Managing payments for multiple merchants as a payment gateway can be tricky. You’ve got funds coming in from several acquirers, merchants needing payments in various currencies, and the constant challenge of managing both fiat and crypto transactions.
Let’s take a closer look at how Escrowfy simplifies this process for a payment gateway client, ensuring seamless transactions and happy merchants.
The Problem: Juggling Multiple Payment Systems and Currencies 🤯
Our client, a payment gateway, was struggling to manage funds coming from different acquirers and distribute payments to merchants who were requesting settlements in both fiat and crypto ASAP. The key challenges included:
- Multiple Payment Platforms: The gateway had to manage both fiat and crypto settlements using separate platforms and different integrations, which created inefficiencies.
- Fiat and Crypto Needs: Some merchants preferred to be paid in crypto, while others wanted fiat—making it a constant balancing act.
- Compliance Concerns: Each transaction had to comply with varying regulatory requirements depending on the currency used and the regions involved.
With so many moving parts, the gateway was finding it hard to keep up and ensure timely, secure payments to its merchants.
Escrowfy’s Solution: One Provider for Both Fiat and Crypto Payments 🚀
Escrowfy stepped in to offer a unified solution, taking the complexity out of the payment process. Here’s how we helped:
- Receiving Funds from the Acquirer: Escrowfy received all funds directly from the acquirer on behalf of the merchants. This simplified the flow of money, eliminating the need to juggle multiple providers.
- Paying Merchants in Fiat or Crypto: We distributed payments to each merchant based on their preference—whether it was fiat or crypto. Merchants could choose the currency that worked best for them, and we handled the rest.
- Compliance Across Currencies: Escrowfy ensured that all payments were compliant with local and international regulations, regardless of whether the transactions were in fiat or crypto.
“Thanks to Escrowfy, we no longer have to deal with multiple platforms or providers. They handle the entire process, and our merchants can choose their preferred currency. It’s a game-changer.” – A satisfied payment gateway client
Real-Life Example: A Smooth Payment Process for All Merchants 📈
Let’s say the acquirer sent €500,000 to Escrowfy. Out of the gateway’s 50 merchants:
- 20 wanted to be paid in crypto (BTC, ETH, etc.).
- 30 preferred to receive their payments in fiat (USD, EUR, GBP, etc.).
Escrowfy ensured that all merchants were paid in their chosen currency without delays. Those who opted for crypto received their funds securely in their crypto wallets, while the rest received their fiat payments via bank transfers. No more complications—just smooth, secure payments! 💪
Streamline Your Payment Gateway with Escrowfy
Managing payments for multiple merchants doesn’t have to be complicated. With Escrowfy, you can receive funds from acquirers and pay your merchants in fiat or crypto with ease, all while staying fully compliant.
