Hello.
1- Why is your fee higher than other crypto payment getaways? As a seller I pay more fees and have a chance go get low scores that will ruin my business? Makes no sense.
2- If a merchant has low score he will just ditch your service no? The score does not work well as they will avoid services like yours. I'm a merchant and have a lot of transactions and I would never use this. Bitpay is good and cuts all this ''b***'***' And many of major big merchants as amazon, ebay etc already have a feedback system so you will never get to this merchants.
3- It will be really easy for merchants to ''fake'' the score...your system is paradise for fake score sellers as I see it.
4- What makes your service different from others? Are you solving a problem? I don't understand your concept and honestly I will not invest in this.
5- Essentially you are not solving any problem. You are not creating anything better than systems that already exist. Your system is expensive, the feedbacks can be easily fakes therefor this is useless. No merchant want scores in their private webpage transactions. The score system only works well in webpages that have multiple merchants..such as amazon, ebay, ali, etc...
6- Your token is useless.
7- Majority of ICOs out there are scam. I only invest in ideas that bring something new to the table. That solve a problem. That change something that exists to something better. Not monetha for sure. Sorry for the honesty but it is what it is.
8- My advise to all is to stay away. This is nothing new and solves no problem. Its just a poor idea. Expensive service. Stay away.
cheers
Hello, clever727,
Even as we see that you might be a competitor/troll trying to bring “Monetha” down (for us as a trust and reputation company is not hard to see that) by trying to insult the appearance of the team, we’re still going to answer your points.
The answer is not going to be long, because from the 8 points that you made, only two of them were valid or constructive.
In regards of “how are we different” and why do we take “a higher fee” than the other crypto payment processors (which we don’t).
The uniqueness of “Monetha” is not only it’s efficient payment processor, but most importantly the Decentralised Trust and Reputation.
The most important thing to understand is that Monetha is a mix of PayPal and Trustpilot on the Ethereum blockchain. PayPal does not have a trust system integrated with payments and Trustpilot does not have a payments system integrated to their trust service.
In Monetha payments and trust will work flawlessly together. We are letting merchants accept mobile payments from their clients and at the same time ensure the trust for both the merchants and the clients.
The information needed to ensure a trustful relationship between buyer and seller (such as warranty) will be recorded onto the blockchain together with the payments (at the moment of payment). Smart contracts will automatically amend each party’s trust rating according to an algorithm that assesses the quality of the transaction.
Based on the information saved during the transaction (for example warranty), clients and merchants will be able to file/solve a claim, rate each other, view ratings etc. Their history is then recorded onto the immutable Ethereum blockchain so that others can make well-informed commercial decisions.
So for example, once the payment is made, the trust rate for merchant increases. If client makes a review, trust rate increases as well. If client makes a claim and merchant does not react to it, the smart contract decreases the trust rate. Different weights of how smart contract changes the trust rate will be assigned to different actions
If you’re a small merchant in China and you are selling goods to the global world, the only way to do that and be trusted at the same time is to be a part of “Alibaba”. Moreover, if you decide to start selling goods on “Amazon”, there is no way you can transfer the trust that you have built on “Alibaba”. With Monetha, this small merchant will not only be able to accept payments with Monetha payment processor, but also build his universal trust rating while paying only a fraction of a cost compared with centralised marketplaces and existing payment processors.
More on how decentralised system works:
https://medium.com/@monetha/people-ask-me-what-is-your-main-strength-cf72c6fd2754As you probably know, Bitcoin and the payment processors who use it (for example Bitpay, which takes 1% commission, compared to our 1,5%) are not a very scalable technology (at least for now if no other changes occur) with a limited amount of coins which make the transaction cost and the transaction time increase respectively with an increase in demand. Now more than ever, the community is coming to a consensus that Bitcoin is a store of value, like gold and not a method of payment.
You have to remember that the merchant does not only pay a transaction fee when accepting payments with traditional payment gateways. There are bunch of other fees that merchants have to pay, such as:
● Retrieval Request Fees and Chargeback Fees are paid when someone claims for a chargeback. The best-known payment gateways such as PayPal and Stripe charge merchants a USD 15 chargeback fee.
● Flat fees that include: Terminal fees to buy the needed terminal for retail merchants, PCI fees paid to Payment Card industry for compliance OR noncompliance
● Annual fees, Monthly fees, Monthly minimum fees, IRS reporting fees, network fees , etc.
● Incidental fees that consist of: Address Verification Service (AVS), Voice Authorization Fee (VAF), Batch Fee, and NFS fee.
● Marketplace fees for Alibaba, Amazon, etc for “providing and facilitating” the trust system. Think about his use case: if you are a small merchant in China, the only way to sell goods to the global world and be trusted at the same time is to join the Alibaba. You won’t need to pay a fee for a payment gateway, but Alibaba will charge you a pack of other high fees.
When combined, it calculates to a high amount of money that the merchant has to pay per year for a payment processing.
In regard of our “useless token”:
In order to encourage networks effects and create an ecosystem for our payments and DTRS solution, we are going to introduce a loyalty program for clients. That is unprecedented as most loyalty programs are facilitated by merchants themselves and not payment providers.
Every purchase made via the Monetha payment system will reward the client with 0.2% (the percentage might change over time) of the value of the transaction in Monetha tokens from the Monetha loyalty pool. This is provided by Monetha no matter what goods or services the client buys or where the merchant and client are based.
● Loyalty tokens can be used during any purchase using a Monetha wallet:
○ The client picks an item he/she wants to buy
○ If the client has Monetha tokens she/he can apply them to reduce the
items cost. The client gets a discount.
○ Monetha tokens are converted to ETH in real time.
○ Monetha tokens are returned to Monetha loyalty pool.
○ Monetha platform covers a discount for the merchant, so he gets the
full item price.
○ Monetha tokens can be applied for up to 70% of the purchase value.
○ The client is still getting 0.2% of the amount paid by ETH (or other
cryptocurrency) after loyalty is applied.
● Tokens acquired in this way are eligible for a discount for 6 months. Unused
tokens are returned back to Monetha loyalty token pool.
● The client cannot convert tokens exchanged in this way to any crypto or fiat
currency.
● The merchant is able to provide bigger loyalty discounts for his clients by
adjusting his loyalty settings in merchants interface.
● Clients with high trust are eligible for higher discount percentage than 0.2%.
● The exact percentage of loyalty MTH tokens granted with every purchase
might change over time.
Monetha will charge a 1.5% transaction fee from merchants. Of that, 0.5% will go to a smart contract for Monetha token holders and other 1% will go to the company as revenues.
An interesting fact is that the average traditional payment gateways take approximately only 0.25% + 0.1 from total fee as their revenue. This 0.25% + 0.1 is a mark-up fee to the interchange rates.
For example, if the total transaction fee that merchant is charged is 2.35% + $0.2, the 2.1%+ $0.2 is the interchange part that banks, credit card associations and others are dividing and 0.25% + $0.1 is the markup part , which payment gateways take home as revenue.
With this in mind, we are giving our Monetha token holders almost double the rate that an average global payment gateway takes per transaction as their revenues .
Moreover, we not only decrease the transaction fee that merchant has to pay, let alone the other fees that he will not have to worry about anymore, but we are also left with approximately four times the rate to do business with.
I hope this answers your concerns/questions.
We respect your right to express your opinion of deciding not to invest in Monetha and to be honest we wouldn’t want you to. We believe that our investors should be positive, open-minded and strongly believe in the mission of changing the face of payments and trust in the global commerce.
