MF CHAIN: A PLATFORM FOR CRYPTOCURRENCY PAYMENT

The cryptocurrency phenomenon has provided the world with a startling use case for blockchain technology. Indeed, the total market cap of all currently active cryptocurrencies exceeds the GDP of over 100 countries.

Modern Finance Chain allows consumers to purchase goods and services from merchants creating a cost-effective cryptocurrency payment ecosystem that rewards the consumer as well as the merchant. We are creating a sustainable cryptocurrency payment system that consistently adds value for merchants and consumers, thus counteracting the payment system problems associated with traditional merchant-consumer payment transaction protocols.

Merchants are rewarded a 1% rebate of their total cryptocurrency volume in the form of MFX Tokens. MFX Tokens are valued based on $1 per token or their current exchange rate, whichever is greater, at the time of settlement. Each month merchant statements are evaluated from the previous month’s processing. Statement evaluation closes on the last day of each month. Rewards payments are settled on the 7th day of each month.

To illustrate, a retail merchant conducts $1M worth of cryptocurrency payments through MF Chain payment solutions from Jan 1 to Jan 31. On Feb 7 the merchant is rewarded 5,000 MFX Tokens directly to the merchant’s digital wallet. These tokens can be collected as a corporate asset or exchanged for USD on the open market.
Merchant controlled settings allow for either keeping the cryptocurrency they’ve received as payment or immediately exchange it for fiat currency settlement which is delivered to their bank account the next day. Merchants have complete control over their funds without the risk of chargebacks or reserves.

In addition to providing the valuable service offering of being able to spend their cryptocurrency at their favorite merchants, consumers are rewarded in several ways. The cryptocurrency payment option includes a surcharge to cover merchant exchange fees. However, when paying with MFX Tokens the surcharge is waived. The merchant surcharge is set by the merchant at 0.5 to 3%. The surcharge is paid to the merchant through MFX Tokens. When a consumer spends MFX Tokens at a merchant using MF Chain processing solutions, the consumer will receive a 1% rebate automatically paid to their wallet. Rebate payments are made once monthly.

Consumer Use

Consumer requests to remit payment using cryptocurrency.
Cashier enters the purchase total into MF Chain mobile device and shows the consumer an onscreen QR code.
Consumer scans the code with any readily available cryptocurrency wallet app on their phone/mobile device. The transaction is confirmed in seconds.

Payment Processor Benefits

Increased margin: collect 100+ basis points.
Increase Customer Base: offer the unique value proposition of accepting cryptocurrency for their business
New Verticals: high-risk merchants or merchants that cannot accept credit cards can now accept digital payments
Increased volume per merchant
Processing partners receive a generous MFX Token allocation

Another backend component of the MF Chain platform is the REST API that enables mobile POS client apps to interact with the platform. The merchant web app and the mobile POS app are using REST protocol communicating with the backend. API endpoints for the mobile app including order creation, tracking the cryptocurrency transaction status, accessing exchange rates and more.

The MF Chain API has integration with the leading cryptocurrency exchange APIs for accessing the exchange rates for the cryptocurrencies. The API also has integration with third-party providers to enable cryptocurrency exchange to fiat transactions directly to the merchant bank account.