You have good points. Let me try to answer them.
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Originally Posted by LaSexorcisto
For crypto to be accepted in any useful way, a business would need to settle funds automatically to hedge against the high volatility.
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We work with stablecoins, such as USDC, USDT, etc. USDC in particular is issued by a regulated US entity. It is as stable and reliable as the US dollar for all practical purposes.
Quote:
Originally Posted by LaSexorcisto
So by your solution means the business owner would need to have a crypto exchange account (KYC)
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My point was that it's way easier and cost efficient to use our solution and open a crypto exchange account than to get a high-risk merchant account. Anyone can get an exchange account (unless they are on the denied persons list).
High-risk merchant accounts are opened on case-by-case basis, require a lot of paperwork, cost an arm and a leg, and come with a risk of being terminated and funds being frozen unexpectedly.
There are also ways of trading crypto to fiat over the counter if no KYC is a hard requirement.
Quote:
Originally Posted by LaSexorcisto
… and manually settle thousands of transactions to fiat currency hopefully before the crypto swings and dips another 10% within 24 hours. Sounds like a daily headache for any business owner.
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Not at all. You can just transfer the crypto accumulated in your wallet to the exchange once a month or as needed to pay bills. There is no risk of stablecoins dipping.
Quote:
Originally Posted by LaSexorcisto
To pay for hosting costs, pay employees, pay the mortgage, taxes, etc requires fiat.
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You can actually pay for 90% of your expenses in crypto. Just get a crypto debit card. Many employees and contractors also prefer getting paid in crypto, especially the ones overseas. Keeping all your funds at a bank is a bad idea in my opinion, but that's a whole other topic.
Quote:
Originally Posted by LaSexorcisto
So to accept crypto to run a business requires a ton of paperwork.
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To use our payment solution plus a crypto exchange will only require an ID.