We will try and answer as many of the common questions there s about GRAFT, cryptocurrency payments and how the system works.
As for using POS terminals and Shopify, the answer is no at this stage. The GRAFT team is working hard to release the various bits and pieces that the GRAFT network runs on and the release date for the main processing hubs called SuperNodes is mid to end July 2018 so keep an eye on this website and sign up for updates to stay up to date. Also please check out our How To Guide that has lots of up to date information and some videos showing the terminals in action.
The future is not far away.
Currently the GRAFT marketplace application for Verifone terminals has been approved and is listed on the Verifone Featured App Partners website. Ingenico certification is in the works so keep an eye on this site and sign up for updates to stay up to date.
Development is currently underway for integration with Shopify, one of the worlds largest merchant platforms. There are more yet unannounced platforms and an API will soon be available for programmers to release their own integrations but keep an eye on this site for updates.
The transaction fees are currently set at 0.5% for merchants. One thing is for sure though, the cost of processing transactions with GRAFT will be much lower that using Mastercard of Visa.
The short answer is yes. Part of how Cryptocurrency works is that the transactions take place on a blockchain. This means as soon as the payment is accepted it is submitted to the blockchain where it will undergo various verification. The transaction is only associated with the merchants wallet address and no other information is needed keeping the buyer and merchant safe.
Payment authorisations are instant and settlement for cryptocurrencies occurs in a matter of minutes. If you wish to receive settlement in your local currency then the cryptocurrency payments will automatically be converted and you will receive settlement in the standard time required for bank transfers.