payments that are either Visa or Mastercard enabled as this is the right way to go and I think will be the most preferred way of payment of your monthly subscribers as the payments will be automatically charged in their accounts. As for accepting credit card payments in your business, the credit card companies won't care that you are also having other modes of payment in your company as it is your company and they won't simply deny you of their services because you have your own cryptocurrency.

Yes, that's the route we want to go, with the Credit Cards for the monthly payments in Fiat.

But, what we're finding is that some payment gateways don't like the fact that we are using Crypto - they even have it in their t&c's - eg Adyen - who do the payment gateway for Spotify. Paypal I think are also hesitant with Crypto type companies. UK Banks certainly are.

it seems to be a service that hasn't yet been done .... eg. Coinpayments, Coingate etc - take multiple crypto payments, but no fiat. And then there's loads of Fiat gateways, but they aren't necessarily crypto friendly ... I was hoping there was one that combined the 2, that I'd missed Roll Eyes

Theb

hero member

Activity: 1680

Merit: 655

If you are having a monthly subscription with your music business I think the best way to go is to accept credit card payments that are either Visa or Mastercard enabled as this is the right way to go and I think will be the most preferred way of payment of your monthly subscribers as the payments will be automatically charged in their accounts. As for accepting credit card payments in your business, the credit card companies won't care that you are also having other modes of payment in your company as it is your company and they won't simply deny you of their services because you have your own cryptocurrency.

yorkie

newbie

Activity: 6

Merit: 0

Quote from: vakaxacompany on October 04, 2018, 08:21:36 PM

Hi, we are a blockchain company in viet nam. If you want to make a cryptocurrency payment system, please contact us via telegram @vakaxasupport. Our payment system accepts any kind of cryptocurrency and fiat money.

Hi,

I've had a look at your website - do you have some examples of previous use-cases of your gateway please. And the integrations it has etc

thank you

vakaxacompany

newbie

Activity: 177

Merit: 0

Quote from: yorkie on October 02, 2018, 05:24:09 AM

We're developing a Music Business - which will have a monthly recurring membership, payable in fiat.

but, we are using our own token in the back-end, and for rewards and incentivisation etc.

Does anyone know of any Payment Processors for fiat who are comfortable with a business startup who has Crypto in their Business Model ?

many thanks

Hi, we are a blockchain company in viet nam. If you want to make a cryptocurrency payment system, please contact us via telegram @vakaxasupport. Our payment system accepts any kind of cryptocurrency and fiat money.

nakurasataquasu

newbie

Activity: 2

Merit: 0

Our team can help you. We are a group of blockchain developers, payment system. You can connect with us on the telegram @vakaxasupport for the further discussion. More service: vakaxa.com

Winto

jr. member

Activity: 140

Merit: 1

You can check out: https://bestrate.org/

The fees are a bit high, but when I was looking for something similar to your needs these guys seems to be reliable.

Just to let you know I haven't used any of their services

yorkie

newbie

Activity: 6

Merit: 0

We're developing a Music Business - which will have a monthly recurring membership, payable in fiat.

but, we are using our own token in the back-end, and for rewards and incentivisation etc.

Does anyone know of any Payment Processors for fiat who are comfortable with a business startup who has Crypto in their Business Model ?

many thanks

Topic: Payment processor to take fiat, & Ok with Crypto in the business - any ideas? (Read 236 times)