P2P as an alternative to acquiring
UTIP Technologies specialists told us about the increasingly popular P2P payment method and its specifics.
Finding a reliable payment solution always seems to be a complicated task. Searching for working solutions at present time which is especially taken as a burden in some regions, providers and their acquiring banks are able to change conditions, close payment gateways, reduce the overall conversion for reasons beyond their control.
Being UTIP trading platform providers offered more than 40 integrated payment solutions, we have defined prospects of the P2P payment method, so we recommend it to our customers. And now let us spread the word on it.
What are P2P payments?
P2P (Peer-2-Peer) payments are payments between individuals. In general terms, these are transfers between cards or bank accounts based on Internet banking.
P2P as a payment solution for accepting funds works a little differently. In this case, the payment solution operators serve as mediators between the trader-sender and the broker-receiver, and the refund (settlement) is sent to the broker in the USDT stablecoin:
- The trader sends funds to the special valid account details of the payment solution operator.
- The operator transfers the funds to the broker’s account in the PSP.
- As soon as the broker’s account is deposited, the funds are automatically credited to the trader’s account.
If the payment is made correctly by the payer, USDT is credited to the broker’s balance within 1-2 minutes after payment and gets available for withdrawal to any crypto wallet without delay.
Upon that, traders have 25 minutes to transfer funds to the operator’s card and attach a receipt. This timeframe is sufficient for successful payment.
The reliability of P2P payment method
Operator accounts which transactions are processed through have a special status and certain preferences. It allows to provide wide limits on transaction amounts and avoid blocking transfers. And the operators go through all the necessary verification procedures.
Competitive advantage over Internet acquiring
- Easy to connect.
- No need to account to regulatory authorities.
- Settlement in stablecoins.
- The ability to work on input and output.
- High limits.
- A wide range of available currencies.
- Bank will not block the transaction.
- Low commissions — 4.5-5%.
Above all, due to sanctions, most banks may not be capable of providing Internet acquiring services for a few countries, that is why the P2P payment method has become a worthy alternative option.
Who can choose P2P payment method
Brokers with 30 000 USDT turnover per month, as well as TOP 10 brokers worldwide. Therefore, this method is a good option for both large brokers and entrants.
How to connect and pass through the KYC procedure
The whole process can be completed within one to two days. The KYC procedure for such payment method is much simpler and faster than Internet acquiring connection from a bank.
You will be just asked to submit a minimum set of statutory books. Aftermath of submitting the documents, the payment system delivers a special KYC questionnaire. You fill it out. If the PSP has no questions left, a merchant account, dashboard and payment links will appear onto your account. Submit a PSP integration request to the technical support team and provide them with the necessary API keys required for filling in the PSP merchant account fields.
If the matter of choice, payment solution integration and connection is still relevant, we are pleased to provide you with a more detailed information about this and other options. Submit a request on our website and our manager will contact you.
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