Creating a network of cashless opportunities...
MTRAC aims to revolutionize payment processes for businesses operating across a wide array of “high-cost” and “alternative” industries where traditional banking and payment processing services are difficult, or nearly impossible to acquire.
MTRAC’s innovative suite of solutions have been carefully designed to significantly reduce or remove cash-based transactions all together from the everyday transactions these businesses perform between those they need to collect funds from such as consumers, in addition to virtually anyone they either need to pay such as employees, vendors, and even local and state tax offices. Not only do these solutions help put the power back into the hands of merchants by providing them with effective alternatives to cash, but they help to create an important layer of security and operational efficiency by reducing cash on hand, as well as significantly enhancing the tracking and transparency associated with every transaction.
Closed-Loop Blockchain Technology
A closed loop blockchain is a system of keys that move in one direction when two parties agree on the value of those keys. A key on the blockchain is a digital representation of the value of currency moved into the system in the form of cash or debit/credit card via kiosk or via customer/merchant wallet as an ACH transaction.
The merchant wallet, created by the business owner, is used to accept and make cashless payments, C2B and B2B, respectively. Through the MTrac offering, merchants also have the option to integrate a state of the art point of sale (POS) system, which provides inventory management, payroll processing, and seed to sale tracking. Transactions posted in the merchant wallet create a ledger that can’t be manipulated, which also provides transparency for any regulatory agency that wishes to conduct an audit. All information is there.
A customer wallet, created by anyone who wants to engage in cashless transactions, is used to pay merchants or move keys to other consumers on the blockchain, C2B or C2C, respectively. A customer can digitally load money into their wallet via ACH from a bank account. Or, if customers wish to load cash in their wallet, they can do so at a kiosk, which also accepts debit and credit cards for loading purposes.
Each of these functions will be available through the MTRAC app that is currently in the final stages of development and which will be available for iOS and Android download.
THE MTRAC KIOSK powered by GreenBox
The MTRAC Kiosk is a machine to be placed in any business that wishes to go cashless. At the kiosk, a customer selects one of two options:
1) Load assets onto wallet
2) Load assets onto a pre-paid debit card
If the (#1) option wallet is selected, the customer can then convert currency to a digital representation of the loaded value in their wallet by following two simple steps:
a) Scan QR code on phone
b) Load cash or debit/credit card assets into the machine
If the customer selects the (#2) option pre-paid debit card, they also will follow two simple steps:
a) Load cash or debit/credit card assets into the kiosk
b) Kiosk then prints the card holding loaded amount
At this point, the customer now has digital currency on their wallet, or on their pre-paid debit card. The currency can then be used to pay the merchant, who accepts MTrac as their preferred form of payment. In order to complete the transaction, the customer can either generate a QR code from their wallet in the amount of the transaction, or they can pay using their pre-paid debit card.
Any unused assets on the debit card can be used to pay any merchant who accepts MTrac. Alternatively, if the customer also has a wallet, they can move the remaining assets to their wallet by scanning the QR code on the card.