CryptoBank payment platform

CryptoBank payment gateway is a transactional payment API that combines the speed and safety of crypto payments with the consumer protection of traditional payment systems and the fraud-free benefits of crypto payments (no stolen cards, chargebacks, or hacked accounts). Our system was built to provide both users(retailer/consumer) with a high-tech security method to ensure frequently successful trade and also integrating the best features of cryptocurrencies to enable fast transactions with a lower transaction fee. Our security system is designed around a robust mediation mechanism, empowering the buyer to open a dispute and escalate if something goes wrong. We also provide a safe chat environment for both parties to dialogue and attempt to self-resolve while allowing a trusted escrow from CryptoBank to join as an arbitrator. If both parties do not come to terms in 5 working days, the buyer has the option to escalate a call for appeal. In this case, CryptoBank staff joins the chat resolution and serves as escrow/arbitrator with the final say on the dispute outcome. Proceeding with the result of judgment might trigger a fee of 2% over the amount in the hold if a buyer refund is issued by the CryptoBank escrow. This escalation and mediation by CryptoBank staff ensure that a final decision (refund or release) is reached by an impartial 3rd party.

At CyptoBank, We also offer Gift Card to crypto payment to our users all over the world, earn more crypto by exchanging it with your preferred gift cards...

How does CryptoBank platform work from a buyer and seller’s perspectives? It’s quite simple

1. A marketplace that offers prospective buyers a wide range of payment options at checkout, including CryptoBank.The merchant sets an article for sale on the marketplace with the specific price he/she intends to receive in their local fiat currency.

2. Looking at the increased level of crypto users around the world, the merchant wants to target as many young online buyers as possible, he/she offers CryptoBank payment as a prominent checkout option, the buyer can select and take advantage of the best possible protection from the CryptoBank payment platform.

3. When the buyer selects CryptoBank as a payment method, he/she can choose to use funds from any of their existing cryptocurrency wallets/exchange wallets as a source of funds (e.g.: Bitcoin, Ethereum, Nuls address) or use their CBToken to pay the bill. At this point, if the buyer/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, including a 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 to fiat currency and holds it in escrow until it's released to the seller (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 release. 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 several days as we wait for the buyer to receive his goods to avoid scam and fraud. As time goes on, the merchant establishes a track record of successful transactions, his performance rating will increase, Another happy customer and another successful sale with a good comment for the merchant will increasing his performance. progressively decreasing the hold period decreases too.

If everything goes smoothly, the buyer receives the article, the seller receives the funds, and no dispute is opened but in such case where something happens to go the wrong way. For example, perhaps the buyer did not receive the article from the merchant due to Unknown circumstances. He decides 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.

If the issue remains unsolved within 7 days, the 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 escrow/arbitrator with the final say on the dispute outcome.

From this point onwards, the CryptoBank escrow takes control of the chat, collecting evidence from both parties and either issue 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, This will trigger a fee of 2% over the amount in question only. Any buyer refunds are issued in CBTokens, which will be converted from fiat with the current market value.