ATLOS offers merchants recurring payments in crypto to allow users to pay for subscription-based services.
SINGAPORE , Jan. 11, 2023 /PRNewswire-PRWeb/ -- Merchants using ATLOS payment processor can now accept recurring payments for subscription services. The subscription payment model has been very popular for ecommerce merchants in various industry verticals. Traditionally, a merchant would keep the customer's credit card on file and charge it at regular intervals.
However, accepting recurring crypto payments has always been a challenge. Unlike credit cards, simply storing a user's public wallet address does not permit the merchant to pull funds automatically form that wallet. This limitation applies to legacy crypto payment processors that use web2 technologies.
In contrast, ATLOS is built with web3 technologies. It uses smart contracts (programs running on a blockchain) to process payments. A user may authorize a smart contract to withdraw a certain amount of funds form his/her wallet. Once authorized, ATLOS smart contract pulls funds from the user's wallet at regular intervals. The supported intervals are one day, one week, one month, and one year.
If the users' wallet does not have sufficient funds at a time when the bill is due, ATLOS will notify the user to deposit more funds or to change the payment method.
If a user decides to stop recurring billing without the merchant's involvement, it's a simple matter of deauthorizing the smart contract from accessing the user's wallet. Whereas with credit cards, the entire card has to be canceled and a new one needs to be sent by snail mail.
The system is also much more secure than storing credit card numbers in a merchant's database. Only ATLOS smart contract can access the user's funds. There is no database that can be compromised and no credit card numbers or other sensitive information that can be stolen. As a result, merchants using ATLOS do not need to be PCI/DSS compliant.
In addition to recurring payments, ATLOS offers instant merchant onboarding. A merchant only needs a crypto wallet to sign up. There is no paperwork required to start processing. ATLOS also offers instant settlements. When a user makes a payment, it is passed through to the merchant immediately. Unlike the legacy web2 payment processors, ATLOS does not hold merchant's funds in its custody.
Utilizing the web3 technology makes ATLOS much safer and easier to use than the legacy crypto payment processors.
About ATLOS
ATLOS is a decentralized, permissionless, and non-custodial crypto payment processor that accepts any business. It has low fees, instant merchant onboarding, and supports recurring crypto payments. ATLOS works with multiple blockchains and with various cryptocurrencies. Website: https://atlos.io
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