PayCash Frequently Asked Questions
These are some of the questions asked by merchants about the PayCash System
For additional help see the Documentation.
Can there be chargebacks? [back to top]
No. All consumers fund their PayCash accounts before they can shop online. Cyphermint ensures that every transaction is backed by cash stored securely under our control, once the sale occurs the money moves immediately into the Merchants PayCash account.
What are the transaction costs? [back to top]
The only fee that we charge is 2% on withdrawal of money from the system. There are no fees to the consumer to get money into the system and no fees for the customer to pay for goods or services at a merchant web-site.
Do the fees vary with the purchase amount? [back to top]
No. The 2% fee applies to transactions of all amounts.
What size payments can I collect? [back to top]
You can collect payments from $0.000001 to millions of dollars. At this time our Payment Gateway solution can not collect payments less than $0.01
How and when do I get paid? [back to top]
Cyphermint will put your organization on a monthly cycle that will be determined when you sign up for your merchant account. Once a monthly payment is over $20,000 for 3 consecutive months, you will then be put on a weekly cycle. Cyphermint can ACH the money directly to your bank account or send you a check (fees may apply)
When can I view my transactions? [back to top]
All consumer transactions can be viewed immediately after the purchase is made. Funds will already have moved from the consumer PayCash account into your merchant PayCash account.
What is a digital signature? [back to top]
A digital signature is an electronic signature that can be used to authenticate the identity of the sender of a message, or of the signer of a document. It can also be used to ensure that the original content of the message or document that has been conveyed is unchanged. Cyphermint generates a unique digital signature for each consumer and merchant in the PayCash system.
Why are digital signatures important? [back to top]
Digital signatures are electronic mathematical signatures that can not be forged. At the core of each PayCash transaction is a purchase contract which should be specific to each purchase (descriptions, quantities, totals, etc). All purchase contracts presented to the consumer are digitally signed by the merchant to guarantee authenticity. The same purchase contract is digitally signed by the consumer proving that they agreed to the payment. All of these digital signatures are kept secure by Cyphermint, encrypted by 1,024-bit RSA security.
Why is 1,024-bit encryption important? [back to top]
Electronic security is maintained by encrypting files using a mathematical algorithm; the strength of the encryption is proportional to the size of the key used to safeguard the information. Identity theft is impossible as a 1,024 bit encryption would take about 3 billion years to break given today's computers. This ensures that even as computers become more powerful that your records are kept safely at Cyphermint.
For other inquiries please see our Contact Information.
