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Cryptocurrency Payment Gateway Malaysia

The never-ending popularity of cryptocurrency began with the emergence of Bitcoin, which has changed the way people view digital assets. With the rapid development and the successful development of the payment gateway industry, most crypto enthusiasts are beginning to wonder the best way to send these valuable coins for purchase. 

What Are Crypto Payments And Cryptocurrency Payment Gateway?

A crypto payment is when a customer makes a payment in crypto by scanning a QR code or sending crypto directly to a wallet address. Each transaction is recorded on the blockchain platform. 

When a customer makes a payment, a cryptocurrency payment gateway authorizes the transaction and makes it valid. In addition, crypto payment gateways allow businesses to accept cryptocurrency transactions as payment from customers in exchange for goods or services, in the same way, they do with credit cards or bank transfers. The customer can then pay for Bitcoin, Ethereum, USDT, and many other cryptocurrencies. 

What Are The Differences Between Traditional Payment Gateways And Crypto Payment Gateways?

If you agree to sell a product to change money, you need to know that you will get money. With traditional payment gateways, payment must be processed by card or online banking to authorize, clear, and settle the payment.

Purchasing goods or services happens within a few seconds, but the clearing process generally takes longer, between 24 and 48 hours. This system is well established and reliable enough to build up a high level of reliability of users. It was widely accepted, but when it comes to international companies, there are many flaws. This is because the number of intermediaries increases the requirements of transactions, which significantly affects the security of the entire process.

On the other hand, decentralized gateways (crypto gateways) are successful transactions obliging hundreds of digital currency types. Entrepreneurs will be one hundred percent to make sure this process is safe; there is no chance of losing their money. A traditional payment gateway takes days or sometimes weeks to process cross-border crypto payments. But with the aid of intelligent contracts, a crypto payment gateway takes around 20 seconds to handle an international amount, regardless of the location. 

How Does 5Pay Crypto Payment Gateway Work In Malaysia?

Here are the simple steps on hassle-free check out using the 5pay crypto payment gateway. 

1. When checking out products or goods, first select Crypto Payment.

2. Log in to OTC or crypto wallet.

3. Enter or scan the recipient’s crypto wallet address QR code shown on the payment page.

4. Enter the payment amount and authorize the transaction. 

How Do Merchants Get Funds From 5Pay Crypto Payment Gateway?

5Pay Payouts: 

Merchants may execute payout requests based on the number of base currencies available in the merchant’s wallet. We process such requests instantly with wire transfers from the local bank and Crypto transfers, and funds will be received within the same day.

5Pay Settlements Options:

We designed our settlement solutions to allow our merchant partners to decide on which currencies to transfer for settlement (Fiat or Crypto). Settlements will be done via a wire transfer through the local or international bank or via a Crypto transfer. 

What Are The Benefits Of Accepting Cryptos As A Payment Method

There are several advantages to allowing customers to pay in bitcoin. Here are the top reasons why merchants should consider adding bitcoin to their payment method portfolio: 

 • Providing existing customers with new ways to pay 

 • Reaching new customers who enjoy using it. cryptocurrency to pay for goods and services 

 • To allow customers to pay discreetly (without embarrassing credit card reports) 

 • Payments are secure and kept on the blockchain ledger indefinitely 

 • Reduce costs associated with other payment methods like credit cards etc. 

 • To help support the crypto revolution

What Are The Documents Required To Adopt 5Pay Crypto Payment Method?

When a trader decides to offer cryptocurrency as a payment option, there are several easy steps to follow. Customers must first contact 5Pay and open a merchant account; they must keep the following documents.

  • Certificate of Incorporation
  • Certificate of Incumbency
  • Passport copies of owners
  • PSP Application
  • Processing History.
  • Company’s License.
  • Company Turnover.

Final Thoughts

As the adoption of cryptocurrency spreads worldwide, consumers are looking for new ways to use and spend their cryptocurrency. For merchants who use online payment methods, using a crypto payment gateway can be a great way to expand their customer base and tap into the growing crypto market.