Summary
Paytomat is a decentralized payment system that enables cryptocurrency payments in both brick and mortar stores and online. We have a working infrastructure that consists of in-house developed Paytomat Core (the payment processor powering the system), non-custodial customer wallet, plug-ins to existing point of sales, web control panel and a set of APIs. We have tested the product in the field with over 200 merchants from Europe, mostly in Ukraine.
The main architecture is now being migrated to EOS for major transparency and scalability. Paytomat is working internationally to connect new merchants and reach out to new customers, while developing and servicing a huge infrastructure.
We invite EOS BPs to support the project directly, fund the development, contribute technical expertise and help kick-start local retail communities. Please read on for details.
You can also see our presentation from the very first EOS Community Conference back in Seoul.
About Our Team
Paytomat team includes over 50 people combined with quite diverse experience in developing of security, infrastructure and blockchain services.
We employ over 20 developers - separate smaller teams are on the mobile products (iOS and Android wallets for customers, Merchant apps), core and “external” blockchain integrations, e-commerce plugins and devops operations.
About Paytomat
Paytomat is a decentralized system for cryptocurrency payments. For the last year we’ve been working on a set of products that can help both merchants and customers start using cryptocurrency worldwide.
Here are the products:
- Web Control Panel - help to manage merchants’ invoices, track sales, as well as use it as a substitute for the current POS system.
- Customer Wallet - help to send and receive various cryptos, manage EOS resources, as well as make payments to any merchant that exist in Paytomat network. There’s both Android and iOS version, make sure to check the one that suits you best.
- Paytomat API - helps to develop external plugins and perform integrations with POS systems, e-commerce platforms, mobile apps, vending machines.
- Paytomat Core - the “brains” of the system, effectively a built-in DEX with anonymous deposits via invoices, configurable auto-trading rules and regular withdrawals.
How Paytomat Works
On the user’s level, Paytomat works as an extra plugin/service within existing POS system that merchants are already using. That means we integrate with software companies (point of sale systems, e-commerce platforms, vending machines) that have thousands of clients, instead of approaching merchants individually.
This is one of the best approaches that scales in the long-term. The fall-back solution for merchants who don’t have a POS solution currently is our Merchant App - it’s mobile updated version is scheduled for September 2018 and web panel is already available.
At the moment we have integrations with the following software: Poster, 1C, Servio, Profit Solutions, Iiko.
Below you can see EOS payments using Poster POS and Paytomat Wallet.
On the background, we are running full nodes for each blockchain that gives us a full control over our own infrastructure. The next version of our software will be moved onto the EOS blockchain where Paytomat will represent a subchain within EOS network.
You can watch various examples of our product on our YouTube channel.
For clients who have no POS system installed, there is a Web Control Panel where they can generate invoices on the fly. Here’s an example of how one client is using it in a coworking space dedicated to blockchain development.
Why EOS
Every payment network involves managing thousands of transactions per second, as well as performing various data analysis. So far EOS is the best solution that exists in the blockchain space that meets all of our requirements: instant speed, high TPS and a clear governance model with an ability to rollback transactions which is the most useful feature from traditional financial sector.
Also, all of the transactions on Paytomat network will be processed via EOS blockchain, which will increase its real-life usage. In our case, EOS will represent a transportation layer across centralized as well as decentralized exchanges for processing transactions with the most convenient exchange rate for merchant.
Funding and BP Benefits
##Funding Costs
Our main costs are related to integrations to POS systems and their further maintenance which includes:
- negotiations and business development costs with software companies;
- a client’s licence for particular POS system - necessary to test all of the functionality, develop a plugin if the POS has modular architecture, showcase the integration on conferences and other public events;
- development costs from both POS vendor and Paytomat’s team;
- sales costs for onboarding of new merchants.
Funding Proposal
To support Paytomat each Block Producer can send a symbolic donation from official Block Producer EOS account (starteosiobp, eoscanadacom, eosnewyorkio, etc) to @paytomathodl EOS account.
We define 3 types of donations based on the amount of EOS a particular Block Producer is willing to give:
- Paytomat Supporter - 21 EOS. BP who supports Paytomat as a decent DAPP in EOS ecosystem.
- Paytomat Contributor - 500 EOS. BP who endorses Paytomat and is willing to help with merchants, gateways, POS systems.
- Paytomat Ambassador - 1000 EOS. BP ready to be local ambassador and share transactional revenue with Paytomat.
BP Benefits
A Stake of Ownership in Paytomat DAO
Paytomat as a company is established as DAO and is funded and owned by core teams of cryptocurrencies as the main shareholders. We want the BPs to be among the decision-makers of the biggest retail system built on EOS.
PTM Coins
Each Block Producer becoming a Paytomat Ambassador or Contributor will receive an airdrop of PTM coins with proportion of 1BTC=10,000 PTM, including bonus. Roughly 4500 PTM for 500 EOS and 10000 PTM for 1000 EOS.
The holders of PTM coins will both have voting rights on the platform (choice of coins, position of coins on POS, etc.) and financial retribution - our business model is transactional and the holders of coins/masternodes hosted in the EOS subchain will receive a cut on the commission the system takes.
Percentage From Every Transaction
Crypto-payments per se are very early stage - so none of the customers or merchants expect the amount of transactions to be huge at start. It’s a “landgrab” and a strategic investment in what will fuel the whole decentralized economy in the future.
Short-term and mid-term Paytomat plans to be profitable by cooperating with core teams of transactional coins on terms of “subscription fees” for retail marketing and liquidity.
Mutual Meetups
With every Block Producer who is going to support our project we’re ready to organize mutual meetups and events to grow EOS community in different regions, as well as to showcase the payment option in EOS as one of the fastest and the most usable cryptos on the market.
EOS Cafes or Restaurants
Since our major focus is cryptocurrency payments, we’re thrilled to help existing merchants to start accepting EOS and other cryptos. However we can help with opening new places that are focused on crypto only as well. We’ve seen various proposals from Block Producers that are aiming to do that. Why not to collaborate on this one?
Please refer to Paytomat Website to learn more or contact us directly at paytomat4eos@paytomat.com.