Change the way we handle paying for subscriptions

Change the way we handle paying for subscriptions

Subscribing to services is a serious bottleneck:
Currently all expenses within Giveth are paid from one credit card that is also used privately. Only two people have access to the credentials and we can’t scale it due to operational risk. What it comes down to is that all subsciptions are handled by System Administration and devops as most subscriptions deal with our IT infrastructure. However - needs by other workgroups are handled inefficiently, or worse, not at all.

Solutions:
The easiest way to solve this is to have a dedicated, crypto native, bank account or at least a service offering a crypto native credit card. The biggest PRO for an actual bank account is that card are quite often canceled/renewed on a whim (if i.e. the card issuer for the financial institute changes) and always have an expiration date which is usually caught only when the first payment fails, or worse, once services go down due to unpaid bills.

Expected duration or delivery date:
We should move fast, because in reality I mentioned this countless times over the past years. However, the ecosystem around us has matured and some good products are available that would manage to have an inflow in crypto and payouts in FIAT.

Research:
A lot of different services exist, but I selected candidates that seem most promising to me, please give your feedback and own suggestions in the comments.

Incorporated bank (US) with crypto capabilites - designed for businesses:
Bank Prov

Fintech company (UK) offering both FIAT and crypto accounts (I am using this personally):
Wirex

Specialized financial service, catering to DAO needs specifically (thanks for the tip Marko! - this is currently being tested by General Magic, great feature set but seems to have a long road ahead still)
Swype


One thing to note: If we go with a service catering to businesses the NonProfit could open and manage the account. For something like Wirex, an individual needs to open the account and then give it to Giveth (there might be volunteers for this, but ofc there is some risk of personal liability)

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Great post @geleeroyale ! Good points. Curious, which of the 3 do you recommend? My hunch is opening it up as a business (non profit) is better than as an individual account for signing and permissions capabilities and visibility. Also with individual account that’s a single point of failure like we have now, so thinking doing it as a business is better.

there is a few others, i’ll try to post them here soon as i can.

thanks for taking this on

Hey team, I second nominating Swype. There are still in Beta but it’s super simple and the team is very responsive. They give you a Credit card that you can fund from Mainnet, Polygon or Arbitrum. The only catch is that you need to be a US citizen (so one of the US citizens on the team would need to set it up. They just ask you for your SSN and an address). In terms of personal liability, I’m not a lawyer but I think it’s minimal. You’re basically just creating a crypto exchange account (similar to FTX, Binance etc.) and the volume of expenses we have are not super high.

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