Tican Payment Gateway is a Top cryptocurrency payment gateway and in today’s article we explore exactly why this is!
WHAT ARE CRYPTO GATEWAY PAYMENT PLATFORMS AND THEIR BENEFIT?
Cryptocurrency payment gateways allow businesses to accept transactions of cryptocurrencies as payment from customers in exchange for goods or services. These systems accept payments from any country and put an emphasis on security due to the nature of blockchain-based cryptocurrencies. Cryptocurrency payment solutions are more in demand than ever as they offer a borderless, transparent and secure way of processing payments. Cryptocurrencies as a payment method offer the following benefits:
✔ Lower Transaction Costs
Credit card payment companies usually impose an average 2 – 4% fee. Cryptocurrency transactions cost much less, with the amount being a low flat fee rather than a percentage of the transaction.
✔ Attract New Customers
As cryptocurrency rises in popularity, more users are looking to pay in crypto and are seeking out participating businesses. This can bring a business a new influx of clients that they didn’t have before.
✔ Immediate Availability
There are no third parties involved in the transaction as there are with traditional payments. Once the payment is successful, the transaction amount goes into your wallet, which can then be accessed immediately. You can then convert your cryptos into your chosen fiat at the end of each transaction or other customised schedule.
✔Eliminate Chargeback Fraud
Cryptocurrency transactions are unchangeable. Once a client has completed a payment for a product or service, the money goes straight into their account. Unlike payments by credit card, charges cannot be reversed.
✔ Safe and Secure
There is the added benefit of payments being safer as well as less vulnerable to fraud and DDoS attacks than traditional payment systems.
TICAN PAYMENT GATEWAY FUNCTIONALITIES?
Plugins/Apps for Ecommerce Platforms
We are developing several free apps/plugins for popular ecommerce platforms that online store owners can simply integrate into their websites and start receiving crypto without hassle. These apps would be available for download/testing from our GitHub repository.
Payment Gateway API
Just a small percentage of ecommerce websites are willing to accept cryptocurrencies. This is mainly because of:
1. Market fluctuation; they don’t want to take the risk. Example: Today, a customer is buying a drone for $5,000 and wants to pay in BTC. Bitcoin’s fiat value is $10,000; the customer will pay 0.5 BTC. Because of crypto market volatility, the next day, the value of BTC drops by only 5% to $9,500, which means the merchant would have the equivalent of $4,750. Furthermore, the merchant has to pay his supplier in USD or another fiat currency; hence, he needs to either use one of the online services or exchanges to convert it to USD and obviously pay the exchange rate, and in some cases, withdraw fees, so by the end of the day, the merchant may actually only receive $4,500, which does not make sense financially.
2. Volatile price tag; tracking and maintaining the pricing of many different cryptocurrencies in different exchanges is hard, and in most cases, impractical.
3. Hard integration; most cryptocurrency gateways are very hard to integrate with traditional online shops, which have been designed to work in the fiat economy. TICAN Payment Gateway API, which is an open-source API and available in GitHub, will let anyone create his or her own payment gateway within the TICAN iFiat Ecosystem and run on TICAN blockchain.
Tican Payment Gateway – Mobile App for Users
Bitcoin was introduced to the world as the first cryptocurrency in January 2009. Bitcoin’s blockchain settlement was very fast and cheap, but now it is almost impractical to use. Therefore, more attractive cryptocurrencies have been created and will come in the future. As each cryptocurrency needs to be stored on their own blockchain, it is increasingly more difficult for users to manage their crypto-assets.
The problem is how to spend these assets in the real world. Recently, few companies have tried to make a basic application to buy back users’ cryptocurrencies and deposit fiat currency into their Visa cards or Mastercard accounts, but they all have many problems.
In Tican Payment Gateway user app, users can deposit five crypto assets, including Bitcoin, Ethereum, Litecoin, USDT, and Ripple. Users are able to instantly, and with the best global exchange rate, convert any of their crypto assets to any iFiat (i.e. iUSD, iEUR etc.). This is one of the most important elements of TICAN because it lets users and merchants send and receive money almost instantly and for free, or users can choose to deposit the cash in their bank accounts or load their cards and use it in over 30,000,000 stores worldwide.
Mobile App for Marchants
Our extensive research on the crypto economy challenges shows us that the main element of slow flow in this economy is not necessarily existing payment methods and tools; rather, it’s on the merchant side. Although there are several ways of exchanging crypto assets to fiat currency and then spending it in stores or online, there aren’t many practical, agile and cheap solutions on the merchant side.
We also understand that although there are currently few solutions that let merchants accept cryptocurrencies, the biggest concerns of merchants are market fluctuations and high fees. As merchants mainly need to pay their expenses, including suppliers, employees, rent and other expenses in fiat currency, they don’t want to accept the risk, even if they get a few more customers who like to spend their crypto assets.
