Since the digital world is the current state of affairs, there is the need to manage cryptocurrency accurately. One such game changer for Crypto users who wish to use their crypto holdings for the general purpose of transactions is the Spritz Crypto Card. As important as using your card itself, understanding how quickly your crypto transactions are processed is very important. The timing of your transactions will impact your finances if you are paying bills, transferring crypto, or loading your spritz crypto card how l ong. In this guide we will tell you how long it takes for Spritz Crypto Card transactions (time to confirm) and some tips to have a smooth and efficient experience.
What is a Spritz Crypto Card?
So, just before we go over transaction times let us just quickly see what the spritz crypto card how l ong is and how it works. Basically, Spritz is a virtual debit card on cryptocurrency holdings. You can use it to spend your digital assets exactly the way you would as you would with any ‘traditional’ debit card. The most beautiful part of the Spritz Crypto Card is that it converts your crypto into a live world spending money. It is very versatile because you can use it at any merchant that accepts Visa.
But to take advantage of this convenience you need to know how your transactions are processed, and a number of factors that can affect timing. Let’s break it down.
Types of Transactions with Spritz Crypto Card
With the Spritz Crypto Card, there are three main types of transactions you will need to handle.
- Off-Ramping Crypto to Fiat
- Bill Payments
- Loading Funds onto Your SpritzCard
There are timelines for each type of transaction so let’s see how long you should be waiting for each of them.
1. Off-Ramping: Converting Crypto to Fiat
The term for converting your cryptocurrency into a fiat currency (USD, or any other currency which you can actually spend) to spend it in your everyday life is known as off ramping your cryptocurrency. One of the most popular uses of the Spritz Crypto Card is to simply provide access to your liquidated digital assets whenever you need them.
Real-Time Payments (RTP) Network
In the case that you want to send funds to a bank that’s a part of Real-Time Payments Network (Real-Time Payments), the process is fast. RTP is supported by banks such as Bank of America, JPMorgan Chase and Wells Fargo, thus assuming that your transaction be processed within an hour.
Why is this important?
With RTP you will be able to make near instant transfers, so if you want to access your funds quickly then this network is what you want. RTP speeds up the process of transferring your crypto as you can spend it almost immediately.
Transactions to Non-RTP Banks
Things are different if you are transferring to a bank that is not part of RTP network. Transactions will be cleared through the Automated Clearing House (ACH), an off batch payment system and operates during business hours. Because of this, ACH transfers generally take 1 to 3 business days.
Although this will be less speedy than RTP, the ACH is a very common type of transfer and still in use. It is reliable, and it takes a bit more time but it’s established.
2. Bill Payments
The feature that will enable people to use the crypto they hold on their Spritz Crypto Card to pay for any type of real world bills, like utilities, rent, subscriptions, and the like is one of the key things that built the Spritz Crypto Card. There are seamless crypto to bill transactions supported among the platform which further simplifies things.
Bill Payment Processing Times
Sending crypto to a bill provider doesn’t occur instantly. Once confirmed, the payment is processed and it usually takes 3 to 4 business days for payment to clear. Then the provider will make the payment post to your account.
- Pro Tip: It is a good idea to pay off your bills early enough so that the payment can clear and avoid any late fees.
3. Loading Funds onto Your SpritzCard
To load funds onto your spritz crypto card how l ong, you almost top up your pre paid debit card. The first key advantage here is that everything will be loaded instantly. Once you turn your crypto and put the amount on your card, the funds come into your card immediately.
Although, there are sometimes that a load will not appear immediately. If it happens at all, it is most of the time because of technical issues or network delays. If you should encounter any discrepancies, the Spritz support team will swiftly help to resolve them.
Factors Affecting Transaction Speed
As such there is a few factors that can influence the processing speed, however the basic timelines for transaction types are fairly clear. Knowing these can prepare you from your unnecessary delays.
Bank Network Capabilities
The biggest factor that determines how long it will take for your transactions to finalize is whether you are sending it to a major bank. If your bank is on the RTP network you’re in luck as your transaction should be swift. However, if not, and you’re banking on ACH, you’ll have to wait longer.
Transaction Confirmation and Block Times
In the case of crypto to fiat conversions, the transaction has to be confirmed on the blockchain. This will give us some time in which to add, and this will be small time before the transaction is completely done. This confirmation will be taken anywhere from seconds to several minutes depending upon the crypto on which you are using it.
Tips for Faster and More Efficient Transactions
Finally, here are some tips for you to get the best out of your Spritz Crypto Card transactions:
- Choose the Right Bank:
If speed is important for you, you should choose a bank that is part of the RT network and paid within an hour.
- Double-Check Payment Details:
Make sure to double check your account details either if you are transferring funds or if you are paying a bill. Same accuracy is applied, so if incorrect information, the data filling may get processed, but will cause delays and might fail with a transaction.
- In Advance Plan for Bill Payments:
That is, be prepared with the fact that bill payments may take up to 4 business days. Paying early for your bills means you’ll avoid the fee or penalty if your bill is overdue.
- Monitor Your Transactions:
Look out for your Spritz transaction status through the Spritz app. Contact customer support right away if anything looks out of the ordinary.
Conclusion
Spritz Crypto Card is a new way to convert crypto to fiat and use it for daily expenses. It is important to know and understand the transaction processing times the card is associated with regarding financial. For example, if you know that the exchange will take 24 hours to convert crypto to fit, the risk of being on the wrong end of not receiving transaction completion will be reduced.
With the aid of the transaction types explaination and taking into consideration Real Time Payments network, you should be able to use it to the fullest. Like with any money tool, remain educated and available for your transactions.
