Point-of-sale (pos) system for automatically converting transactions into cryptocurrency
AssigneeOrbix Corporation
InventorsMohamad Hamade, Samatha Bevins
Life of this patent
Estimating the term…
Abstract
A Point-Of-Sale (POS) system for automatically converting transactions into cryptocurrency at a merchant terminal is provided in the present invention. Where the system permits a customer to pay in any currency and a merchant receives FX on blockchain or cryptocurrency rather than traditional currency. Further, the present invention removes barriers to transactions that might inhibit international commerce, or commerce with certain types of currency.
Claims10
A computer-implemented method for performing transaction at Point-of-Sale (PoS) for a merchant, the method comprising:
- providing an Application Program Interface (API) at a merchant terminal, where the Application Program Interface (API) is integrated with a Point-of-Sale (PoS) terminal, and being configured for;
- receiving a payment request from a customer for a transaction amount via a credit or debit card,
- executing the transaction through a payment gateway,
- receiving the transaction amount at an exchange terminal, where the transaction amount is converted into a cryptocurrency and mixed in a cryptocurrency mixer, and
- providing the cryptocurrency in a custodial wallet of a merchant.
A method of transaction at Point-of-Sale (PoS), the method comprising;
- swiping a debit/ credit card for a transaction amount by a customer at a Point-of-Sale (PoS) terminal;
- automatically converting the transaction amount into a cryptocurrency and mixing the cryptocurrency;
- and
- receiving the transaction amount in form of the cryptocurrency in a custodial wallet of a merchant.
A Point-of-Sale (PoS) system for automatically converting transactions into cryptocurrency, the system comprising an Application Program Interface (API) integrated with a Point-of-Sale (PoS) terminal, where an Application Program Interface (API) comprises a payment gateway, a transaction manager and an exchange terminal and being configured to:
- determine, by the payment gateway in communication with the point of sale terminal of a merchant, that the merchant has selected to receive payment in the cryptocurrency in order for a transaction,
- receive a payment request from a customer for a transaction amount,
- execute the transaction through a payment gateway,
- receive the transaction amount at an exchange terminal, where the transaction amount is converted into a cryptocurrency, and
- provide the cryptocurrency in a custodial wallet of a merchant,
- wherein the payment request comprise a request for the transaction amount through a debit/credit card to a merchant account, whereas the transaction amount is automatically transferred in the custodial wallet of the merchant in form of the cryptocurrency as an equivalent of the transaction amount.
Dependencies are inferred from the claim text.