One of the other concerns is that having multiple physical POS terminals is not viable for the business: first, it’s hard to manage, and second, it’s expensive to pay the rental fee, especially as they may not get enough customers to cover the fees, and there is still no dominant company to support these physical devices. Conversely, traditional POS terminals are expensive in rental and fees, and we believe the Tican Payment Gateway merchant app and TICAN POS terminal are the ultimate solutions for all of these problems.
With different blockchains designed for different purposes, we realised that we needed a specific blockchain to meet our criteria and be independent of other current, multipurpose, slow, expensive blockchains. Some of the TICAN blockchain capabilities are: high speed, very low transaction fees, scalable, smart contract, decentralised, minable, secure, token generator engine, block explorer.
The comprehensive and defined API Suite on REST API standard, which has been secured in multi-function security pattern, has been designed to not only work as another income generation stream for TICAN coin and token holders, but also to let anyone use TICAN as a white-label solution to acquire more customers. Obviously, the cost of this API Suite is in TICAN. The pricing schedule for the APO Suite involves different API call limits within which customers should deposit a minimum number of TICAN token as a credit for. Hence, they should keep depositing as long as they use this system.
Hybrid Banking Services
Get an account which is more efficient than any existing bank account in the world, for all your local and international banking. Whatever your need, we make it easy by providing you with a unique online banking experience.
Our Hybrid Banking Services will be Fully integrated with local payment networks such as SWIFT, ACH, NEFT, FPS, Wire, SEPA, RTGS, and many more for the transfer of existing central bank issued currencies.
Tican account will also handle the new generation of asset class such as Bitcoin, Ethereum, Litecoin, Ripple, USDT and Tican coin
Physical POS Terminal Point
Currently, the TICAN POS terminal is available in two types, for mobile users and for physical stores, and both come with unique features, including but not limited to the following:
Unlike traditional POS terminal solutions, which are limited to a specific region, TICAN POS terminals can be used everywhere in the world without infrastructure limitation!
2. 0% transaction fee
While currently, merchants have to pay between 0.5% and 3% transaction fees to their banks, financial institute or POS providers, as TICAN POS terminal sits on TICAN iFiat Ecosystem, which runs in TICAN blockchain, merchants won’t pay anything when they receive the funds in their iBucket wallet.
3. Instant settlement (24 x 7 x 365)
In traditional POS terminal systems, banks or service providers usually limit their merchants to performing settlements only once or twice in a day. Even after 24 hours of this settlement, they may not access their funds for various reasons. Running transactions on TICAN iFiat Ecosystem resolves these issues with real-time settlement because as soon as a customer pays, the funds become available and spendable in the merchant’s wallet.
4. Secure connection
This is a decentralised ecosystem, and because there is no middleman to handle transactions, all transactions are performed on the TICAN iFiat Ecosystem blockchain with unique and traceable TX ID, which is trackable in TICAN block explorer. For other connections (commands, user data, etc.), from a POS terminal to our cloud hosting, we used a secure method that included hashing all data with a public key and a nonce; then the hashed payload and nonce will be sent to the cloud, and a server will decrypt it by using a private key, while the whole process runs on SSL context with a valid CA certificate, which is a symmetric 256-bit encryption on a X.509 certificates.
5. No lock-in contract, no exit fee
In order to encourage merchants to use TICAN POS terminals and, as a result, to grow the TICAN POS network, there won’t be any lock-in contracts; all they need to pay to have this service is a one-off fee in TICAN token, plus a small monthly fee in TICAN token for maintaining this infrastructure. Also, merchants can return the terminal as soon as they like without penalty.
6. NFC/RFID support
In-store terminals (desktop) can support NFC payments, so instead of showing QR codes, users can use NFC to pay (similar to Visa PayWave or Mastercard PayPass).
7. Selling virtual goods
In order to offer incentives to merchants to use the TICAN POS terminals, they can also sell virtual goods directly on the POS and get commissions for them. As all these transactions would happen on the iFiat Ecosystem using TICAN API Suite, these items can be provided by any supplier who is willing to sell their services to TICAN users.
8. Never lose a dollar!
In traditional POS terminals, if for any reason a terminal is damaged physically, through faults in their applications or because of electronic shock, it’s quite possible that merchants may lose their whole day’s income if they don’t settle on time. In the TICAN POS terminal, this is prevented because of its decentralised nature; as soon as users pay, the TICAN POS terminal will sign into the iFiat Ecosystem and, as all the funds are logged in TICAN blockchain, the merchant can access it from any other device and spend it or cash it out.
WHAT PROBLEMS DOES Tican Payment Gateway SOLVE?
When we set to design the Tican Payment Gateway, we observed a number of core problems with the use of cryptocurrencies that were not yet adequately addressed. These problems are divided into categories.
1. Crypto-Economy Problems, which include: Lack of comprehensive solutions that can support all aspects of a true crypto- economy; Shortage of white label solutions to allow developers to build their own DApp or DAO on a strong, reliable infrastructure; Highly volatile crypto market; Slow speed and high transaction fee and exchange rate; Expensive and environment unfriendly mining method; Proof of Work (PoW); Inability to convert cryptocurrency to debit/credit funds; The number of merchants accepting cryptocurrency in comparison to the total number of traditional merchants is very low.
