CryptoBank Africa
Application Scenario
1. The merchant sets an article for sale on the CryptoBank marketplace with the specific price he/she intends to receive in their local fiat currency.
2. The buyer can select and take advantage of the best possible protection from the CryptoBank payment platform.
3. He/she can choose to pay using their preferred cryptocurrencies or use the $CBT to pay the bill which is more advantageous. If the consumer has not created an account with CryptoBank, he/she can do so now or just proceed with the payment.
4. The buyer will be shown a description of the total amount to be paid in the preferred cryptocurrency he/she wants to use, including the 1% total commission and exchange conversion fees. The description is transparent and updated every 3 minutes.
5. The buyer completes the transaction, and the amount is sent to the CryptoBank exchange system. Our system converts the cryptocurrency amount immediately into a stable coin and holds it in the escrow system till further notice by the buyer (This process is automatic).
6. The merchant is then notified of an incoming purchase and that the amount has been sent by the buyer and is pending to be released by the CryptoBank system. If this is a trusted merchant with a high-performance rating, the funds will be released almost immediately but if the merchant is a newcomer to the platform with no prior history, the hold period can take a couple of days as we wait for the buyer to receive his goods to avoid scam and fraud.
7. If the buyer receives the goods and the seller receives the funds, no dispute is opened. However, if an issue comes to light, for example, the buyer did not receive the article from the merchant due to unknown circumstances, the purchaser has the power to open a dispute, escalating the issue. At this escalation stage, both parties enter a self-resolution chat, where they try to amicably come to mutually agreeable terms. This can mean the merchant acknowledging a shipping mistake and fixing the issue, voluntarily refunding the buyer, or the buyer acknowledging the goods were received.
8. If the issue remains unsolved within seven (7) days, the seller/buyer has the right to call for an appeal with the option to escalate the claim to a CryptoBank escrow. In this case, a CryptoBank operator joins the chat resolution and serves as an arbitrator with the final say on the dispute outcome. 9. The CryptoBank escrow takes control of the chat, collecting evidence from both parties and issues a refund to the buyer or releases the funds to the seller. If the merchant loses the dispute (due to scam or fraud), a corresponding performance downgrade will occur immediately, which will translate to a higher hold period for future transactions. If a buyer refund is issued by the CryptoBank escrow, a 2% fee will be charged over the amount in question. Any buyer refunds are issued in $CBT, which will be converted from the exchanged stable coin (USDT) received with the current market value.
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