What is SmartPay?
SmartPay is a payment processing platform that empowers businesses to receive and send crypto payments without market risk and technical know-how by providing guaranteed exchange rates, fast settlements, instant fiat conversion, and low transaction fees. SmartPay enables merchants to unlock the power of cryptocurrency as a cost-effective and efficient way to collect a payment, issue invoices, pay suppliers, and process customer pay-ins and outs while eliminating chargebacks and allowing access to new markets and customer bases. For more information, please visit our website at https://smartpay.coinsmart.com/.
Who can use SmartPay?
At SmartPay we believe that everyone should have access to our payment processing crypto solution that helps business owners accelerate the growth of their products and services. With this in mind, there are certain countries in the world where we are currently restricted from operating due to circumstances that are out of our control. To see if your country is restricted, please review the list here.
How does SmartPay protect customers?
There are two types of crypto wallets: Hot and Cold. Hot wallets are connected to the internet which we use to service withdrawals and deposits for our clients. Cold wallets are offline storage that provides maximum protection against cyber attacks since they are not connected to the internet. At SmartPay, we abide by all regulatory requirements for our assets stored in hot wallets and maintain even more stringent protocol standards internally for the most optimal security.
For Cold Storage, we use qualified custodians Coinbase Trust and Bitgo Trust. They have regulated trust companies in the US and are the largest and oldest crypto custodians available. Combined, they have over $420MM of insurance which covers items including but not limited to theft, internal fraud, etc. For more information, please visit https://www.bitgo.com/resources/digital-asset-insurance/.
Separately, SmartPay has purchased insurance for our hot wallets and has extensive hot wallet rules including limits per transaction, per hour, and per day. Anytime a limit is breached it requires additional approvals by Senior Management.
All fiat deposits are held in segregated accounts to ensure that client funds are safely stored and never interchanged with company operational funds. For this reason, we ensure our clients that their funds are safe even in the worst scenarios.
Is SmartPay regulated?
SmartPay is fully registered as a Money Services Business (MSB) with FINTRAC. The regulation of cryptocurrencies is constantly being reviewed by various governing bodies. At SmartPay, we take compliance very seriously and have an extensive Know Your Client and Anti Money Laundering Compliance program. Our team works with top industry lawyers and experts and keeps a close eye on the regulatory landscape for any upcoming changes.