This post is for @OriginalWorks' Sponsored Writing Contest about GRAFT, a Global Decentralized Payment Processing Network. You can find more information about it here.
Over the years, we have discovered different ways to purchase services and products, from treks to the use of applications, all of them in order to generate benefits from both sides after the transaction is over, so we can consider these activities almost part of our daily life since we do some activity almost daily that involves some of the things already mentioned.
In recent years, the methods that have dominated this "market" for payment methods (to put it mildly) have been the use of debit and credit cards, the use of transfers from either a web platform or an application and, although they are becoming increasingly outdated, the use of checks. As the technology has advanced, people have decided to use the most practical and simple method in order to speed up the transaction and obtain the fastest service or product without any problem.
However, not everything is rosy regarding the use of payment methods. With the most people using it and the demand on it, problems come.
Nowadays, it is common to hear about platform problems and incompatibility with regard to payment methods by merchants to consumers, due to a system failure selected by either of the two users.
Problems that are reaching even one of the newest payment methods within the latest technological advances, the cryptocurrencies payment methods.
Although they are currently not very well known, they have gradually opened their way as a method of payment, but like traditional methods, they are also far from perfect, especially with regard to their speed of transaction, centralized methods and lack of acceptance of market-leading cryptocurrencies.
In order to solve this to give cryptocurrencies a chance to be the #1 payment method, GRAFT comes up with a solution.
“GRAFT is a retail-oriented payment blockchain and a decentralized alternative payment processing network that brings cryptocurrency to the point of sale and beyond.”
GRAFT's goal is to incorporate cryptocurrencies as payment methods, this will hugely help the normalization of cryptocurrency in the daily life. Solving the problematic of the disponibility of cryptocurrencies in this current systems, using the already existing Point of sale (POS).
Graft bring a lot of features to the table, some are:
This a multicurrency wallet designed to manage and observe your GRF holdings.
Is an app that lets you discover and save a list of business, stores or merchants that accept cryptocurrencies as method of payment, helping create a database of this business and you can win GRFT Token.
This app is aimed to the smaller merchants who can´t afford or don´t have an Point of Sale terminal, also it can be used for anybody that want to improve their fiat POS with a crypto POS, augmenting their incomes.
Graft integrated their system in a verifone and ingenico payment terminals. Allowing the installation of the application into the terminal for free!!. No complications. Not headache. Permitting an easy integration of cryptocurrency income to the business, and enabling at the same time the use of credit cards and debit cards.
The majority of times, credit cards charge the merchant or business owner, with a percentage for the use of that card in a purchase, from 2% to 3%. But Graft fee is constant, meaning that it will not change his valued according to the amount, this fee is 0.5%, plus 0.25% to 0.75% for SLA & services.
Graft work with the use of RTA(Real Time authorizations)
“Real-time transactions are proliferating as financial services providers introduce faster payments services which better serve the needs of businesses and consumers in the always-connected world. The requirement for reliable instant authorization to control risk at the transaction level has never been more critical.”
This ensures that all the payments that have been realized will be authorized and processed by the system in near real time, also allows the buyer to pay with any currency that he/she see fits and in the same time the merchant will receive income in their chosen currency as well.
The integration of GRAFT into our daily lives will undoubtedly change our relationship with cryptocurrencies, as it will allow us to better understand how they work and that accessing them will be much easier because of the benefits they provide us, it will be much easier to use them, as it will be like using a debit card or a simple payment application, in addition, thanks to the RTA, making transactions will be much easier and safer because they will be done instantly, facilitating both the day of merchant and consumer.
Thanks for reading.
graft2018
