Utrust is a cryptocurrency payment platform with hundreds of stores and millions of users globally. Users can use Utrust to pay for items ranging from TVs to a morning coffee.
The solution that Utrust provides will help reduce costs to a minimum, while ensuring handling of risks that may occur during the procurement transaction.
How does Utrust's system work?
When the buyer selects the payment cryptocurrency, the system will send a notification including the converted amount and the fee for this transaction.
Utrust will then convert the cryptocurrency to USD to ensure that the seller can also receive the full invoice value without being affected by the cryptocurrency market.
How does Utrust hedge against crypto exchange rate fluctuations?
When buyers use Utrust's payment method, they can freely choose between Utrust Token (UTK) or various other cryptocurrencies such as BTC, ETH or DASH. This amount of cryptocurrency will be processed thanks to two main parts of the Utrust system:
Bridge with exchanges: Utrust will quickly convert the amount of tokens received from buyers into USD to minimize the cost of the payment process.
Reserve Funds: To quickly react to fluctuations, the Utrust system always stores a certain amount of money in the form of USD.
With the above special design, Utrust ensures to receive the full value of the invoice despite exchange rate fluctuations, while minimizing costs for consumers when paying with crypto.
How does Utrust protect sellers and buyers?
Based on past transaction data, Utrust will evaluate the seller's credit score, thereby determining the length of the transaction hold period. This phase can last from 0 to 21 days depending on the seller's reputation.
In the event that the buyer has complaints:
The system will automatically connect the two parties to resolve the dispute. If the conflict is resolved satisfactorily, the original amount will still be handed over to the seller.
If disputes continue to arise, the Mediator system, based on the data provided by the parties, will make a final decision.
Dispute handling as above can be said to be not strange for many online commerce platforms. However, with its convenient cryptocurrency solution and its impressive fee of only 1%, Utrust is expected to be able to change the shopping habits of hundreds of millions of users globally.
