CoinMarketCap (CMC) has deployed a totally automated digital currency payments solution, from finance network Golden.

Gold Main Operations Officer (COO) Neal Roche told Cointelegraph the automatic approach solved a lot of issues currently facing crypto invoicing and payments:

"Nigh companies, when they start accepting crypto, they basically have this manual process that they accept to go through: tell the customer what the wallet address is, keep rotating those addresses, and then if you've got a agglomeration of invoices and a bunch of customers, yous need to reconcile if they've paid in full."

Using stablecoins to limit volatility

Roche said at that place was a five-stride process. Whenever a Coinmarket representative marks something every bit "gear up for payment", the system automatically generates and sends out an invoice offering the client a variety of payment options, including cryptocurrencies and credit cards.

For instance, if CMC were to sell one of their API for basic commercial employ, the arrangement would burn off an invoice and the company could ship payment in cryptocurrency. Once received, the Gilded solution can automatically catechumen it to a stablecoin to reduce volatility. Supported stablecoins include USD Coin (USDC), Dai (DAI), Tether (USDT), and Binance Stablecoin (BUSD).

Payments can and then be exchanged for USD and transferred to a depository financial institution, and the accounts are effectively settled. Roche said the arrangement helps demystify crypto payments for traditional businesses:

"This is where traditional businesses with a fright of crypto tin can now accept the tools to handle digital payments and custody without their staff requiring skillful cognition of crypto."

Non all businesses set up for crypto

1 survey in Oct 2022 showed only about a third of small and medium sized businesses in the Usa are willing to accept cryptocurrencies as payment. The Gilded solution can be used by companies who aren't prepared to handle wallets or exist custodians for digital assets like BTC:

"We're enabling CoinMarketCap to generate invoices, and customers can determine if they want to pay in crypto or pay past traditional payment channels like credit card or wire transfer. And so when the customer pays, information technology doesn't become to a wallet or one member of staff. Information technology goes to an exchange, a custodian."

Cheaper and faster

Typical transactions like credit card payments and wire transfers can take 1-2 days to process, with merchants charged anywhere from 2-5% in fees. Roche explained:

"In that location are east-commerce solutions out there like BitPay and CoinPayment, but this is more for larger payments, similar concern-to-business organisation (B2B), where yous're sending thousands of dollars and you don't want to utilise credit cards for that when you're doing cross-border payments."

Aureate said that in one instance report their system had effectively provided digital transactions 96% faster with a 75% reduction in fees.