How VeriME benefits its Partners
VeriME is all about simplifying the tedious task of performing KYC and payment verification for customers and retailers. Having cracked key deals with partners across the globe, VeriME is all geared up to commence its token sales from the 1st of March, to a great reception. We take this opportunity to educate like-minded prospective partners about the benefits of joining the VeriME platform as a partner.
On the VeriME platform, the partners are of two types:
- The Primary Partner: It is the partner that performs D-KYC with a specific customer, for the first time.
- The Secondary Partner: When the same customer conducts transactions with other partners, these subsequent partners are designated as secondary partners.
To ensure equitable sharing of revenue among all stakeholders, VeriME rewards the Partners, based on the service used i.e. D-KYC or D-SECURE. The revenue is generated by the payment of service fee by the partner, on successful D-KYC of the customer.
When performing D-KYC on a Customer, a Partner is required to pay a service fee in the following 2 scenarios:
- A Customer performs D-KYC for the first time through VeriME. In this case, this Partner(primary partner) pays only a part of the entire fee applicable.
- A Customer who has performed D-KYC through VeriME with another partner (let’s call him A). In this case, this new Partner (let’s call him B) is called secondary and will be charged the full service-fee amount.
The primary partner is also entitled to a referral fee which is a fraction of the total service fees paid by the secondary partner.
The first 2000 VeriME partners will be issued 30,000 VME tokens (that can perform 10,000 basic KYC) as a reward for supporting us in our initial stages.
What this means for the partners is that if they buy tokens during our tokensales, they can use them for any of the following:
Use these VME tokens to perform D-KYC of their customers.
Keep a few tokens in reserve till their utility appreciates.
Sell these tokens on a supported crypto-exchange to those willing to pay the desired price for it.
The demand for VME tokens will increase over time because, the total number of VME tokens is limited, while the number of transactions being conducted by VeriME partners is bound to increase. Thus, if it takes X VME to perform a basic D-KYC at the time of the tokensales, it will take less than X VME for the basic D-KYC in the near future. This is less of a projection and more of an eventuality.
The full-service fee that the Partner has to pay for each D-SECURE transaction through VeriME is divisible into fees for the customer (usage fee), VeriME team (processing fee), and the primary partner (referral fee)
Since the number of transactions (KYC and payment authentication) will increase because:
- The number of partners will increase
- The number of customers on these partners’ platform will increase
The utility of the VME token will appreciate in consonance with the increased demand. As the world grows increasingly digitized, and the number of people preferring online transactions to offline methods increases as well, the VaaS services provided by VeriME will command a premium valuation that reflects the increased utility of the service, in comparison to outdated traditional methods.