Paytomat: Under the Hood Vol.2
This is an article about the most important part of the project. Find out how Paytomat ecosystem works as a whole and what makes it possible.
Hi friends! While our team is summarizing and analyzing the results of 2018, we decided to start 2019 with this useful publication. Today we’ll talk about the operations of our platform and explore of the whole system of Paytomat in details.
Before we begin, it’s important to note that 2018 was a year of large-scale changes on the market. We were affected by them too. Having started 2018 with the idea of creating a simple crypto payment product, we ended the year with a completely new vision. It isn’t just a system anymore, but a real platform, which involves other cryptocurrencies and exchanges, as well as a number of our own products.
Without further ado, let’s dive into Paytomat.
The Entrance Point
We aren’t saying that Paytomat has grown from a regular service into a real platform without reason. Reliable and stable work requires much more than just advanced technology. In the perfect scenario, technology doesn’t exist alone. In our case, the entrance point from which average user meets Paytomat is our Wallet.
On the one hand, Paytomat Wallet is a standalone app — a convenient tool for all operations that can be performed with a cryptocurrency. A person may not even think about paying with crypto (especially now, when a lot the crypto-enthusiasts prefer to hodl rather than spend their crypto), but still use Paytomat Wallet. Wide choice of crypto, biometric verification, improved asset management, ERC20, and EOS tokens support, etc. With each update, we try to add functions which crypto community needs here and now. Thus, Paytomat Wallet can exist even without a Paytomat system.
On the other hand, Paytomat Wallet can be described as the gateway to fast and convenient crypto payments through Paytomat. It doesn’t matter if the user is our long-time fan and wants to test payments or they are purposefully looking for a specific payment app; we fulfill their need. Although it is possible to pay via Paytomat using any crypto wallet that supports payment currency, Paytomat Wallet provides the best speed. Moreover, it supports mQR (Merchant QR) natively from the Merchant App, about which you can read below. You can get acquainted with the full list of functions at the product’s very own landing page: https://wallet.paytomat.com
The Business Case
We discussed average users, but Paytomat was originally created to facilitate the settlement process using cryptocurrencies. Paytomat offers several products developed for the needs of different merchants depending on the specifics of their businesses.
The primary model of Paytomat lies in integrating with existing software companies that merchants have been working with for the last several years. In this case, Merchants don’t need to buy any additional hardware or software and don’t need to educate their staff about this new form of payment, as well as plan additional budget they may need along the process. At the moment we have integrations with six popular POS services.
Merchants who don’t want to use any POS system, can just use Merchant Web Panel (similar to personal merchant’s cabinet) and generate invoices there. Merchant Web Panel helps to track sales and performance in various cryptocurrencies. It can manage and track payout methods too.
Another option is a solution similar to WeChat Pay or Alipay where each merchant can create and print out a static QR code for their business. In this case, the merchant is working with our MerchantApp (that can be simply installed for Android or iOS devices).
To make payment customer simply scans the mQR-code and chooses crypto they wish to pay in, while merchant receives a simple push notification or SMS on their phone. The customer can either use a Paytomat wallet for iOS or Android or just scan their barcode in order to pay a web-based invoice via their favorite wallet.
In case the merchant’s business is online-based, they can use a Paytomat plug-in. It works in conjunction with two products — the popular WooCommerce plug-in and Paytomat’s Merchant Web Panel. Payments via crypto in this case are similar to any online purchase.
Any merchant is free to combine these solutions or choose one depending on their needs. All of them are available together with our Core.
Finally, let’s talk about Paytomat Core. It’s the heart of our system, responsible for keeping merchant accounts and balances online, as well as keeping track of exchange rates and most importantly — managing transaction lifetime flow. It needs to be secure and transparent to all participants. The best way to guarantee this is to implement a smart contract on EOS blockchain. If you visited our site before (and we believe that you did!), this picture below is familiar to you.
It might seem large and rather complex at first glance, but it adequately describes the process of Paytomat’s work. To explain it’s detailed workflow, we would need a separate article; therefore this information remains for you to study on your own time. You can find it on page 13 at our General Whitepaper here.
This is it for today. In one of the following materials we will touch upon the topic of our tokenomics and introduce you to some of the innovations. You will learn where tokens come from, how their liquidity is maintained, and most importantly, why their nature is designed for the growth. Stay tuned and follow us at our official channels. There are several profitable contests on the way!