Capital Wallet Review 2022: Does It Have the Lowest Conversion Fees?
Capital Wallet Review – Introduction
Capital Wallet is a reputed crypto currency exchange regulated by AUSTRAC. They also offer crypto wallets and merchant account services for online businesses for accepting crypto payments from clients. Crypto currency is emerging as a global payment method when it comes to e-commerce transactions. The unmatched transaction speed and security provided by the encryption technology along with the low transaction cost is garnering the attention of many online sellers and buyers alike.
Even a small online business owner can start accepting crypto payments easily by setting up a merchant account with a cryptocurrency exchange offering payment gateway services. Today we will be reviewing the features of CapitalWallet merchant accounts for every business owner who is contemplating if they should start accepting crypto payments from their clients or not.
Capital Wallet Review – Why to Choose Capital Wallet
Capital Wallet is a good option for those looking at lower costs and quick integration – their lower conversion fees and advanced API integration make them a preferred choice among many crypto enthusiasts. Let’s have a look at the merchant account features that you can avail by signing up with Capital Wallet.
Capital Wallet Review – Account Overview
Capital Wallet provides a simple and robust API or application programming interface as a way for two or more computer programs to communicate with each other. API can be defined as a type of software interface, offering a service to other pieces of software. Here a merchant account API is designed with the purpose of facilitating online crypto payments from your clients for your ecommerce business. You can easily accept a wide range of crypto currencies with this API integration.
Capital Wallet has an advanced SDK (software development kit) to facilitate the usage of their API.
The Capital Wallet SDK Enables the Following:
- Wallet balance and transaction listing
- Transaction monitoring and notifications
- Secure user authentication
- Policies and spending limits
The only setup needed is to go to the API Keys page and generate an API key. You will be given a private and public key used to authenticate your API calls. Make sure your private key is not shared with any third parties!.
Once you are done with the API integration you will also need a wallet to store the crypto payments that are received from your clients. You can also use different wallets to hold different crypto currencies. For example you can have 3 different wallets to store BItcoin, Ethereum and Litecoin respectively and Capital Wallet will help you to get wallet names through API in which you can have access to all wallets. All the required wallets will be available to the user for their easy access.
Let’s have a look at the fees schedule when you start accepting crypto payments via a merchant account with Capitalwallet.
Capital Wallet Review – Merchant Fees Schedule
Capital Wallet Review – Wallet Service
*Transaction (mining) fees are specific blockchain network fees that may be incurred when you move digital currencies or tokens on the blockchain. These fees are dynamically calculated. And are not charged by capital wallet
Capital Wallet Review – Capital Wallet Merchant Account Opening Process
You can easily sign up for a merchant account by going to the ‘To sign up for a merchant account, go to https://capitalwallet.com/merchant-solution
You will have to submit the following documents if you are a corporate user.
- Certificate of incorporation OR Memorandum & Articles of Association OR any other relevant founding documents.
- Resolution of Board of Directors and identification of those who have authority to operate the account.
- Company’s registered office address (Eg. office landline bill, latest bank statement etc.).
- Photo ID and Proof of Identity of all directors. ( Any government issued personal identity card.)
- Identity and address proof of the authorised person.
- Identity & address proof of the beneficial owner with ownership or owning more than 25% shareholding or voting rights (shareholding pattern)
- Any document which states Nature of Business
- Financial Documents indicating Source of Funds
For sale traders, the documentation is different and you will need to submit the following documents for merchant account registration.
- Photo ID and Proof of Identity of the sole trader ( Any government issued personal identity card.)
- Address proof of the sole trader
- ABN or sole trader tax details
- Any document which states Nature of Business or website link
Note: In addition to the above documents, Capital Wallet reserves the right to call for additional documents for further verification based on the company’s profile or trade volume.
You can also receive crypto payments via an external wallet address and the procedure you have to follow is quite simple as well.
Step by Step instructions on receiving crypto currencies from an external wallet address.
- Navigate to the ‘wallet’ page displayed on the navigation bar.
- Select the cryptocurrency wallet from where you would like to send. Click on the ‘withdrawal’ button.
- A separate side panel would appear, then enter the Wallet address of the external cryptocurrency wallet.
- Enter the cryptocurrency Amount that you approve of under the ‘Amount field’. Note that the Approved amount you’d like to send is subject to 0.5% transaction fees.
- To proceed with the withdrawal request, click on the submit button.
- A withdrawal confirmation link would be sent to your registered email address. Clicking on the link would approve the details and process the transaction.
Capital Wallet Review – Privacy And Security
Capital Wallet ensures that the privacy of clients is protected and also provides advanced levels of security with two factor authentication.
