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What you need to know about paying bills with stablecoins vs. non-stablecoins

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paying bills with stablecoins vs non-stablecoins

One of the most frustrating things about the crypto world is that it takes a lot of time and energy to off-ramp your crypto to be able to use it in the real world. There are crypto credit cards, and companies that accept crypto as a form of payment, but those services come with their own drawbacks that mean you probably can’t pay bills with crypto easily.

Spritz is the answer to complicated off-ramps. Our app lets you pay bills with crypto in just a few clicks by connecting your wallet and your bill-pay accounts. On your end, all you have to do is set up a bill payment in your Spritz account, select which crypto you’d like to pay with and how much you’d like to pay, and confirm the payment in your wallet.

On our end, there’s a few things that happen. Here’s a little bit about how that works:

What happens when you pay bills with stablecoins on Spritz:

1. When you pay a bill with a stablecoin through Spritz, your stablecoin asset is deposited into our wallet. You can pay bills with any token on the Polygon, Ethereum, Arbitrum, Optimism, or BNB Chain networks.

2. Next, your submission triggers a payment from our fiat bank account to your bill pay account through a secure intermediary. We don’t have access to your bill-pay account, and we’re only able to submit a payment on your behalf.

3. Once the payment is submitted to your bill pay account, it takes 3-4 business days on average to appear. Your payment is treated as a crypto sale, so you’ll have to keep track of how much crypto you spend on bill payments, but don’t worry about any additional conversions that happen on our end!

What happens when you pay bills with non-stablecoin assets on Spritz:

When you pay a bill with non-stablecoin assets like $ETH, $BNB, $MATIC, $WBTC  or others on Spritz, we handle the swaps and off-ramping for you.

To set up a payment, select the bill you would like to pay and click on “Pay with crypto.” From there, select the crypto you’d like to pay with and note how much you want to pay in USD amount. Don’t worry about calculating the swaps! After you set up your payment, approve the transaction in your wallet to submit it. Here is how the process works:

1. On our end, we’ll swap your non-stablecoin crypto for a stablecoin like USDC, DAI, or USDT. For payments on the Polygon network we use QuickSwap to facilitate swaps, and similar DEX services for Ethereum Mainnet and BNB Chain networks. Your transaction is treated as a crypto sale, so you’ll only need to keep track of how much crypto you off-ramp in order to pay a bill.

2. When you pay your bills with non-stablecoin  tokens there is an added step on our end. We take the maximum amount that might be needed to facilitate the swap from crypto to fiat, and then return any that might be left over to your wallet once the transaction is complete.

Think of it like setting the slippage tolerance when you use a decentralized exchange.

3. You’ll have to cover gas fees with a little bit of MATIC, ETH, or BNB (depending on the blockchain network you choose) when paying with either crypto or stablecoins, but it shouldn’t be too much.

Regardless of what token you make a payment with, Spritz does the hard work by letting you off-ramp and pay bills in a single transaction.

Going bankless is all about getting more freedom, which Spritz offers with an app that gives you greater financial freedom, flexibility, and control.

Click here to join the Spritz beta today and start paying your bills with crypto!

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