Benz Rif, the CEO of AtomicPay believes that reputation is one of the biggest obstacles for mass crypto adoption. According to him, volatility is something absolutely natural and expected for a new emerging asset. Scams and lack of security however, are giving the crypto industry a very bad reputation.
AtomicPay is based in Thailand and is a non-custodial crypto payment processor. The company facilitates payments for many cryptocurrencies without holding merchant funds in escrow and charging a fee before releasing the funds. There is also the minimal charge of 0.9% at the end of each month for the service. Also, instead of demanding a percentage from every sale at the time it’s conducted, they issue a bill.
AtomicPay is taking a gamble but it seems to be paying off
Rif says the company relies on an “honor system”. Interesting enough, there have so far been no problems with people who fail to pay the fees. Rif said he created the company after being forced to pay 13% to PayPal. This is not the case of US-based users, but companies operating in countries like Thailand, are required to routinely pay fees up to 10%. Similar problems were also met when he tried to use Bitpay.
“Back in 2017, I was working on a lot of online businesses. I went through both Bitpay and PayPal and the rates were simply too high. There was nothing on the market at the time and I sat down with a group of friends and we decided to work on something different.”
With AtomicPay, clients can directly accept crypto payments. An in-house wallet software is used and this enables them to know the company’s monthly revenue. This also allows any company to issue as much addresses as it wants for its customers. Funds are directly received and in theory, could miss paying, but that simply doesn’t happen.
Rif says that improving user ability to receive crypto was not the only thing the company wanted. They wanted to build something more in tone with decentralization which at the time, was simply non-existent.
Most crypto payment processors hold users’ funds and charges fees for withdrawal. One advantage AtomicPay uses is that it doesn’t fall under any of Thailand’s regulations. Since it’s a non-custodial services, it doesn’t classify as a money services provider or essentially a bank.
There is currently no support for Ethereum as Rif states some private customers have asked for it, but experienced problems with in-person transactions taking a prolonged amount of time to settle.
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