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Receiving Crypto Payments in Fiat: RelayPay Review
Cryptocurrency is growing in popularity but can be difficult to spend. Cryptocurrency payment platform RelayPay is set to disrupt the online payments ecosystem both online and offline by streamlining the crypto to fiat conversion process.
Cryptocurrency is rapidly becoming ubiquitous. There are now tens of thousands of businesses in Australia that accept payments in cryptocurrency, including restaurants, hotels, pubs, gyms, and dentists.
While cryptocurrency is experiencing a surge in adoption, it’s not currently possible to spend your cryptocurrency in the same way you might spend fiat currency or cash. A cryptocurrency holder seeking to cash out in the current crypto ecosystem is obligated to trade via cryptocurrency exchanges, which can take several days to execute bank transfers, or trade via peer-to-peer exchange platforms.
RelayPay aims to shift this paradigm, offering Australian cryptocurrency holders a streamlined and simple method of exchanging cryptocurrency value for goods and services with minimal friction.
What is RelayPay?
RelayPay is an Australian fintech platform that aims to bridge the gap between cryptocurrency and day-to-day transactions. Rather than function as a simple cryptocurrency exchange, RelayPay is focused on making cryptocurrency as easy to deal with as cash.
To achieve this, RelayPay offers cryptocurrency holders a variety of solutions that enable seamless crypto to fiat value exchange. The RelayPay platform is designed to address the most common issue presented by cryptocurrency — slow transaction times and limited acceptance.
While Bitcoin is the most widely used cryptocurrency, the Bitcoin network cannot currently execute instantaneous transactions. A Bitcoin transaction typically takes 30 minutes to fully execute, which is not ideal for the average retail purchase. While there are a number of cryptocurrencies that do offer near-instantaneous transaction execution, very few Australian businesses accept cryptocurrencies as a payment method.
RelayPay circumvents this obstacle by performing cryptocurrency to fiat conversions on their end. Using RelayPay, it’s possible to make a payment in cryptocurrency just like you would with cash.
Getting set up with RelayPay is extremely straightforward. Personal users complete a simple signup form and identity verification process, and are provided with a wallet address that can be funded with Ethereum, Bitcoin, and a variety of other cryptocurrencies than can then be converted into cash, sent to bank accounts, or used to pay bills.
How Does RelayPay Work?
Unlike many crypto to fiat bridge platforms, RelayPay does not rely on crypto-funded debit cards, which are often disrupted by card providers and legislative action. Instead, RelayPay provides cryptocurrency holders with the ability to exchange cryptocurrency for real-world goods and services through a number of different methods.
RelayPay makes it possible to spend cryptocurrency on any bill or credit card statement with a BPay biller code through a simple interface. After loading the RelayPay wallet with crypto, users need only enter the biller code and BPAY reference number for a bill along with the total to be paid, and the bill will be paid immediately.
Similarly, RelayPay allows users to transfer cash to any Australian bank account. Payments can be made via account number details or Pay ID, which allows users to send bank transfers to email addresses, phone numbers, or Australian Business Numbers.
The most unique feature offered by RelayPay, however, is instant ATM cash-out. The RelayPay ATM withdraw feature allows users to convert cryptocurrency to cash that can be instantly withdrawn from over 1,500 ATMs across Australia.
RelayPay also has two additional features in development to be released soon. The first in-development feature, an online payment feature, will allow RelayPay users to use cryptocurrency to pay for goods and services on a wide variety of different online retailers.
RelayPay’s second soon-to-be launched feature will allow cryptocurrency users to access cryptocurrency-backed loans for up to 50 percent of the value of their cryptocurrency assets. Cryptocurrency lending is a relatively new service in Australia and allows crypto holders to access instant credit check free all-online loans with highly competitive interest rates.
RelayPay for Business
RelayPay isn’t only focused on cryptocurrency spending — it also allows Australian businesses to accept cryptocurrency as a payment method. Unlike contemporary crypto payment acceptance platforms that provide basic cryptocurrency acceptance functionality, RelayPay provides a number of features that open the doors to over $250 billion in untapped consumer revenue.
RelayPay’s business solution provides businesses with the ability to accept cryptocurrency as a payment option at checkout. Interestingly, RelayPay payment acceptance allows consumers to pay for goods and services with an interest-free 8-week checkout loan. The most unique element of RelayPay crypto payment acceptance is that businesses are paid out in fiat within 48 hours of payment regardless of the payment method used, dramatically expanding potential revenue and protecting businesses from volatility risks.
The RelayPay business payment solution is designed for seamless ecommerce integration and offers downloadable plugins to a broad spectrum of existing ecommerce platforms.
Whether you’re seeking a fast, easy to use method of spending cryptocurrency and converting it to cash or interested in setting up a seamless cryptocurrency acceptance method at your business, RelayPay is a simple solution that offers highly competitive conversion rates.
If you’re interested in setting up cryptocurrency payments at your business with RelayPay or want to learn more about the potential tax implications of cryptocurrency payment acceptance, reach out to Fullstack today.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, agencies and entrepreneurs.