With its origin in the online, high-transaction industry, PumaPay noticed a lack of flexibility in blockchain crypto payments. This was a major challenge in several industries as merchants wasted a lot of time and energy on some of the common issues associated with financing their businesses. PumaPay was established to streamline this situation, creating a completely comprehensive payment solution, for the benefit of both the merchant and their customers. PumaPay analyzed some of the major pain-points its customers were facing on a regular basis when it came to card payments. Of those, they found that chargebacks and high transaction fees posed a major challenge – areas where traditional banking was not meeting the needs of the modern business.
PumaPay’s PullPayment Protocol allows the merchant to ‘pull’ funds from its customer’s account, based on pre-approved terms.
The PumaPay PullPayment Protocol
After realizing that cryptocurrencies are a good solution to this problem, PumaPay found that there was no singular currency that offered advanced billing models without the added risk of crypto volatility or slow settlement times. This led to the development of the PumaPay PullPayment Protocol, and the company was able to limit merchants’ financial issues through the simplicity and flexibility of this solution.
“Blockchain itself is an advanced technology. It is still very new, and we are still seeing its development in the crypto space. Through the PumaPay PullPayment Protocol, we were able to bring adaptability to this technology,” says Yoav Dror, PumaPay CEO.
The company took the traditional mechanism of the customer sending funds and completely inverted it. PumaPay’s PullPayment Protocol allows the merchant to ‘pull’ funds from its customer’s account, based on pre-approved terms. This opened a wealth of billing possibilities globally, allowing PumaPay to become the first company able to provide subscription payments over the blockchain back in 2018.
Ultimate Billing Flexibility
The company also found that its clients, especially within the adult industry, we’re struggling to find a payment solution that would offer privacy, without costly transaction fees and chargebacks for the merchant. However, after integrating the PumaPay PullPayment Protocol, many of these businesses realized that they could avoid these pains by utilizing blockchain technology.
“We also found that any concerns over handling cryptocurrencies was eliminated with our Fiat Settlement functionality, which improves settlement times by automatically converting the crypto to fiat and delivering the funds direct to our client’s bank account,” adds Yoav.
PumaPay is working on developing more innovative solutions in the payment field by incorporating advanced technology to its system to fill the existing gap in the finance sector. The company is constantly including additional features to its solution, including a service which will temporarily lock the PMA token rate and help overcome the crypto volatility risk. Moreover, PumaPay continues to publish regular updates on company news and industry trends on its website and social media channels as it keeps up with the modern demands of the ever-changing crypto landscape.
Visit website: pumapay.io