CryptoProcessing Product Updates – Q1-Q2 2024

Over the past two quarters, our team has been hard at work refining the platform to create better experiences for our many merchants and end-users. We’re excited to deliver a series of updates at CryptoProcessing that will help you improve efficiency, transparency, and control over your crypto payments.

New Features – Streamlining Crypto Payments

These are the most requested updates that add new functionality to the platform. We’ve been focusing on better ways to manage payments and easily handle large volumes of transactions.

3 key features that have been rolled out:

Mass Payouts

This feature is handy for merchants who handle large volumes of transactions. If you need to take care of payroll, affiliate payouts, vendor payments, or any similar processes – Mass Payouts help you settle accounts quickly and efficiently.

Here’s how they work:

Each payment is processed seamlessly, and you’ll find a status update for the entire payout in your merchant dashboard’s “Transactions” tab. Of course, we’ve also ensured the safety of your data in transit and at rest. Multi-factor authentication (MFA) is a mandatory part of the process to ensure that access to your funds is properly authorized.

Check out this Knowledge Base article for more information about Mass Payouts!

New Reports

Following the theme of simplicity and transparency, we’ve added comprehensive reporting to the CryptoProcessing suite. With the new Reports features, you can get essential information directly in your back office:

• Balance Statement
• Fees Statement
• Cashflow

The goal is to eliminate the need for back-and-forth and guesswork, providing immediate access to the data you need for comprehensive financial analysis.

Invoice Exports

Gaining insights into your financial data is crucial for making informed business decisions. The new Invoice Exports functionality lets you download invoices directly as CSV files, helping you automate the process on the back end. Thanks to this simple yet crucial feature, you can perform financial calculations, reconciliations, and audits with greater speed and accuracy.

With Mass Payouts, streamlined reporting, and invoicing, you should be well-equipped to handle any number of crypto transactions quickly and efficiently.

Platform Improvements – Better Processing Experience

We’re committed to delivering industry-leading crypto payment solutions, which means cheap, efficient, and lightning-fast transactions. To achieve that, we’re constantly improving our system.

Here are some highlights:

Reduced Exchange Costs

Streamlined and optimal exchanges have always been a staple of CryptoProcessing. We’re constantly looking for ways to keep fees as low as possible, especially because many of our merchants process thousands of transactions on a regular basis.

Some efforts of Q1 and Q2 of 2024 include:

• Optimized Trading Routes. We’ve refined our trading algorithms to consider fees better when determining trade routes, effectively reducing your exchange costs.
• Resolved Rounding Issues. We’ve eliminated stuck positions and improved our trading algorithm for better decision-making.
• Multi-Hop Optimization. We’ve expanded our listed currency pairs to avoid multi-hop trades, directly translating to reduced exchange costs for you.

Invoices & Refunds: Streamlined and Localized

Adding helpful warnings and guardrails has made it easier for you and your customers to handle invoices. This reduces friction, minimizes errors, and leads to more successful payments for your business. Easier invoicing also opens doors for you to reach new markets and customers.

With the same idea in mind, we’ve implemented clear notifications for non-refundable amounts, eliminating any confusion for your customers. Based on your feedback, our Fiat Deposit PDF form was also improved, ensuring a smoother and more successful submission process through banks.

Lastly, we’ve expanded localization support for invoices and refunds, now offering 14 extra languages to cater to global clients. In most cases, your customers will see invoices in their native language, and the invoice form intelligently selects the appropriate language based on their browser preferences.

Improved Transaction Experience

Our goal is to provide a scalable solution for any volume of crypto payments. Because the field constantly grows and changes, our payment gateway must stay on the cutting edge of Blockchain transactions.

Here are a few things we’ve optimized over the past 6 months:

• Simplified Fees. Fees are now charged immediately upon deposit confirmation, eliminating gaps and improving usability.
• Network Costs. Transfer and mining fees for deposits and withdrawals without exchange are now charged in your operation’s currency, eliminating the need to deal with multiple networks.
• Scalability and Stability. We’ve improved the general reliability of transaction processing, particularly for Ethereum. This is particularly important during high-volume periods when the network is congested.

Our new architecture for ETH transactions also significantly boosts performance and efficiency, providing a smoother experience for you and your users.

Operational Improvements

There’s a ton of minor updates and improvements worth mentioning, including:

1. Export Callbacks: You can now export callback history for specific transactions, facilitating investigations into any issues that may arise.
2. Resend Refund Emails: You can now easily resend refund emails to customers who may have lost or misplaced the original notification.
3. Customizable Balance Currency: You can choose your preferred currency (EUR/USD) to display balance equivalents and simplify financial evaluations.
4. Better Deposit Tracking: The new “origin” attributes for deposit transactions and payments will help you differentiate your own cash flows from the transactions made by your users.

The goal is to streamline your workflow, reduce the time spent on customer support inquiries, and simplify your experience.

Security & Compliance – Digital Asset Safety

These are the less visible changes that keep you and your customers safe. To provide secure and compliant crypto payments, we’ve improved our infrastructure and tightened safety measures to ensure the utmost protection for your funds and data.

Additional highlights:

Chainalysis Crypto Compliance

We’ve taken a significant step forward in risk management with the help of Chainalysis:

We’re excited to announce a new collaboration that seamlessly integrates advanced transaction risk scoring into our platform. The powerful Chainalysis Crypto Compliance solution provides a deeper layer of risk and compliance management, without requiring any changes for our merchants. The result? A future-proofed system that ensures a smooth and secure flow of compliant transactions.

Optimized Cold Wallets

Protecting your assets is our top priority. We’ve reconfigured our cold wallet infrastructure to incorporate multiple wallets, each dedicated to specific purposes: main funds, operational funds, and consolidated funds. This segregation enhances security by creating additional layers of protection against unauthorized access.

Preparations for MiCA

Now that the European Union’s MiCA technical standards have been released, we’re focusing on compliance with regulators’ expectations. Our technical and legal teams are working around the clock to ensure a smooth transition for our platform and merchants throughout 2024. In future updates, you can expect new compliance integrations for EU operations and beyond.

Wrapping Up

These improvements represent a significant investment in our platform, services, infrastructure, and security capabilities. By fortifying our foundation, we believe we can better support your growth and continued success with digital assets.

Join the growing number of merchants who use CryptoProcessing and become a part of making Blockchain the new global standard for payments!