How payment providers can eliminate volatility risks and expand the number of available coins by integrating LetsExchange solutions

In the USA, around 28% of small businesses accept cryptocurrencies as a payment method for their services, and the number of such companies worldwide is increasing constantly. Those are gambling and betting services providers, software development companies, businesses working in tourism and hospitality, and so on. They work through specialized companies – payment providers who make these transfers possible.

However, these payment providers face some issues by using crypto, the major of which are:

The high volatility of crypto can impact the profitability of deals
Support of a limited number of crypto assets that, in turn, reduces the target audience significantly.
Normally, no crypto-to-crypto transactions.

Let’s look at how these main issues can be eliminated by integrating LetsExchange solutions.

Eliminating Volatility Risks

Integration with our platform enables payment providers to proceed with payments in any crypto supported by LetsExchange without risks due to high volatility.

For example, a user wants to pay for a product or a service with crypto, say, with ETH. But the Ethereum network can be very slow, and if there are a lot of transactions, the time needed to confirm a payment can take 20-30 minutes or even more. When the transaction is being confirmed by blockchain, the exchange rate from USD to ETH will change, which can result in losses for payment providers of a business. With LetsExchange, one can eliminate this risk by converting the payment in ETH into stablecoins (USDT); thus, the payment’s value will be fixed. So, neither business nor the payment provider bears any volatility-related losses.

Expanding Your Target Audience

Usually, businesses integrate the most popular coins to make them available for users. Those are Bitcoin, Ethereum, Litecoin, Doge, and a few others. In rarer cases, businesses accept a wider range of cryptocurrencies, but still, the number of coins is very limited and rarely is higher than 50-100 assets.

That’s why users who own rarer coins may be unable to pay for services or products.

In this case, collaboration with LetsExchange allows payment providers to expand their target audience by increasing the number of supported coins to the number supported by the platform (over 4,500 coins and tokens at the moment). It will allow those users who don’t limit themselves to the most common coins to pay for services or goods freely.

What coins are we talking about? For example, there are a lot of fan tokens. They can boast with significant communities, but nobody accepts them as a payment method. Or some meme coins that are not even listed on the major exchanges but also have a lot of followers.

LetsExchange can convert such tokens into stablecoins or any cryptocurrency a selected provider accepts. Thus, users can pay in any of the 4,500+ supported coins and tokens, and a service provider receives the coins that it needs.

Reduction of Expenses for AML Verifications

Performing AML checks is mandatory for all who work with money, whether fiat or digital. The thing is that many users store their funds in non-custodial wallets. If they receive some funds that are not clean, they may not even suspect it. To avoid the risk of receiving funds that were involved in illegal operations or were compromised otherwise, payment providers have to integrate solutions that perform AML checks before receiving crypto. Integration with LetsExchange saves them time and money on AML checks because we perform AML verification of all incoming funds. Therefore, our partners receive only clean money through our service.

Faster Transactions

Many blockchains, especially those that were launched a long time ago and have a low transaction processing speed, are slow. To prevent scamming, payment providers may need a lot of time to process one transaction.

By integrating LetsExchange solutions, they can speed up the transaction processing time because we can send the funds after the first verification on a blockchain. So, a payment provider receives the funds from us even before the swap is completed on a blockchain.

Conclusion

Collaboration with LetsExchange can help payment providers to reduce or eliminate volatility-related risks, increase the number of supported assets to 4,500+, and to offer their clients a fast and safe service without spending additional money on integrating AML solutions.