1. Introduction
UTRUST aims to provide buyers with the consumption protection due to online transactions, becoming an intermediary platform, a mediator of contradictions, low cost and low cross-border transaction resistance, Allows merchants to transact with a growing number of cryptocurrency holders from around the globe. The goal of UTRUST is to create a comprehensive payment application programming interface (API) for the market and have the ability to become a competitor of PayPal in the crypto payment industry.
2. Project Introduction
UTRUST platform is a payment processing solution that supports merchants to accept multiple cryptocurrencies from buyers as payment methods when accepting fiat currency.
Reduce buyer purchase risk
UTRUST covers all procurement (goods and most services) services. Other traditional solutions (like PayPal) only cover the purchase of physical goods, and crypto-based services (like Bitpay) cover nothing at all.
Payment approval speed
Unlike traditional payment systems, which delay payment approval most of the time due to high fraud risk and require numerous submissions, UTRUST is able to approve payments instantly and Provides a hassle-free process for both parties (buyer and seller).
Low Exchange Fees
UTRUST offers low exchange fees for buyers and sellers by using advanced analytics connected to multiple cryptocurrency exchange providers. Services like PayPal and Bitpay offer extremely high internal exchange rates.
Low Seller Fee
UTRUST will charge the seller a flat fee of 1% on payments. Other services like PayPal charge a minimum flat rate of 2.9%, but can exceed 5% after all "hidden fees" are accounted for.
Accepts multiple cryptocurrencies
UTRUST platform accepts the most used cryptocurrencies on the market (Bitcoin, Ethereum, Litecoin, Dash Monero, etc.), covering a larger percentage of the total market value. Other services like Bitpay only accept bitcoin, limiting their market to half of the total market cap. As more tokens are created and added to the market, their capture percentage will only shrink further.
Fund Security
Leverage the power of blockchain and say goodbye to credit card fraud. Users can control their own private keys and funds without even needing access to your wallet. Traditional centralized solutions do not perform well in keeping funds safe.
No Chargebacks
Sellers will be protected from the rampant credit card fraud and annoying chargebacks that often happen with traditional payment services that still rely on credit cards.
Customer Payment Protection
Services like PayPal are known to rely heavily on a buyer/seller protection program. However, it only covers the purchase of physical goods. Bitpay excludes any purchases, making transactions irreversible and exposing users to potential fraud. UTRUST extends consumer protection by covering both physical and virtual (where applicable) purchases and will guarantee full coverage of all eligible payments made through UTRUST.
Dispute resolution timeframes
Traditional solutions like PayPal have long wait times for transaction resolutions where both parties can independently gather evidence (up to several months) , which is a slow and painful process. UTRUST offers a self-mediated two-party resolution model and an advanced three-party resolution dispute mechanism that enables both parties to chat in real-time and be guided by one of UTRUST's resolution mediators.
Seller Performance-Based Ratings
UTRUST implements a performance-based analytics algorithm to evaluate seller performance so that seller performance decreases proportionally as seller performance increases. This mechanism creates a trustworthy environment that encourages sellers to perform better over time, increasing buyer confidence. In the best-case scenario, the bestseller sees its holding time wiped out and gets immediate funding.
A decentralized token with an indexed value
UTRUST is not just a payment platform. It will also issue its own cryptocurrency - UTRUST Token (UTK). Users can buy/sell/send/receive their UTK on the platform, convert it to fiat or other crypto assets, or just keep it safe in your wallet and see its value grow in synergy with the platform. Transactions using UTRUST tokens will be converted internally with zero conversion fees.
