Please describe your proposed solution.
The Problem
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Small Business and Vendors must have bank account to process credit and debit cards transactions.
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High Cost of the Credit Card transactions for small businesses transactions.
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Difficulties to expand the business to international buyers, limited access to products and services.
Small-scale businesses and vendors are losing money on credit cards and debit cards transaction fees, between $10,000 and $250,000 in annual payments, from 2.87 % percent and 4.35 % percent per transaction.
With additional cost $ of hardware leases and software subscriptions.
Our ADpp solution
There are several benefits for small business, and vendors to collect payments in cryptocurrencies:
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There is not bank account requirements, just the crypto wallet and internet access on the smart phone.
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Very low transaction fees.
There are fewer fees associated with cryptocurrency in comparison to credit cards payments.
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Cryptocurrency enables small businesses to expand and open their doors to international buyers who previously couldn’t access their products and services.
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Increased security.
Because of its decentralized nature, cryptocurrency protects merchants against fraud.
- There is No chargebacks.
The blockchain stops customers without appropriate funds to make a payment, reducing the likelihood of the chargeback.
Beneficiary
Small Businesses and Vendors are the primary beneficiaries.
Cardano blockchain are the secondary beneficiary of our DApp project.
We choose Cardano because we believe the Cardano blockchain has huge long term potential, and has many advantages over the other blockchains.
Cardano ecosystem benefits
“Small-Business Crypto Payments DApp” will be execute on the computation layer of Cardano blockchain.
Our project will benefit Cardano blockchain, adapting the Cardano blockchain for every day use by small business and vendors.
Our DApp will spark awareness of the Cardano blockchain.
By the small businesses and vendors, around the world who willing to collect payment in cryptocurrencies.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The challenge description calls for a flourish ecosystem of DApps products, and integrations that are better alternatives to current payments systems.
Our proposal addresses this need by providing an DApp based products that specifically meet the call for solutions that help to solve small businesses and vendors payments and banking issues.
This proposal will expose the global vendors in developing countries community to the capability of the Cardano blockchain to solve the problems with payments, and increasing interaction with the Cardano community.
The resultant value to Cardano blockchain will be its exposure to the business community as a source of generating small business solutions.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
- Risk of software development delays
Mitigation – Our team are implementing face to face communication with team members, during software development process, to address any delays.
- Risk DApp implementation complications and errors.
- Risk the DApp will not behave as planned.
Mitigation – Engage with the developer community, e.g. Catalyst Swarm Cardano. Our team really on the Cardano softwares documentation
- Risk of delays of the final product.
Mitigation – We are implementing excessive testing to catch potentials bugs, as well dividing development process on stages.
Our project timeline already included extra time.
- Risk of cryptocurrency adaptation by small business.
Mitigation - We will show the benefits of accepting cryptocurrency, and how it will increased sales.