Pure-Central.com, a multi-currency P2P lending and trading platform, has added bill paying services, allowing users to pay bills in Bitcoin. The platform now serves as an online resource where members can either get bills paid or register as a bill payer and pay other members’ bills.
The bill payment capabilities mark the most recent addition to Pure-Central.com’s bevy of financial services for cryptocurrency users. After launching as a cryptocurrency lending and trading platform in October of 2014, the Virgin Islands-based company now serves more than 30,000 users, according to James Donovan, chief operating officer.
How Bill Payment Works
Bitcoin users who want to pay their bills must first register on the website. Payers who want to pay other members’ bills must also register. Pure-central.com has to confirm the payer’s identification before they can pay bills. Each payer lists what country they are based in, what area they serve, the currency they use, minimum and maximum payment amounts, processing time and their fee.
The party who wants to pay a bill submits it to one of the listed payers. They must provide all information such as company name, account number and a scanned copy of the bill.
Once a listed payer agrees to pay a bill, the party holding the bill sends payment in Bitcoin to Pure-central.com, which holds the payment in escrow until the payer pays the bill. Pure-central.com automatically calculates the Bitcoin value based on the exchange rate for the currency the payer uses to pay the bill.
Both Parties Receive Payment Notice
Pure-central.com notifies both parties via email when the payment status changes. “Once this (payment) is confirmed by the bill submitter, the funds are released from the escrow account to the bill payer,” said Donovan.
Pure-Central deducts a 1 percent fee from the bitcoin amount it sends the payer. Every bill paying service has a rating of one to five stars on the payers’ listing page. The rating is the average of the ratings given by customers.
Bitcoin is the only currency Pure-central.com accepts at present for bill paying services.
Companies that want to accept payments through Pure-central.com can register on the site to receive payment in Bitcoin. In such cases, the company’s customer does not have to provide all the information every time they pay their bill. “We encourage companies like phone and cable companies to register to our site if they would like to get paid in bitcoin,” Donovan said.
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How Borrowing And Lending Work
Members follow a similar process for borrowing and lending money.
To apply for a cryptocurrency-based loan on Pure-Central.com, a borrower first selects the currency they want the loan in. They then state the amount, term and rate they are seeking. Pure-Central.com requires borrowers to explain what the loan is for, such as a purchase, an investment or to pay a debt. Lenders then respond with loan proposals. Once the borrower accepts the lender’s terms, the loan lists on Pure-central.com. Pure-Central.com assesses a 0.75 percent fee to the lender.
Borrowers must provide information about themselves to use the service. Borrower verification allows Pure-Central to turn over users who default on their loans to debt collectors.
Pure-central.com lists all borrowers, including type of loan (one type is borrow set terms, the other type the lender set terms), term and rate, percent of the loan already funded, the currency being used, the date listed, and a reputation grade. Pure-central.com bases the reputation score on payment performance and proof of income. The reputation score improves as the borrower pays back the loan.
Lenders make loans in cryptocurrency. They can presently use Bitcoin, Litecoin, Dogecoin, TheWLD, Namecoin, Darkcoin, Auroracoin, with more to come.
Borrowers can receive their funds immediately and pay according to the terms of the loan.
“Pure-Central is the only multi-currency lending site available on the market,” Donovan said.
Pure-Central.com has also added an “e-payment” button that users can imbed in their websites to accept bitcoin payments. The Pure-Central.com payment gateway allows users to verify cryptocurrency transactions in seconds.
We have the e-payments system which include all the currencies available on the website and confirmation of payment is done in a matter of seconds
Pure-Central.com also has a P2P cryptocurrency exchange where users can buy and cryptocurrencies.