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Welcome to FiveWest’s Crypto Payments Gateway

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Integration with existing systems is straightforward, using FiveWest’s white-label payments portal or through a full API. Using this gateway, a QR code and a wallet address are generated on screen and the client can choose from a variety of payment methods — including cryptos such as Bitcoin (BTC) or US dollar-backed stablecoins such as USDC.

FiveWest immediately hedges the transaction to eliminate unfavourable currency price movements, so the retailer does not suffer adverse movements in the chosen crypto — whether it is BTC, USDC, or other assets — before receiving funds into his or her business bank account.

This is an astonishing technological breakthrough. Consider that a Visa card transaction may only be settled three or more days after a transaction is made, and cost the retailer 1–3% of the purchase price. FiveWest’s Crypto payment gateway settles the transaction in fiat or crypto within 24 hours — banked into the merchant’s bank account or crypto wallet — and all at a fraction of the cost of a credit card.

Why this is a game changer

What this means for merchants who sign up to FiveWest’s payments gateway is this:

  • Access to a massive and global customer base, totaling more than 300 million crypto users worldwide, without exposing merchants to the volatility inherent in cryptocurrencies.
  • The crypto payments gateway is compatible with all cryptocurrency wallets. Currently, it accepts BTC, ETH, XRP, and ERC-20 stablecoins. We settle merchants with fiat or crypto the next day.
  • Merchants pay no set-up fees to use the gateway. There is a transaction fee of 0.5% which is less than half of the current average credit card gateway fee.
Published: 24 May 2023The test for crypto as a viable means of payment is whether it can be used to purchase a coffee. That threshold was crossed years ago. Retailers are more than happy to accept crypto as a means of payment provided the proceeds can be instantly converted to rands and deposited in their bank account.
Ciaran Ryan
JOURNALIST

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