CX pay Implementation Guide: Accept Crypto as a payment method in the Caribbean.
Welcome to the how to guide for implementing CX pay within the Caribbean. For a complete overview of all solutions and more guides: CBN Medium
Guide CX pay implementation
This guide on how to apply for and implement the CX pay cryptocurrency payment option will help merchants in the Caribbean region to accept cryptocurrency payments and receive a bank settlement in euros.
Requirements to start using CX pay for accepting cryptocurrency you will need:
- Registered company
- Bank account
- Company information
- Sales information
Step 1: Select Sign up region
The first step to use CX pay’s solutions you have to create a CX pay account. Go to the website cxpay.global and search on the top menu for the “sign up” button. Then a menu will drop down please choose the region you are from Dutch Caribbean, Sign Up Caribbean or Sign Up Rest Of World:
Step 2: Fill in CX pay sign up form & KYC(Know your customer)
Once you have selected your region you will have to go through CX pay’s Know Your Customers (KYC) procedure you will have to fill in the following text boxes: First In the section of “Which ePayment solution(s) would you like to apply for?” (1) Choose “Alternate Payment Method”. (2) Now you can select the Alternate Payment Method, for this select “Other” and also select SEPA Direct Debit or SEPA Pay-out. (3) choose the country your company is operating,(4) select which bank your company is currently utilizing and (5) enter your Company bank Account number.
Once you have completed this continue to fill in the “Contact Person’s information” type down the (6) Name, (7) Telephone + area number and (8) email address of the individual you would like CX pay to contact for assistance. There is the possibility to add more than one.
Once this part is completed you will have to continue to provide more company data in the following sections; (9) provide the name of UBO and the (10) Nationality of UBO, (11) if you have more than one UBO provide the same information for this person. (12) Provide the Companies Legal Name, (13) Registered Trade name and (14) the Chamber of Commerce Registry number. Continue with (15) the Country of incorporation if your company has a (16) parent company also select its country of incorporation and enter (17) the Physical post address of your company:
Lastly, enter the information about the product your company sells and the transaction information this information is needed so CX pay can calculate the best offer for your business. (18) enter the market your company is currently participating in, a (19) detailed explanation is also needed, (20) select if you are going to sell more than 15 products per month, (21) select what kind of delivery time is needed for the product to reach the customer, (22) select if it is important if your services/product is instant. Furthermore, (23) add the company website and (24) if you already have credit card payments as an option online (25) if yes is selected add the duration.
Now the last part of the KYC process you will have to include your transaction information such as, (26) the average transaction value per sale (currency included), (27) Add your monthly sales volume, (28) the amount of monthly transactions and (29) the estimated amount of sales via the internet.
Finally, click the “reCAPTCHA” and click “Send” buttons to complete and send in the form:
Step 3: Verification process
After the sign-up details have been sent to CX pay you will pass through the information provided by you. CX pay then sends a formal application with the necessary/required information completed to you. When you have received this please double check this information and if there are changes/amends you will have to add it. Furthermore, CX pay will ask for some more additional KYC information that is needed for regulatory reasons this will be communicated through email. Once this is completed you will have to print the formal application and sign it with a physical “wet” signature and send it back to CX pay. Whereas CX pay will start to combine all your provided information and send it to the Alternative Payment Methods they are partners with. After this is done the partners of CX pay will vet it and send it back if there is any missing information if not the partners will send it back the approval with a contract that needs to be signed by you once this is completed your merchant ID is created. Another agreement with CX pay is signed and the verification process is completed.
The duration of this process depends on the following:
- Type of business
- Country you are in
- Speed and accuracy of KYC submitted
Step 4: Integration process
In this step, CX pay will assist with the integration of the chosen payment method. The other options are that your IT expert does integration with the tools (plugins for example) that CX pay provides. The second option is that your IT expert/Developers can integrate the CX pay API that is provided. Once this is complete there will be a set of tests done to make sure everything runs smoothly and your company can now accept cryptocurrency payments globally!
IMPORTANT: That this guide is intended for small business owners who wish to help promote Bitcoin by accepting it as payment for goods and services in the Caribbean region. It’s written with the assumption that you operate a regular business that sells goods or services for regular national currency, and that you wish to accept Bitcoin as another legal way to pay, and that you intend to pay taxes on your Bitcoin income just like any other income.
According to the website (https://cxpay.global/features/crypto/)
David Levy Maduro, personal communication, October 7, 2018