All Payment Technologies Combined Together
Most merchants are unable to accept cryptocurrencies without third-party payment processor due to uniqueness of the way blockchain networks process transactions, which is conceptually different from traditional electronic payment methods such as payment cards or Paypal. Although the overall concept of plastic card payments may have been outdated, there are technologies developed around them that accumulated enormous amount of merchant experience and user trust which cannot be abandoned overnight.
Accept Cryptocurrencies and Credit Cards
In order to provide the best user experience for buyers and better conversion rates to merchants, Graft payment transaction can take various convertible cryptocurrencies or local fiat currencies in a form of credit/debit card as an input. Automatic instant conversion will help adopt Graft payments by mainstream users who are not familiar enough with cryptocurrency ecosystem and still feel more comfortable with traditional method of payment, but seek better security, privacy, and full anonymity of their transactions.
Merchant Payouts in Cryptocurrencies or Local Fiat Currency
Graft will support Bitcoin and several major cryptocurrencies as both additional choice for buyers and acceptable method of payout for merchants. These features will eliminate the need for merchant to integrate with multiple (centralized) payment software providers, and for user to sign up for centralized services and learn and maintain multiple wallet apps. Merchant can decide to receive their proceeds from transactions in other cryptocurrency such as Bitcoin or local fiat currency. In this case, the output of the transaction will be processed by service broker, as part of the same transaction, or later, depending on merchant settings. This ensures that the sale will pay the merchant the exact local currency price.
Reed Graft white paper to learn more