GRAFT: Receive and make payments using cryptocurrencies

wakanda (38)in #cryptocurrency • 6 years ago (edited)

INTRODUCTION
Payment processors are an integral of any business that sells goods, and some that offer services. Been able to offer varieties to customers has a retaining effect, and ensures that revenue grows as new markets are conquered and new customers are gained.

**GRAFT : BUILDING AND IMPROVING ON EXISTING TECHNOLOGIES** Previously, the adoption of cryptocurrencies by businesses have been hampered by a number of factors. Chief among these are transaction times and transaction costs. For some popular cryptocurrencies, transaction times can take hours, and for another transaction costs are not fixed. Imagine a customer waiting for a request to be fulfilled in this case, or in the latter, a customer paying for a sock, using this cryptocurrency!

*Before GRAFT* GRAFT (Global Real-Time Authorizations and Funds Transfers) is a blockchain based decentralized solution that ensures that businesses can receive crypto, in exchange for goods sold, or services rendered. Built on the success of previous payment solutions such as PayPal and credit cards, GRAFT has been able to ensure that the downsides of blockchains have been drastically improved on, while still having some added benefits.

GRAFT
will make use of a feature known as Real Time Authorization, to ensure that transactions are carried out almost instantly, and these transactions can be confirmed both online/offline. This is made possible with the aid of supernodes, which ensures 24/7 uptime, and businesses will not have to settle for less.

Transaction fees also vary from 0.2% to 0.75%, as compared to as high as 3% with respect to credit cards.

GRAFT
also ensures that integration of its application is done using already existing solutions. No need for extra hardware. Businesses also have access to mobile POS that is available on android and iOS, giving them a variety of channels to effectively carry out transactions.

With GRAFT
With CryptoFind, users will be able to locate businesses that accept cryptocurrencies, and which cryptos they accept, in their locality. Businesses will be able to list their businesses, highlighting their services, and customers can also carry out modifications about the business listing. These changes can only be effected, when access is granted by the owner of the business. When such additional information is effected, such users are rewarded, thus ensuring that everyone strives to make the platform a better place.

GRAFT
multi-currency wallets for iOS and android are also available. Users without wallets will also be able to carry out transactions, but there are a number of benefits users stand to gain, by making use of it.

How GRAFT
will change the payment processing industry?
With the implementation of this solution, the payment processing industry will become the better for it, because other processors will be forced to review their transaction fees, and look at what other benefits they can offer to customers, while ensuring that their fees remain minimal. Infrastructure will also improve, and organizations will ensure that their R&D department is grinding hard to create innovative solutions. In this contest, there could be only one winner: The industry/the customers.

With all these going on, it will also ensure that the industry grows, and there will be a boost in revenues.

**How is cryptocurrency acceptance lacking for traditional purchase use?** Pre-GRAFT’s solution, cryptocurrencies had extremely poor transaction speeds, especially for smaller transactions. Ethereum’s transaction fees can be hard to tell at times. Also, being able to have some privacy was an issue on the blockchain.

Other reasons they were behind are:

Trust issues
A Lack of support offline
No customer support
Inadequate security
Volatility
Scalability
Questionable Utility
Unsuitable payment flows
Lack of essential transaction types.

**How will GRAFT 's RTA system allow merchants to operate their business as usual?** GRAFT’s RTA system ensures that transactions are almost immediate, thus doing away with a major problem of blockchains. Being able to process transactions at lightening speeds, while having additional benefits not offered by traditional payment companies cannot be ignored.

They can also be rest assured about uptime as well, seeing RTA makes use of supernodes, and any node can be called up, when needed.

**What is the benefit of having software that can integrate on top of existing merchant devices?** This ensures that businesses do not have to learn how to use complex devices, or staffs needing to be trained all over again. Imagine a Fortune 500 company, having to train designated staffs across different branches on how the device operates, before learning how to use the interface. If companies had to purchase such devices, or factor them into the total cost of integration, this figure could run into millions.

Being able to deploy the application on existing devices ensures that businesses can be up and running in a matter of minutes, and will not have to jump from one device to another. It brings convenience and also gives businesses one more reason to come on board.

Feature Comparison

**What will be the impact for merchants and customers, having the ability to pay with and sell for any form of payment?** Flexibility and not being limited increases the likelihood of products being sold. In times like these, many young people tend to hold crypto, and not catering to them means that businesses miss out on an opportunity. Business will also be able to grow their revenue as a result of this, and show massive gains, in what will have been losses to payment processors. With businesses being able to accept payments from GRAFT in any form they deem preferable, they are able to decide to only balance their books in one currency, and make savings from having to convert all sorts of cryptocurrencies earned.

Customers are able to use one solution to handle all their crypto needs. The need for swapping cryptos via exchanges is done away with, and they can spend cryptos earned, gained, or won in real time. All things will be made easy, and this might even lead to users spending more.

The bottom line is that we will have happier customers, and businesses will be much better for it.

**How do you imagine GRAFT integration changing the way we interact with crypto?** GRAFT integration will ensure that the way we interact with crypto’s will be more improved, seeing the way we could use them have taken a whole new different meaning. At the end of the day, the purpose of money, be it crypto or fiat, is to effect an exchange of goods and services.

Better transaction times and 0 fees will feel like customers have been giving a new lease of life, and there is only one way from here….up!

**How will RTA change the future of crytpo?** RTA will change the future of crypto in the sense that it will lead to mass adoption, and enable more businesses come on-chain, even though it will feel like they never left.

With the demand for more cryptocurrencies, they will become more valuable, and the industry will boom. This will further strengthen the chances of cryptocurrencies becoming a part and parcel of the every day man’s life.

**USE-CASES WHERE THIS CAN BE APPLIED** The great thing about this solution is that it cuts across all industries. Imagine sports teams, being able to sell sport tickets with the aid of GRAFT to a whole new fanbase. Or paying for hotel bills, educational fees and even flight tickets, using cryptocurrencies. This is a real possibility, and I do believe this is here to stay.

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