The adoption of blockchain technology also touches the payment processors. The Utrust Platform is a payment processor solution that allows merchants to accept multiple cryptocurrencies from buyers as methods of payment while receiving such payments in fiat currency.
Utrust’s payment mechanism is explained as follows:
The Buyer pays with any major cryptocurrency, with a low conversion fee, or with the Utrust currency with the zero conversion rate. The funds are immediately converted into fiduciary money to protect the seller from market volatility. Utrust keeps the funds and releases to the seller, adjusted in a time frame. The Seller receives the funds in fiduciary currency and can withdraw them to a bank account, keep it in Utrust’s portfolio, or convert them to another cryptocurrency, as he sees fit.
Utrust cover all purchases of both goods and most services.
Unlike traditional payment systems that take most of the time to approve payments due to the high risk of fraud, and require the submission of multiple documents, Utrust approves payments immediately and makes the process smooth for both parties (buyer and seller).
The Utrust platform also provides both buyer and seller the lowest exchange rates by using advanced analytics that connect to multiple crypto currency exchange providers. Services like PayPal and Bitpay provide extremely high internal exchange rates, which makes them unattractive.
In terms of fees, Utrust charges sellers a flat rate of 1% on payments received. Other services like PayPal charge a flat minimum rate of 2.9%, but may go above 5% after all “hidden charges” are accounted for.
Utrust accepts the most commonly used crypto-coins in the market (Bitcoin, Ethereum, Litecoin, Dash Monero and others) and which cover a larger percentage of the total capitalization of the cryptographic market. Other services such as Bitpay only accept Bitcoin, restricting its market to half of the total market cap. As more digital coins are created and added to the market, their captured percentage will only be reduced further.
In Utrust the user has control over his own private keys and funds, and Utrust can not even access his portfolio. Traditional centralized solutions have a poor track record in keeping your funds secure.
Sellers will be protected against credit card fraud and unpleasant returns, a common occurrence in traditional payment services that still dependent on credit cards.
Utrust extends consumer protection by covering both physical and virtual purchases. Full coverage of all eligible payments made through the Utrust platform is guaranteed.
Regarding dispute resolutions between the parties to a negotiation, traditional solutions like PayPal have a long waiting period for transaction resolutions, while collecting evidence from both sides independently, making it a slow and painful process . In Utrust they provide a self-mediated resolution mode between parties and an advanced 3-part resolution dispute mechanism, which allows both parties to talk in real time, guided by one of our resolution mediators. They are looking for make it quick and easy to resolve conflicts.
Utrust is not just a payment processor. It also has its own cryptonnet – the UTRUST (UTK). You can buy / sell / send / receive your UTK on the platform, convert it into fiduciary currency, in another cryptocurrency, or simply keep your currency safe in your wallet and see its value grow synergistically with the platform. Transactions using the UTRUST token will be converted internally and will benefit from the zero exchange rate, which will encourage its use.
UTRUST will launch an ICO that begins next October and aims to raise enough capital to develop and establish this payment platform in the world of cryptography and become one of the first companies of Fintech digital payments.
1,000,000,000 (1 billion) UTK tokens will be issued. The reference value is US $ 0.065 (6.5 cents). BTC and ETH are also accepted.
At this stage each ETH / BTC wallet is accepted, including your account / wallet of your favorite exchanger. It will only take an ethereum wallet (not an exchanger) to retrieve the tokens once the ICO is closed.
You can see all the details on how to invest in this ICO here https://s3-eu-west-1.amazonaws.com/utrust/utrust-guide-invest.pdf and also consult more details of the project in its White paper.
By the Crypto-Economy team