Merchant Benefits
Why Use PayCash Wallet?
"Merchants using the PayCash System™ can now get the highest level of security available today, eliminate chargebacks, and sell to customers without a bank account, quickly and with minimal effort." - Joseph Barboza, President and CEO of Cyphermint
PayCash is a highly secure, electronic, cash-backed online payment system. Every dollar of electronic currency is backed with real currency that Cyphermint has already collected. Settlement is instantaneous; the money moves immediately into the merchant's PayCash account.
Since PayCash is not a credit system there is no risk of a chargeback. There are no initiation, funding, or transaction fees. The only fee is a flat 2% when funds are withdrawn from the system. When the consumer makes a purchase, they are presented with a merchant signed sales contract of their purchase; the consumer must digitally sign the contract for the transaction to complete. Cyphermint maintains all signed contracts in the PayCash secured depository system and can prove which parties participated in each transaction.
PayCash provides security and assurance no one else can. All PayCash transactions use 1,024-bit RSA encryption technology to exchange data over the Internet; all transaction records for the consumer1, merchant, and Cyphermint are stored with the same 1,024-bit encryption technology.
1Consumer records are stored in a PayCash Wallet on the consumer's computer.