2. User-Facing Problems, which includes: Lose the value of users’ crypto assets in poor exchange markets; Slow transaction speeds, taking from a few minutes to days to settle a transaction; Managing several different coins and tokens that need different wallets.
3. Merchant-Facing Problems, which includes: Merchants are unsure which currencies to accept; Business suppliers may not use cryptocurrency; Slow transaction settlements; Many providers take days to pay the merchants.
The solutions we are offering are also segmented into categories:
1. Crypto-Economy Solutions, which includes: Tican Payment Gateway considers all aspect of a true crypto-economy in its 12 functional modules; TICAN API Suite will let all users express their innovation and improve the crypto-economy; Market volatility has been taken care of in TICAN iFiat ecosystem; By running the whole ecosystem on the TICAN blockchain, transactions are far cheaper and faster; TICAN blockchain work with Proof of Stake (POS) mining, which has lowest impact on the environment; Easy conversion from TICAN to Virtual credit cards; TICAN can integrate with almost all the existing in-store merchants or e-commerce websites globally.
2. User Facing Solutions, which includes: By enabling the optimal transfer of user’s Bitcoin, Ethereum, etc. to iFiat through an automated AI bot, users get the best spending value for their crypto assets; By introducing a new blockchain with near-instant settlement speeds, the practical application of the TICAN currency is immense; Users will be able to keep and manage up to 17 different coins and tokens from different blockchains in TICAN’s multi-currency wallet application (currently six coins are available).
3. Merchant-facing Solutions, which includes: TICAN (TICAN) currently accepts five most important cryptocurrencies: Bitcoin, Ethereum, USDT, and Litecoin, and we plan to increase the total number of coins to over 17, making the choice to transact via the TICAN platform an easy one; Merchants would receive the exact dollar value every time; By allowing transactions back to cash, merchants are assured that they can transfer to fiat money quickly for everyday use in their business; In the TICAN iFiat Ecosystem, all funds are immediately available and spendable for the merchant.
Tican Payment Gateway has sophisticated architecture not only resolves these problems but also allows its end users to keep and manage their crypto assets through a one-stop app by having an AI engine. While letting anyone develop their own business models on the platform, using TICAN API Suite also provides the most reliable platform for merchants who do not want to risk crypto market fluctuations.
We decided that the only way to solve these problems, unlike in the traditional crypto- economy, is a multipronged approach; users need more optimal ways to spend their money, merchants need easier ways to accept funds, and developers and businesses need a comprehensive protocol to develop their own App, DAO, and so on.
THE BENEFITS OF TICAN BLOCKCHAIN
The TICAN blockchain has the following capabilities:
1. High Speed
TICAN blockchain’s block size and block time are influenced by Ripple, Steem and Waves-NG blockchains, and use similar principles to have the fastest transaction settlement speed, while there is no need for multi confirmation as it’s run inside iFiat Ecosystem (however, developers can design their app to ask for more than one confirmation).
2. Very low transaction fees
Using our tailored blockchain, we can greatly reduce the cost of transactions, making them almost free (there is always a fixed transaction fee of 0.0001 TICAN; this cost exists to protect TICAN blockchain from spam attacks). This will ultimately encourage users and merchants to use the whole ecosystem without worrying about transaction fees, rather than relying on traditional blockchains with much higher costs, which are not suitable for micropayments.
TICAN blockchain consists of three microblocks, and one key block will allow thousands of users to have concurrent transactions without delay.
4. Smart contract
Our development team is working on releasing specific types of smart contracts for TICAN blockchain, which are aligned with future requirements. Our main focus is to make it easy so developers don’t need to learn a completely new programming language. We are anticipating that the smart contracts will be ready to release to the public by Q4 2021.
TICAN blockchain will always remain decentralised. We welcome anyone who likes to host and run a node, after we switch to main net.
6. Token Generator Engine
(We would suggest you study the TICAN iFiat Ecosystem section before reading this part) One of the fundamental modules in TICAN is the token generator engine; in order to issue iFiat tokens (i.e. iUSD, iEUR etc.), we’ve used the TICAN token generator engine, and we have created these tokens to facilitate transactions between iBuckets inside the TICAN iFiat ecosystem. However, anyone, including individuals, businesses or developers, can create their own customised internal digital currency or tokens, which can be used for anything from running an IEO, buying a gift card, operating a loyalty program or issuing fiat pegged tokens and much more. Everyone can either use the TICAN token generator GUI or TICAN API suite in order to generate reissuable or non-reissuable tokens. This has a one-off cost of 50 TICAN coins. After the tokens are issued, transaction fees remain at a fixed amount of 0.001 TICAN.
7. Block Explorer
Like other blockchains, TICAN blockchain has a detailed block explorer, which is currently used to track all transactions within the iFiat ecosystem and is publicly available.
Tican will surely disrupt the Crypto business with its plan for ecommerce with a difference and hybrid banking services
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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