Is there an industry standard for this (or a de facto standard thereof)?
(These funds will be used to pay for business expenses that that can be settled with cryptocurrency. We do not intend to convert to traditional currency unless needed. We do not intend to hold cryptocurrency as an investment.)
The bigger issues I had that I am skeptical any self-hosted options have is protecting your wallets from being poisoned by 'black' bitcoin. Coinbase (and maybe others?) keeps a blacklist of banned wallets (stolen or associated with crime or gambling[0]). If a customer pays you from a black address, you may end up poisoning your entire crypto wallet and get flagged when you try to cash out.
[0] - https://www.reddit.com/r/onlinegambling/comments/kpel7x/so_i...
> We do not intend to convert to traditional currency unless needed.
This is a big risk due to cash flows. Most stores operate on a margin on merchandise that is under 10%, with a turnover on goods averaging months.
If a currency fluctuates in value more than ~10% over several months, this can easily drive an otherwise healthy business into cash flow driven bankruptcy.
Selling 100% of your goods, and then not being able to replenish that stock because the crypto you held has dropped more than 10% over a 6 month period is a disaster waiting to happen.
https://github.com/amiuhle/kasisto
> Kasisto is a Point of Sale payment system to accept the cryptocurrency Monero. The only requirement is an internet connection, there are no third parties involved.
> To be fast (confirmation within seconds), Kasisto accepts unconfirmed transactions.
If you're not using a middleman, then I think it would be wise to use a private-by-default currency so that others cannot see your financials.
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EDIT: Kasisto may be obsolete, not sure. I recommend asking at https://old.reddit.com/r/Monero or at one of their IRC channels https://www.getmonero.org/community/hangouts/
Also a great place to start is Monero Outreach [0]. A bit down the page is a link to a github which links to different integration possibilities for things like WooCommerce, Shopify, Magento, and OpenCart [1].
[0] https://www.monerooutreach.org/merchants/how-to-accept-moner...
[1] https://github.com/monero-integrations
EDIT: Another link I found: https://monerointegrations.com
(Disclaimer, I own some XMR after learning about it here on HN years ago.)
A few important questions here:
- What currencies do your customers hold?
– At what price points are you transacting?
– What are you selling?
– How much of this process are you looking to automate?
– Estimated monthly trx volume?
Presumably you are not interested in exposure to price volatility (since you're not holding as an investment) so your holdings should be denominated in USDC and custodied, earning a yield through BlockFi or Nexo.
I'll keep an eye out for your answer in the comments.
What is the best option to offer crypto payments to customers who hold no crypto and are new to crypto?
I have a side project in a domain where I pay about 15-20% for CC verification/foreign exchange/payout.
Huge numbers where crypto should be preferable.
However, even with discounts I can not get any crypto payments. Customers do prefer to use CCs.
I check the crypto payments space every few years but do not see anything remotely user friendly.
Paypal/Revolut/Venmo etc they all offered some benefits/stickiness to the customer.
They were also easy to onboard(for one intially Paypal delayed KYC extra security until later)
I am still looking for a pure crypto solution.
If you want to accept stabletokens (which seems to be the case since you don't want to necessarily hold crypto as an investment, so stable tokens can help you to avoid volatility), you will certainly want to be able to accept ERC20 tokens. I'd recommend you take a look at Hub20 [0], which I've been working for a while and it aims to be the Ethereum analog to BTCPayServer. Currently Hub20 is also integrating with Raiden Network[1], which works in a similar way to BTC's Lightning (but again has the advantage that it can work with any erc20 token, so you can transact with stable tokens if you wish)
Hub20 is self-hosted and it does provide a way to store and manage secrets and wallet keys. For a self-hosted scenario, this means that you are always in control of your funds. I am also working on a checkout system[2] so that people can accept payments from their site in a similar way to Stripe.
I've been working to turn Hub20 into my full-time project recently, I'm always on the Matrix room [3] for any kind of support. I'm also open to consulting in the domain. Let me know if I can be of any help.
[2] https://gitlab.com/mushroomlabs/hub20/checkout20
[3] https://matrix.to/#/#hub20:communick.com
(Edit: I'm usually not one to complain and take downvotes with stride, but why would someone downvote this comment?!)
We are a registered business (not US-based).
Email me for more information if you want: chris@finneyfor.com
https://docs.btcpayserver.org/FAQ/Altcoin/
https://docs.btcpayserver.org/Development/Altcoins/#how-can-...
"This service creates a Checkout UI for any valid 'nano_' or 'xrb_' address, for free. You can customize further with URL params or HTTP POST body data."
Seems like most of answers here are BTC. Anything available in ETH yet? Or maybe XLM?
A Stripe for crypto would be awesome.
If not, then spend your valuable time hacking together some combo of scripts and open source code to watch your wallets for incoming payments.
You'll need to. Unless you want to live in a permanent cash crunch, or your crypto payments never exceed a couple percent, youll be converting it.
If we are talking about just a few sales, I'd recommend something like https://request.network/en/invoicing/ .
You can also try https://bitpay.com/business if you want to integrate the payments into a customer portal.
They're working on a decentralised exchanged (DEX) to seemlessly accept payments in different currencies.
https://www.circle.com/en/usdc-multichain/algorand
https://developers.circle.com/docs/getting-started-with-the-...
USDC can of course all be swapped across various chains. Probably the cleanest and fastest crypto API payment gateway right now.
On the Algorand side there's a React toolkit for developing the ability to receive/send:
Perhaps there is a service like this already?
Stablecoins at least in the States are awaiting proper regulation. Without proper regulations you should not be using stablecoins, because once regulations are declared they will most likely pick a few leading horses to carry the standard and murder off the rest.
That said any current existing software which allows transactions with stablecoins is built upon shaky and uncertain ground. Best to wait.
However, it's fees are hefty something like $4 or 5% whichever it higher. So only makes sense if you sell things that cost $100 or more.