TheRock Payment Processor
Verified therock users are now able to accept bitcoin payments in a quick and easy way.
How it works?
After promoting a regular therock account to a merchant one, an entry on user menu will let you create a new payment to be received in bitcoin.
Through a clean interface, you can enter the amount in euro to be received.
As an example, suppose to be a merchant with a therock account that wants to accept bitcoin as a payment method: just ask our system to create a new payment via PoS, insert the amount in euro to be received equal to the invoice (eg: 58.45 euro) and an optional invoice reference; the system will create the classic QR code page to be shown to the costumer, for an easy payment via its cellphone bitcoin wallet.
As soon as the payment is done, the system will confirm and process it, crediting the merchant account with the exact sum in euro requested (58.45 EUR in our example).
The merchant will be able to accept bitcoin as a payment system, while immediately receiving EURO on its therock account, without any commission and with the guarantee that there will be no chargebacks. Free and secure.
PoS payments are easily identified, giving the merchant an easy way to track its PoS transactions 1 to 1 with its invoices.
Is there a referral system?
Yes, there is and it is completely integrated with current therock referral system. If you already are a promoter, you can start promoting merchant adoptions too. We will give 0.15% for any transaction made by the merchant through the PoS system and earnings for the promoter will be in bitcoin.
Not only. We will soon have several promoters levels: the more the merchants will use the PoS system, the higher will be your commission per transaction.
How to became a merchant?
First of all you need to be a verified therock user. If you are a business, your account should be a business account, with documents required for businesses (see our AML/KYC page for more informations). The system is currently in a test phase, so only selected users will be allowed to became merchants at the time being.
How do you base your price?
At the moment we use our currency exchange. We will probably use different techniques in the future as well.
Are there any limitations?
Every merchant will have its own limits: currently no more than 1000 EUR per week, no more than 250 EUR per sale. There is also a minimum limit, grossly equivalent to 0.01 BTC: we don't want to promote bitcoin for microtransactions. And yes, we will have litecoin or peercoin too in case.
Another limitation is the FIAT currency: only EUR is available too; we can easily add USD, but since we can't accept US Residents and Citizens, there is probably not much demand for USD.
Can I choose a % of bitcoin to be converted?
No, bitcoin received will be 100% converted. This is a bitcoin payment processor system, so bitcoin will be processed. Converting 100% of bitcoin received, will make life easier from a fiscal point of view too, so it will probably stay so for the time being.
Why should I use this system?
We developed this system especially because several therock users approached us and request it. We think it is useful if you already are a therock user and prefer to deal with someone you already trust and have a relationship with. It's useful because it's completely integrated into therock platform; it's useful because for a merchant it's free and money is guaranteed.
Posted By paci barbarossa, under The Rock Exchange