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Ausum presentation
- 1. AUSUM Ventures Creating the all-inclusive modern POS
- 2. Whats wrong with plastic? Credit & Debit cards are ingrained into society yet impose many costs. Insecure: leaks and fraud are incredibly common High costs: fraud, transaction fees, membership fees all cost merchants money in order to accept plastic. This is accounted into the price of goods being sold. Not dynamic to new technologies Lets dive into some specifics.
- 4. Whats wrong with Debit? Instead of fixing the technology to make plastic purchases more secure; institutions charge fees on every transaction to provide insurance against those who experience fraud. Merchants foot the bill when it comes to fraud, even though the technology that performs the transaction isnt secure. What sort of fees do merchants pay for each debit card swipe?
- 5. Debit cards use online transactions Yet Dodd-Frank Act of 2010 had to cap high transaction fees to 21蔵 a transaction before the fee was up to 44蔵
- 6. Wait, why focus on Debit when Credit costs more fees? Because credit cards are essentially micro-loans; they allow people to purchase items on credit. This feature makes credit cards unique in their costs because they provide unique benefit not offered by Debit cards.
- 7. There is an alternative Secure: transactions dont expose financial information Cheap: no fees, no membership costs Quick: same day-bank deposit, no chargebacks
- 8. Bitcoin (as a transaction network) When accepting bitcoin, merchants will never pay any money to accept money. When spending bitcoin, consumers will never expose their financial information again.
- 9. How is this possible? Unlike paypal, visa, or mastercard, the bitcoin transaction network is completely open and visible to anyone with an internet connection. This open system allows anyone in the world to create applications or services that run off of this common-good technology. As of 2009, anyone in the world could create secure, cheap, quick, global financial services with only the costs it takes to run a small local server.
- 10. So how does the merchant get USD? Raising $32.7 million in angel and venture capital funding; Bitpay is an international bitcoin service that lets merchants use the power of the blockchain without ever touching a bitcoin. Customer wants to pay Merchant Merchant clicks a button to create a bitcoin invoice Customer pays and Bitpay trades the bitcoin to an exchange for USD instantly with bank deposits. The merchant receives USD with no fees, same day.
- 11. Benefits to Consumers Plastic is not made for the internet and every purchase exposes the consumer further to a future hack. Bitcoin was made for the internet and transactions dont expose financial information. Plus the system is open to anyone without needing to ask for permission, and digital money means all problems are technical rather than political.
- 12. To people in developing countries, bank accounts are not widely available. Bitcoin allows people in developing countries to participate in a global economy.
- 13. So what is the AUSUM POS? If bitcoin is supposed to reflect a modern approach to money: what does that look like?
- 14. Look familiar? What benefits does this new POS offer? NFC: Tap & Pay NFS: Cutting edge high frequency clicks call up an invoice without consumer tapping. (video demo) Accepts digital currencies & new EMV-standard credit & debit cards.
- 15. No swipe? How does it accept plastic? New credit card standards will have major effect on industry starting in 2015. These new standards put the burden of fraud costs on the merchants, and thus merchants need to upgrade POS systems to handle new credit & debit cards with improved security. If you travel you Europe you will notice that credit cards and left in the POS until the transaction confirms, yet in America you simply swipe. This is because Europe already uses these enhanced security features and thats what systems that merchants in America need to adopt . . .or they can simply buy a cheap yet secure tablet that accepts these new standards via NFC tap.
- 16. Digital Currencies The POS system comes software to handle transactions with a variety of services Coinbase Bitpay GoCoin More can be added via simple edits. All of these services are useable with the modern NFC & NFS features which can take advantage of younger people trying out the new tech financial services. Now they can use their cutting edge features on their phones to make purchases at your location without ever needing to take out their wallet.
- 17. BitPay: International bitcoin payment solution
- 18. Bottom Line: 2015 requires merchants to update their POS. AUSUM is the cheapest, most efficient, and dynamic POS system that prepares merchants for the future.