FAQ

What sets Mural apart from other payment platforms?

Traditional payment platforms charge over $30 in fees per international transfer, while taking days to arrive. Mural uses newer technology and does it for near-zero cost, settling transactions in a matter of seconds - zero fees for payments and only a small fee for converting from digital currency to fiat currency. Rather than paying $3,000 in international wire fees to pay out 100 recipients (at $30 per wire), pay $0 in fees with Mural, all in a single batch transaction settled within seconds. It’s a no-brainer.

What is a blockchain?

A blockchain is a digital ledger that records a series of transactions called blocks. Each transaction is validated by other computers on the network and published for everyone to see. Blockchains enable stablecoins such as USDC, digital dollars that are pegged to fiat dollars, to be securely and instantly transacted.

Why are blockchains useful for payment processing?

Blockchains are open ledgers, allowing anyone to submit transactions and verify the validity of a transaction within a matter of seconds. Blockchains offer newer payment rails over more antiquated systems such as international wires and ACH that require several days to transfer funds due to closed banking ledgers. Because of the open nature of blockchains, financial accessibility and innovation is happening at an unprecedented speed, enabling greater interconnectivity throughout the world.

What is a stablecoin?

A stablecoin is a digital representation of money that is stored in a bank. Stablecoins are blockchain-based and can move freely between blockchains. Stablecoin issuers such as Circle store dollars in a bank and subsequently create a digital dollar in the form of a stablecoin. This allows for a seamless connection between money in banks with money online.

What digital currencies does Mural support?

Mural currently supports USDC, USDT, and ETH, but our software can support any Ethereum-based asset. If you would like to add support for another currency, please reach out to [email protected].

What are batch payments?

Batch payments transfer money from one sender to multiple recipients in a single transaction. They are useful for payrolling employees, contractors, and vendors quickly and efficiently. Batch payments are an integral part of Mural’s platform, and is a major unlock compared to traditional one-to-one international wire payments.

What is multi-currency payment processing?

Multi-currency payment processing allows you to hold, exchange, and process various digital currencies within a single account. You can send digital dollars, digital euros, and more, all in a single transaction. As new digital currencies are adopted by countries around the world, it automatically unlocks access to these new currencies with a single toggle.

What is a digital wallet?

A digital wallet enables you to receive and send digital currencies such as USDC.

Why is international contractor payroll so complicated?

There are a lot of moving parts when a company has contractors on their payroll. Usually, each contractor has to send their employer an invoice that will have to be paid individually. Sometimes, the invoice even necessitates an invoice request on the part of the employer. If your company has more than a few dozen employees, that’s enough work to occupy an entire finance department! Furthermore, if you are dealing with international contractors, you also have to deal with the complexity of currency exchange and international wires - resulting in high fees.

With Mural, an employer can combine their international contractor payroll into a single batch payment, and setup recurring schedules - solving a multi-day problem in a matter of seconds at a fraction of the cost.

How do I stay compliant if the payments are made using the blockchain?

Easy! Just do exactly as you’ve always done. Mural captures the necessary data that can easily be imported into your existing tax and accounting software. 1 USDC maps to 1 USD. Payment data (transaction timestamps, exchange rates, tags, etc.) is captured in real time and can easily be exported in common formats like CSV as well as integrated into your accounting stack (i.e. Quickbooks and more). Mural can also help with generating tax documents like 1099s.

FAQ

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