What you need to know about Whitepay payment system
Crypto is not something weird and unknown anymore, on the contrary — it is a fair and modern payment method for online purchases at many shops. Supporting cryptocurrency payments is a must have for today’s business and can become an advantage in you race for the users. Crypto is about speed, security and convenience. What more do we want from payments?
Developed by WhiteBIT, payment solution for accepting crypto payments on the website — Whitepay is growing really fast. And we are here to issue it complete review to know more about how merchants can benefit from the services, what are main features of the solution and how it works in real processing life. Let’s move on.
What is Whitepay
Whitepay — is a crypto processing service created by WhiteBIT. WhiteBIT is one of the biggest European crypto exchanges, that started its operation in 2018. Quite expected next step for the successful company was to enter the B2B segment of payment processing. Whitepay processes payments in over 200 cryptocurrencies, supporting many different networks. Due to the decent support and resources of a large crypto exchange, solution can be considered stable and definitely not one that will disappear tomorrow. Among all types of processing solutions, this is an important factor to consider separately from other details of the payment system. We all know how much stability can be important.
Company is ready to provide services for merchants in gaming and media buying industries that very often encounter difficulties in connecting a payment system to the website. Many payment providers are not ready to support such business due to some complexity and specific nature of online operations. Here Whitepay can be an excellent option, since it already has experience working with similar businesses and understands the main issues to cover.
Advantages of service for merchants
Since it is important for us to find out why the service is useful for merchants in gaming, affiliate marketing and media buying industries and it’s worthy to connect, we have analyzed the main processing functions that may be decisive for you. Among the main advantages of Whitepay we can highlight the following:
- AML checks for all transactions. Each payment received to the merchant's wallet is subject to screening. This ensures that funds are clean (talking about crypto here) for pay ins and payouts. This means the safety of all participants in the entire processing. This way you can be confident that you are protected from potentially dangerous assets. The problem of non-clean assets is especially acute in payment processing for the gaming industry, so it is worth paying special attention to this point.
- Security — one of the most important factors for iGaming operators. As 96% of all crypto assets are stored on the cold wallets, Whitepay can guarantee their security along with easy anytime access.
- Process automation via API. Integration often can become a real dealbreaker when it comes to cooperation with payment providers. Complicated and non-adaptive technical conditions can prevent merchant from working with payment solution. Whitepay foresaw these difficulties and resolved them before they even arose. The API was developed taking into account the characteristics of target merchants and allows you to connect faster than usual. From our experience, the integration of cryptoprocessing can be more intensive and time-consuming than standard card acquiring for online payment acceptance, so simplifying it is important.
- Flexible fees. For payment acceptance, Whitepay offers different options for merchant’s fees. The total fee can be divided by flow: for deposit, withdrawal and settlement of the merchant balance; or combined. For example, if your fee is 1% and you choose to charge only incoming transactions, then outgoing transactions will not be subject to a fee charge. This option can be convenient for accounting and easier to record expenses.
- Different payment types for deposits. Merchant has access to various functions for receiving funds. Among them: static wallets in selected currencies for each user; invoicing in more than 200 currencies, or a hybrid model. You can select a list of (main) currencies you are interested in based on static flow, and add the remaining (less popular) currencies in the form of invoices — this way users can make deposits in whatever option is convenient for them.
- Support of multi-balance in selected currencies, and default conversion to USDT. This flow provides convenience and flexibility — you can customize your operation in a way that is convenient for you, not to anyone else on the chain.
- USDT (TON) and TON for deposit and withdrawal. A popular currency, which not all providers can boast of having. This is important because it clearly illustrates the willingness of payment system to change together with the market and offer truly relevant solutions at the right time.
Conclusion
Whitepay has really prepared well for entering the market and has developed a worthy product that can become a competitor to the well-known crypto giants in the industry. After all, despite the fact that there are many crypto services today, only some of them can truly ensure stable payment acceptance for gaming and media buying projects with an understanding of all the nuances of the industry. Whitepay is definitely one of them.
At the same time, when choosing a future partner, consider a number of factors that will be most important to you and start from them. We recommend that you take the selection process seriously and conduct a comparative analysis, not relying on the opinions of competitors, but doing your own research. Monoup specialists will help you collect information and conduct such an analysis, as well as connect better payment systems. You can contact us through the form on the website or by writing to any of the contact details below.
Read more reviews on our website to have a complete understanding of payment options for iGaming websites.
