Sick of Bank Fees? Accept DAI and Other Stablecoins

"Sorry, we don't accept bitcoin."

Have you run into this predicament? Quite embarrassing if your company is in the crypto industry, but we get it. Handling a payment with a wallet that is not connected to your bank account or business software is a massive headache.

The problem can be broken down into a few parts:

Sending a crypto payment is too hard

Historically, invoicing a customer and offering them a choice of paying with cryptocurrency and traditional payment methods (e.g. credit cards and bank wire transfers) hasn't been so straightforward. Using a different solution for each payment method can be expensive and labor intensive. 

"I can't pay my bills in crypto"

Most bills are not paid in crypto, so crypto payments must be converted to fiat currency and then be available in the bank as soon as possible. 

Is it safe?

We know that crypto transactions are cheaper and faster but what about the other stuff?

  • Are the funds secure?
  • What if the currency loses value against the the US dollar, euro, and so on?
  • Is the new process legal in each region?
  • What to we need to do to comply with KYC/AML regulations or tax reporting?


Web based businesses have been able to accept cryptocurrencies like bitcoin and Ethereum for some time, but the existing solutions all but eliminate the core benefits of crypto payments. A business might utilize a payment processor like BitPay or CoinPayments. But crypto payment processors operate much like credit card companies—they charge a transaction fee percentage and then transfer fiat funds to your bank account in 1-3 days.

This works OK for small web transactions, but for larger B2B payments, it is far too expensive and slow. There is also an application processes with KYC/AML hoops to navigate, not to mention transfer limits. More middlemen! Where is the vision of peer to peer money transfer from Satoshi Nakamoto?

Gilded is a non-custodial payment solution for businesses that accept crypto and traditional currencies.

Enter Gilded. We never hold or transmit funds. Our cloud-based software enables you to invoice, collect, and reconcile payments to your own accounts. Those accounts can be your own wallet or exchange accounts.

Imagine sending an invoice and giving your customers a choice on how to pay right on the invoice itself. If they choose to pay in cryptocurrency, the payment is detected in your accounting software, and the crypto can be converted into a Stablecoin or USDC at Coinbase. Sounds easy enough? That's because it is.

Stablecoins like DAI allow businesses to harness the benefits of cryptocurrency without the risk of volatility.

 

 

Sign up for Gilded to send your first invoice. Its free! (2)-1

 


team-member-neal

Neal Roche is the COO at Gilded. Connect with Neal on Twitter and Linkedin.

 

 

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