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Utrust: A Complete Overview

Created By : Admin

What is UTrust?

Utrust is a digital payment platform based on the blockchain. Combining elements of the traditional online payment system and blockchain technology, Utrust provides users with all the benefits of each in one system. Users can benefit from a low-cost payment system with full security from the point of payment until the fulfillment of the customer's order.

 

How Does the UTrust Payment System Work?

Once consumers have identified merchants that have integrated the UTrust payment program, they will be able to shop with them through cryptocurrencies. When the consumer issues a payment to the merchant through the system, the buyer is charged just a 1% fee which covers the full exchange rate through the currency the buyer is using and the desired currency by the merchant. The payment is then held in an escrow waiting period until the consumer's order has been fulfilled and they are fully satisfied. Once satisfied and no disputes arise from either party, the payment is released to the merchant, who can choose to withdraw it directly or convert it into the chosen digital currency of their choice.

 

Cryptocurrency Volatility Issues

Prices in the crypto market are constantly changing and volatile markets lead to unpredictability in relation to value for merchants. One of the main reasons that a lot of merchants do not accept cryptocurrencies as a form of payment for their goods and services is because of this volatility. The value of payment can have changed significantly between the consumer sending the crypto payment and it reaching the merchant due to these volatile market conditions. This makes it hard for merchants as they cannot take full control of their income.

This issue is rectified by UTrust when integrated by these merchants. Merchants can choose to accept fiat as their preferred payment currency. When the consumer sends their crypto payment, it will instantly be converted to fiat before being credited to the merchant. This allows merchants to accept crypto payments with control over prices.

 

Buyer Protection & Holding Period

When receiving payments from consumers for goods and services, the payment will be subject to a holding period where UTrust will withhold the funds from the consumer until the consumer’s order has been fulfilled. 

The holding period is determined by UTrust based on a reputation score for all merchants on the platform. When merchants fulfil orders free from consumer disputes, the reputation of the merchant will be increased which will subsequently decrease their holding period for payments on the platform.

All transactions processed on the UTrust payment platform are recorded on the blockchain, making them irreversible and final. This offers protection to merchants as well as consumers as it eliminates the risks of chargebacks, fraudulent payments, and other electronic payment scams.

UTrust is the first cryptocurrency payment processor to provide consumer protection and third party mediation via holding escrow periods.

 

UTrust Use Cases

Consumers – Utrust makes it easy for consumers to pay for goods and services using most major cryptocurrencies. By allowing consumers to choose what currency they want to pay with, consumers are not restricted and have the opportunity to capitalize on the current market conditions at the time of payment. Utrust’s transaction processing speed is quicker than most well-known payment systems such as Paypal. Utrust is also integrated with most major cryptocurrency wallets. The team at Utrust have combined the speed and transparency of the blockchain with a user-friendly platform making it easy for consumers to make payments with their favourite cryptocurrencies quickly and securely.

Merchants – supporting 180 countries across the globe, Utrust is providing a hassle-free way for merchants worldwide to accept cryptocurrency payments for their goods and services. The system supports 30+ different cryptocurrencies, enabling merchants to expand their consumer base. The platform dashboard is designed for efficiency, making each step of the selling process as simple as possible.  Utrust supports seamless rapid API integration and makes the processes of escrow and invoicing quick and easy.

 

Closing Remarks

UTrust is solving real issues in the field of cryptocurrency payments and adoption. By providing real solutions for merchants such as solving issues regarding market volatility, UTrust is furthering the adoption of crypto as a whole. UTrust has adopted an innovative approach in also providing secure protection for both consumers and merchants using the platform, which will further incentivize them to move their operations onto the platform. By combining fiat and crypto in one place, UTrust saves users the bother of switching between platforms. This convenience will appeal to all users.