The Bulleon Advantage
Existing E-Commerce Payment Models and Their Shortcomings
The existing traditional payment gateway model integrates into an e-commerce website’s shopping cart by collecting payment information provided by customers at the check-out. The gateway then encrypts the data and transmits it to the card issuing bank for authorization.
The authorization response is then sent to the merchant and is displayed to the cardholder. In essence, the payment gateway serves for web-based merchants the same purpose that a point-of-sale (POS) terminal does for brick-and-mortar businesses. Apart from slow transaction speed, this model means cardholders share a lot of personal information in the process and ultimately get to pay, sometimes double, processing charges.
The Bulleon Advantage
Unlike the traditional payment gateway model above, Bulleon e-commerce payment gateway brings on board Blockchain smart contracts crypto technology to speed up the process more securely and privately, eliminating the issue of double transaction charges while doing so. With the Bulleon merchant account service, merchants can accept cryptocurrency in place of fiat through a seamless connection of the merchant’s physical and/or virtual check-out tools with Bulleon’s crypto-fiat exchange interface.
How it works
(a) For Non-Crypto Cardholders
1. The cardholder fills out an online payment information form to pay for a purchase at an ecommerce website’s check-out.
2. The Bulleon gateway interfaces between cardholder’s bank and converts cardholder’s input into cryptocurrency through Bulleon Exchange API.
3. The Bulleon gateway then connects the merchant’s physical and/or virtual check-out tools with Bulleon’s Exchange API to process payment.
4. The merchant can decide to convert sales back to fiat via the Bulleon Exchange API or retain payment in cryptocurrency.
(b) For Bulleon Debit Card Holders
For Bulleon Cardholders the process is even simpler.
1. The cardholder pays for anything on merchant check-out with their card by inputting the value of their purchase on the Bulleon gateway web, app or physical point of sales button. Instant validation takes place and transaction is done. No bank, card issuer or processor downtime or charges!
2. The merchant can decide to convert sales back to fiat via the Bulleon Exchange API or retain payment in cryptocurrency.
c) For Other Cryptocurrency Card Holders
1. The cardholder pays for anything on merchant check-out with their card by inputting the value of their purchase on the Bulleon gateway web, app or physical point of sales button. Bulleon Exchange API then converts the cryptocurrency to Bulleon and adds the full payment to merchant’s Bulleon account settlement.
2. The merchant can decide to convert sales back to fiat via the Bulleon Exchange API or retain payment in cryptocurrency
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