Capital Wallet Review – Two Factor Authentication
Two factor authentication provides an extra layer of protection to your account. It is a way of double checking that you are really the person who owns the account, when trying to log in.
With 2-Step Authentication, you’ll be able to protect your account with your password and with the security key/code from your phone. These codes are uniquely crafted for your account and will be generated on the authenticator app in your phone. This will prevent unauthorised access to your account.
You can easily enable the two factor authentication by going to your client dashboard on Capital Wallet.
Capital Wallet also recommends taking some additional steps to protect your account and wallet.
- Use a complex and unique password for your account that you’ve not used anywhere else.
- Enable 2-factor Authentication
- Use a UNIQUE email address for your Capital Wallet account.
- Be cautious of Phishing. Do not reply to suspicious emails that pretend to be from Capital Wallet as this is the most common way for your account to be compromised.
- Secure your Phone
- Secure your Computer
- If you can, use a wired connection because using a general WiFi may not be safe all the time.
Some other measures taken by Capital Wallet to ensure the safety of your accounts and funds is that the clients will have to approve each new IP login from their email in order to sign into their Capital Wallet account.
- The first time you log in to your account from a different IP address than the one identified when creating your account, you will need to verify your new IP Address.
- This is a security measure to protect your account from an unauthorised user. This IP verification process will be repeated any time you log in from a new IP address to ensure the safety of your account.
You can also enable IP whitelisting for extra protection.
- Capital Wallet supports whitelisting of IP addresses for added security. . This will help protect your account in the event that you lose your credentials or API keys.
- By setting one or more whitelisted addresses, you are telling us to only authorise trades, transactions or withdrawals from those IP addresses. This includes both the capitalwallet.com web interface and API based trades or withdrawals.
Capital Wallet Review – Deposits And Withdrawals
Capitalwallet is also a platform for crypto currency traders and investors where they can buy and sell all major and minor cryptos including Bitcoin, Ethereum, Litecoin and many more. The trading fee is just 0.5% which makes Capital Wallet a popular choice among crypto currency traders.
Let’s have a look at the deposit and withdrawal fees that are charged by Capitalwallet.
Capital Wallet Review – About Capital Wallet
Capitalwallet is a Registered Digital Currency Exchange services provider and a Reporting Entity with AUSTRAC since 4th June, 2019. Capital Wallet has a team of experts working with them for providing quality service as they constantly update the platform to offer a seamless experience to all clients including cryptocurrency traders, investors and online merchants who use the Captalwallet API for accepting crypto payments. Capital Wallet surely has a team full of veterans including Ex Wall St Bankers and experienced programmers.
Capital Wallet is obliged to monitor and report about all transactions to AUSTRAC which makes it a trustworthy platform in every sense.
Capital Wallet Review – Benefits of Accepting Crypto Currency Payments
- Setting Up a Payment Gateway That is Truly Global and Borderless: You can freely receive payments from clients from any part of the world with lightning-fast speed which makes it the best thing you can do in order to make your business become truly global and borderless. No other payment gateway can match up to the execution speed which you will get to experience with crypto payments.
- Lower Fees: Your customers will surely be thankful that you are helping them to avoid the unnecessary costs that come with the usage of traditional payment systems. Especially cross-border transactions always dig a hole in our pockets and this kind of cost can be fully eliminated when you resort to crypto currency payments. The lower fees is something that can benefit you and your clients as well.
- Speed of Execution: The super-fast speed with which the payments are executed and processed will surely surprise you and make you wonder why you didn’t set up a crypto payment gateway earlier.
- Superior Customer Experience: You will be providing all your customers a better experience by adopting crypto as a means of payment. This will surely help you to attract more customers and build a loyal customer base for your business.
Capital Wallet Review – Conclusion
Crypto currency is surely emerging as a global medium of exchange as many businesses are already adapting to the world of digital currencies. You can also do your part towards the global adoption of crypto by setting up a crypto payment gateway and encouraging your clients to make payments in their preferred crypto currency. This step is crucial because the resistance to change can threaten the success of any business organisation irrespective of its size. Being future ready can always give you an edge in the market and that is what needs to be done in order to grow and expand the ecommerce business.
Accepting crypto payments is not as complicated as it seems when you think about it for the first time. In fact it is much more convenient and easier than any of the traditional payment methods. The encryption technology and block chain system provides more security than any other payment gateways and unmatched speed when it comes to processing the transactions. All you have to do is open a merchant account with a crypto currency exchange in order to provide a better payment experience to your clients and customers all over the world. And Capital Wallet does stand out among other exchanges when it comes to merchant account services being cost-effective and efficient at the same time.