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K-Merchant: Karatbars revolutionizes payment systems for retailers and online shops

Secure payments due to Blockchain

Retailers, online shops and other companies that offer their services via the Internet and accept payments online are faced with a permanent question: Is the payment made for my service and my product really binding and irrevocable? This point is particularly important in the case of virtual products, which cannot even (theoretically) be reclaimed if a payment that has already been made is cancelled or reversed in any way – whether with fraudulent intent or not. The new payment system K-Merchant guarantees all this and answers the questions positively in the sense of the retailers. A once completed payment via K-Merchant is „official“, because it is based on the crypto currency KBC and thus a blockchain. „A K-Merchant payment order can therefore not be deleted, diminished, changed in any other way or even manipulated – and these are exactly the impressive advantages of blockchains and crypto currencies,“ says Dr. h.c. Harald Seiz, head of the Karatbars group, which initiated the K-Merchant.

From now on, retailers and online shops worldwide can use this new crypto payment system for their own purposes. The central element of K-Merchant is the waterproof, booking- and certification-secure logging of the payment by the blockchain. „A process flow via blockchains is unique, unmistakable and irreversible. It is, so to speak, the egg of Columbus of the trading world – at least as far as payment transactions are concerned,“ Seiz continues.

Payment defaults are technically excluded

Bookings can therefore no longer be reversed. Such a process occurs relatively rarely. However, in some sectors they are above average. Such outages in retrospect can considerably reduce margins, which can be very low depending on the economic sector, and can quickly lead retailers and online shops into trouble. K-Merchant protects against this risk. A particular source of cancellations is high-risk payment, which is now also a thing of the past. High risk payment occurs more frequently in some sectors. K-Merchant also ensures guaranteed payments for customers in this area, as otherwise the transaction would not even take place in the first place.

In addition, the new method has other advantages, as Seiz explains: „Blockchains work automatically, i.e. without costly intermediaries. That’s why we can offer this service for free.“

Uncomplicated integration into trading systems

Practically speaking, merchants and vendors as well as customers log on to K-Merchant and open an account. The settlement unit is the crypto currency KBC of the Karatbars Group. The KBC of which the account / wallet consists can be purchased with crypto currencies such as Bitcoin or Ethereum or classical, so-called Fiat currencies. In contrast to other crypto currencies, the KBC computing unit has the great advantage that it is stable and does not fluctuate permanently and sometimes highly in price. With the purchased KBC in the wallet, customers and service providers/shop owners can then process their transactions.

„K-Merchant is an absolutely secure and transparent payment system due to the blockchain“, Seiz summarizes the technical side of K-Merchant. Everything runs automatically, legally secure and above all quickly: The customer initiates a payment via K-Merchant, the system validates it and the process is completed – irrevocably and without costs. The payments are then credited to the service provider in the twinkling of an eye and irreversibly. The retailer / online shop simply has to install the payment system and accept crypto payments. K-Merchant can, of course, be integrated into the most popular online shop systems such as Magento, Shopify or Prestashop.

For the retailer, the advantages are obvious:

• The payment reaches his account immediately
• The crypto currency KBC has no price fluctuation and is stable in value
• He can control the income of several cash registers at different locations via one K-Merchant account
• All payments are easy to track and manage
• The services can also be used by industries and persons with a high risk payment, since all payments are basically fail-safe.

The end customers in turn receive:

• A real alternative to costly credit card payments – which the merchant eventually prices in or opens directly
• and thus the lowest possible fees or even complete free of charge
• and an anonymous payment method for the purchase.

„From a merchant’s point of view, however, what is progressive is that K-Merchant is not just a crypto currency – but an entire crypto payment system. Other providers also offer guarantees against payment defaults. But of course they can pay dearly for the risk. A blockchain guarantees payments solely by their nature and thus has a built-in free of charge“, the Karatbars CEO is pleased about the economic significance of his innovation. In addition, providers and customers can simultaneously act as affiliates and sell K-Merchant. This is a further building block in the steadily growing range of Karatbars, which has become known, among other things, for trading the smallest gold bars from Karatbars, a payment system based on gold (Cashgold) and two crypto currencies.