We understand very well every entrepreneur who faces the question of how to accept and send crypto payments. Setting up your business is no longer an easy task, but when you add the specifics of working with cryptocurrency, the situation becomes doubly complicated. 

Let us help you to figure out how to configure accepting cryptocurrency on the site, organize payments, including mass ones, and, most of all, maintain control over your money. 

What do we understand by a common crypto processor? 

Most crypto processors offer you a custodial work format, in which a client simply has access to the personal account. In fact, the crypto processor itself acts as a custodian of cryptocurrency. Such a cryptoprocessor performs all operations with money in the form of executing instructions from the user who clicks on the buttons in his personal account.

For a client, it is convenient until a number of issues occur that the crypto industry encounters suspiciously often. 

Common issues with common crypto processors 

If you keep track of the crypto industry, you probably noticed that many companies burst into the market loudly and then disappear just as loudly. And sometimes in a quiet way. Let us look at the most common reasons for such failures.  

Hacking

Security in the blockchain world is such a wide term that hackers find the weakest points not only in technical vulnerabilities. That is why almost all major services have been hacked at some point. 

The crypto processor clients are always harmed when it comes to hacking. If part of the money is stolen, merchants are simply notified that part of their funds will be seized in exchange for the fact that the other part will remain available.

In case of 100% funds loss from the provider accounts, a merchant can discover a blocked account and a mail promising them to “keep them informed”.   

Bankruptcy

Not only hacking can be a reason for that. Legal aspects, inefficient management, mergers and acquisitions can lead a company to a “bankrupt” status. As a rule, in this case merchants lose their funds completely. The world knows several cases when crypto providers, whose advertisements were aired on the same airwaves as Coca-Cola, were declared bankrupt.

Compliance

An entrepreneur in search of crypto processing will always face two compliance levels: 

• Upon opening an account (starting to work with a provider). 
• Operational compliance in working with transactions.

The first type of compliance progresses over time, demanding clients to submit more and more documents and postponing the time for connection to the service. 

Transaction verification becomes more and more sophisticated year after year, since automated systems, such as Crystal or Chainalysis, store more data, use machine learning algorithms and cat find “tainted” addresses in long transaction chains, which can pose a threat to the merchant’s business. 

Regulations

Any crypto processor is regulated by the state on several levels at once. At least in terms of the cryptocurrency itself, as well as in terms of the types of businesses that clients of the crypto processor can engage in. Over time, the number of niches suitable for work is reduced, not expanded.

As a result, it happens that, having gone through onboarding, all the compliance procedures when opening an account and having worked for half a year, you can receive a notification, for example, that “your company can no longer be serviced, please withdraw all funds from the balance”. 

PayCryptos is a secure crypto processor. Main advantages

• Even if the PayCryptos central core gets hacked, it will not affect the safety of users’ funds, since all secret keys are stored on their devices. 
• If PayCryptos goes bankrupt, all funds will still remain at users’ disposal. 
• The PayCryptos software solution itself is not licensed, therefore you are not burdened with total verification of the company’s beneficiaries upon connecting to the system. 
• Transaction compliance (transaction verification) is carried out at the discretion of the merchant. 
• Since PayCryptos is a software and not a payment institution, the financial regulation is not applied to us. PayCryptos does not have a bank account and does not have obligations to the authorities regulating cryptocurrency in a particular jurisdiction. Therefore, PayCryptos clients are not at risk of the provider having their account blocked or prohibited from providing services to merchants in a certain niche.

All PayCryptos users are aware that they have access to their own cryptocurrency, not only a login and password to their personal account, where they can only see the balance and where they do not have a real control over money. This makes PayCryptos a truly secure crypto processor.