How SelfPay is bridging the gap between fiat money and cryptocurrencies

SelfPay tackles a US$ 5,000 billion a year market problem: reducing the friction associated with payments and micropayments, both online and in everyday life, while increasing the level of trust on the customer’s side. Transactions are made directly on the payer’s mobile phone.

What is SelfPay and how does it work exactly?

SelfPay is a Point Of Sale. The solution allows each merchant using SelfPay to have:

• An eCommerce Website.
• An inventory management system working both online and offline, always synchronized with each other.
• A payment gateway accepting both credit/debit cards and cryptocurrencies (BTC, ETH, LTC, DASH with more and more other coins to be added over time).

One of the strengths of the SelfPay solution is the ability to process payments made by both credit cards and cryptocurrencies. This aspect facilitates cross-border and international transactions, but also B2B. As for the transaction fees, they are debited in SxP tokens, thus justifying their usefulness, and which are then shared as follows:

• 20% cashback for merchants and customers.

• 40% to pay the masternodes operating the SelfPay network.

• 40% to finance the continued growth of SelfPay and thus ensure a healthy and viable business model in the long term.

N.B. A payment in cryptocurrencies induces reduced transaction fees.

In short, SelfPay is the perfect solution for any merchant wanting to sell a product or service online as well as offline, regardless of its price, no matter where the customer comes from, and in just a few minutes.

The SelfPay solution has been thought to address problems and topics existing in both the fiat money world and the cryptocurrency sphere:

• Conversion of cryptocurrencies to fiat money
• High payment fees
• Cashback
• Credit facility (for large transactions during non-working hours)
• Masternodes rewards

Conversion of cryptocurrencies to fiat money:

Any customer can choose to pay a merchant using either the cryptocurrency of his choice or his fiat credit/debit card. The merchant will always receive fiat money in his local currency, making the whole conversion process seamless for both.

The conversion of cryptocurrencies to fiat money will at first be handled by an external exchange to then be operated by the SelfPay exchange, which will be launched during Q1 2019 as per the roadmap.

High payment fees:

Cryptocurrencies being the future of payment, we already witness more and more customers choosing to pay by cryptocurrencies over fiat money, thus enjoying much lower transaction fees compared to a traditional payment.

Cashback:

20% of the transaction fees are allocated to the cashback. The merchants can set up their own cashback policy, deciding whether this cashback should go to themselves, their customers, or a split between both.

This cashback is paid in SxP tokens.

Credit facility:

Many banks typically take 2–3 days to process a transaction and only process transactions on working days, therefore making transactions impossible to complete during the weekend. However, the weekend is precisely the most desirable time for small business consumers to send or receive money. This timing mismatch presents a unique opportunity for SelfPay’s B2B credit facility solution.

Let’s consider the following use cases:

• A seller, S, has the opportunity to buy 20 branded women’s handbags from a local seller S2 on Thursday. The seller S2 wants to be paid quickly, before the weekend.
• The seller S can use his credit card to buy the products from the seller S2 using SelfPay and the problem is solved.

• A seller, S, has the opportunity to buy 20 branded women’s handbags from an international seller S2 on Thursday, however the seller S2 is not in the same country as S.
• The seller, S, buys SxP tokens at the market rate and pays the seller S2 with SxP tokens, thus solving the problem.

Using SxP tokens between businesses to enable cross-border or B2B payments will add more liquidity to the SxP token.

Masternodes rewards:

40% of the transaction fees, once converted to SxP, are then distributed to each of the masternodes in the network as an incentive mechanism.

Ultimately, as a cryptocurrency, the SxP token can be exchanged to fiat currency, using either the SelfPay exchange (once released) or any partner exchanges.