Find out how crypto payments processor xMoney (formerly Utrust) scaled on FinXP’s fast, low-cost, same-day settlements.
With the upsurge of cryptocurrency offerings and payments, merchants are leveraging fintech platforms to help them manage and process payments in these new digital currencies. Ecommerce companies around the world are doing increasing amounts of business in crypto, yet fiat currencies still play a central part in their daily operations, so a smooth flow of funds between fiat and crypto is essential.
xMoney (formerly Utrust) partnered with FinXP for a quick and efficient means of transferring fiat money to merchants, overcoming the roadblocks that slow and expensive payment transfers were causing.
Who is xMoney?
xMoney helps buyers pay with crypto, and its payment widget and B2B solutions allow businesses to accept crypto payments. The crypto is immediately converted into cash and can then be transferred to the merchants’ bank account. This means merchants don’t need to hold crypto on their balance sheet. The transactions are immutable: only the merchant can issue a refund, so they never experience a chargeback.
The challenges
xMoney’s primary audience is ecommerce businesses. When completing high volumes of transactions, one of the challenges is keeping pricing low. xMoney strives to provide its customers with up to 90% lower fees than they would pay with traditional payment methods, so there are fine margins to work with, and xMoney could not always find payment companies that accommodate its needs.
Another obstacle came from speed. While settlements are speeding up across payment processing, it is still difficult to find a provider that can guarantee same-day settlements.
Crypto is also a rapidly changing space. Financial regulations for fiat are complex on their own, and adding crypto into the mix meant xMoney needed a payments partner with its finger on the pulse of the industry that would remain compliant in the face of changing regulations.
Lastly, xMoney wanted to maintain the qualitative customer support it is known for, which called for a close relationship with its provider so any issues could be resolved quickly.
The solution
The partnership with FinXP gave xMoney an effective and scalable solution to its challenges. FinXP settlements are priced so that xMoney can keep delivering on its promise of fees 90% lower than traditional payment methods, with a 100% settlement success rate.
Those settlements are also guaranteed to happen the same day, something xMoney was not able to find elsewhere. Merchants get their money fast, which improves trust and cash flow.
On customer service, xMoney’s finance and operations teams work as one with the team at FinXP, making collaboration efficient and problem-solving fast. And because FinXP is compliant to a hilt while understanding the dynamics of an emerging market like crypto, it adapts quickly when the landscape changes.
Crucially, the solution scaled. xMoney had previously worked with providers that could handle some of its requirements for a while, only to find they struggled to scale their service while maintaining quality.
The results
Since the partnership was established in 2019, the results have been substantial: smoother processes, room to scale, and consistent delivery on promises to customers. In the numbers, xMoney can point to 490% growth in total payment value (TPV) jointly processed up to January 2023, and it has no intention of ending a partnership it describes itself as thrilled with.
