ForumPay to Process Card and Bank Payments via Crypto Infrastructure

Crypto payment infrastructure company ForumPay has announced a new solution that allows its merchants to accept traditional card and bank transfer payments by routing them through its existing crypto processing rails.

According to an August 11 announcement, the new payment flow is designed to let businesses expand their checkout options without taking on the operational complexity and risks typically associated with direct card acceptance.

A Hybrid Payment Model

Under the new system, customers can initiate payments using Visa, Mastercard, or bank transfers in select markets. ForumPay’s infrastructure automatically uses these funds to purchase cryptocurrency, which is then processed through its platform.

Merchants receive the exact invoiced amount in their preferred fiat currency with next-day settlement, just as they would with a standard crypto transaction. For example, a $100 invoice results in a $100 settlement to the merchant's bank account.

Shifting Merchant Risks and Costs

A key feature of the model is the transfer of risk and cost from the merchant. Businesses using the service can sidestep several traditional burdens of card processing, including:

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• Chargeback liability
• PCI-DSS compliance costs
• Direct fraud management responsibilities

ForumPay stated that the additional costs associated with the card and bank transfer processing will be passed directly to the payer. This means merchants will only be subject to their standard crypto acceptance fees, allowing them to offer more payment options without incurring the direct costs of traditional payment rails.

Bridging Traditional and Digital Finance

This development represents a move to bridge the gap between legacy payment systems and digital asset infrastructure. By layering traditional payment methods on top of a crypto foundation, ForumPay aims to give merchants greater flexibility without requiring them to overhaul their existing operational and compliance frameworks.

The company's core service is a wallet-agnostic, crypto-to-fiat payment technology that enables consumers to use digital assets for purchases while merchants receive payment in a currency of their choice.