There are a few advantages for customers that are using a platform to pay for goods and services by cryptocurrencies at a single store. Just like with an ordinary POS system, the retailer or store may be able to also use such information for purposes of improving sales and business. A B2B payment system is a system that facilitates payments between two or among several businesses.
Of course, there are many methods through which B2B payments and remittance can be made including checks, ACH transfers, credit cards, electronic funds transfers, and online payment platforms. Although most of these offer extensive benefits for customers (for instance use of credit cards may offer access to credit cards), they may turn out to be expensive for businesses.
Blockchain B2B payment platforms that facilitate payments between and among businesses can turn out to be advantageous in some cases especially when using cryptocurrencies. Those obvious benefits are low cross-border transactions but there are many others especially when a cryptocurrency is involved. Whether these systems are "better" than other "traditional" methods remains yet to be seen as a developing tech.
HC Corporate payment platform, which is owned by the California-based blockchain consulting company Hash Cash Consultants, facilitates payments between businesses and companies -- known as B2B transactions. The platform, which runs on the blockchain powered HC Net helps a business to not only to pay and receive and verify payments in cryptocurrencies instantly but also to digitize end-to-end trading processes.
The platform also lets companies and businesses share documents in real-time and carry out instant reconciliation of transactions with other financial institutions, and automate using smart contracts. These processes will finally help companies to reduce processing time and cost. It can be used by a variety of institutions including banks for financing corporate trade, corporate houses for vendor payments, central banks for wage distribution, clearing houses and can be customized to suit specific business environments.
The corporate payment platform is just one of their products used by 100+ enterprises in around 26 countries around the globe. The corporate payment solution is used by banks for financing corporate trade, corporate houses for vendor payments, central banks for wage disbursement, and by clearing houses. In addition to corporate payments and retail remittances, other products from the company are used for trade finance. Their global remittance and payment platforms works more or less like Ripple's remittance and payment platforms, that are also targeted at institutions such as banks.
When a business pays or receives payments in cryptocurrencies through the HC Corporate payment network, it can track the funds at any given time given blockchain nature of recording transactions immutably. Companies can make and receive payments in multiple cryptocurrencies. The transactions are not only near instant, but also once they are validated using smart contracts, they are stored in the distributed ledger on a permanent basis. Hash Consultants also offers an online exchange, which is a multicurrency, SegWit enabled, multi-signature, high frequency trading platform for digital assets. It allows companies to trade the digital currencies for popular world fiat such as USD, Euro and others. The platform allows companies to pay and receive from each other payments in variety of cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, HCX and ERC20 tokens.
For those concerned about compliance to their local regulations, the exchange software, which also supports iOS, Android and Web versions, allows them to do geography specific user KYC and AML checks. Further, exchanges can place digital assets and forex deals on the global market known as HC Market Maker.
HC Consultants also has a blockchain-based wallet customized for bank, which can be used for peer-to-peer intra-bank payments and transactions all without middlemen such as such as card associations and payment gateways. Via a mobile-based platform that uses QR code-enabled one click payments, organizations are able to eliminate POS terminal and other hardware cost. This HC Pay wallet is part of their HC Commerce, another product that also features a payment processing module known as HC Payment Processing. Financial institutions can use the latter for instant payment settlements online all without the visa/MC fees. It serves as an alternative to incumbent card associations for acquiring customers and merchants for online and POS payment systems. Merchants can settle payments in multiple currencies. The HC Commerce is used by banks offering API for handling small payments at low cost.
Another of their blockchain-based software HC Remit, is also being used for cross-border payment and remittance transactions. HC Remit is a blockchain powered remittance system that features real time reconciliation of transactions and which can be used by firms to reduce EOD. The remittance system facilitates cross-border remittance and is also used by global banks and currency exchanges. Companies can integrate the free swift like blockchain based messages and eliminate swift costs since it can replace SWIFT and payment gateways.
Firms are able to on-board new banks to the cross-border network. The system also supports cross currency remittance.