The application of blockchain in areas like supply chain has linked the flow of goods and money, bringing cryptocurrency out of its previous role of being simply a form of investment. This pertinent modification heightens efficiency, automation, and liquidity in payment networks. The team of experts at California-based software development company, HashCash Consultants, has left no stone unturned to tap into this potential of blockchain in the finance sector. To this effect, the company is amping the implementation of its cutting-edge product, HC Commerce, this year having a queue of tie-ups with major corporate houses to show for it.
HC Commerce by HashCash Consultants:
HC Commerce is an in-demand alternative to card associations that are currently required for online and POS payment systems. It provides financial institutions access to an end-to-end acquisition system with auditability, instant settlement, and global connectivity.
The HC Commerce products comprise of two major modules:
i. HC PAY
HC Pay is a leading customizable blockchain wallet for banks that enable peer-to-peer intra-bank payments independent of conventional middlemen such as card associations and payment gateways. It effectively reduces the time taken for settling transactions, lowers transaction cost – all in a highly secure ecosystem.
HC PAY uses HC Payment Processing Platform that runs on HC NET, the in-house blockchain network by HashCash Consultants. It has QR code-enabled one-click payments option and eliminates POS terminal and other hardware-related costs. The details of transactions on this platform are protected using encryption and blockchain immutability.
ii. HC Payment Processor:
The blockchain payment processor by HashCash Consultants attracts merchants since it eliminates intermediary fees, and facilitates instant authorization, capture, and settlement. Its benefits include drastically reducing cost and time per transaction owing to a network connected to banking partners, and ease to onboard and access multiple banking partners onto the network.
The HC Payment Processor permits merchants and customers access to customized apps for conducting hassle-free transactions that are bereft of fraud. Merchants can reduce chargeback, monitor daily activities through a Merchant Account Interface, and settle in multiple currencies. Customers can avail the Customer Wallet that syncs with the payment network for better user experience.
Blockchain payment processors streamline payment procedure, improving efficiency and automation:
Although individual payment processing systems are not non-existent in supply chains, they are mostly disjointed. Therefore, transactional operations occurring on these outdated systems are not seamless and smooth-flowing, causing backlogs for the businesses using them. Filling out orders becomes time-consuming (often taking months) and cumbersome.
“Blockchain has emerged as a need of the hour for an area that desperately needs digitization and automation in order to keep pace with vigorously expanding industries”,
comments Raj Chowdhury, MD of HashCash Consultants. “As more companies adopt cryptocurrency and blockchain, the flow of data and information becomes better organized, secure, and tamper-proof.” Transactions are validated by smart contracts (automated programmes), and the distributed blockchain ledger is updated in real-time enabling more transparent traceability of goods as well as the money flowing in the network.
A blockchain payment processor is comparatively cost effective as well since the payment processors that are in place now are segregated and expensive to set up. A decentralized payment platform makes participating in a payment system more affordable for individual companies by putting in place a unified solution for every party involved in a supply chain.
The list of items that can be purchased using cryptocurrency is on the rise, but even now paying via crypto mainly pertains to areas that require transactions of very large volumes. This basically means that the primary customer base for such payment options is big enterprises. However, this could be steadily changing, with smaller businesses turning to user-friendly and adaptable blockchain payment processors such as HC Commerce as well.
About HashCash Consultants:
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.