Company: BlockChyp Inc.
BlockChyp Inc. created BlockChyp, an integrated, end-to-end solution designed to enhance the merchant countertop experience. Powered by Equinox Luxe terminals, the platform combines simplicity, transparency and ease-of-use inside a small footprint, company representatives stated.
"The Equinox Luxe terminal has a nice form factor, fast response times and full functionality, giving users the ability to run videos and manage a range of business-critical functions," said BlockChyp CEO and co-founder Jon Decker. BlockChyp CTO and co-founder Jeffrey Payne agreed, stating, "We built our technology from scratch, beginning with customized firmware, to help software vendors grow their businesses."
As software developers with 30 years' combined experience, Decker and Payne were dissatisfied with typically high-cost, low-quality card-present solutions and slow adoption of blockchain and cryptocurrency. They resolved to help independent software vendors (ISVs) leverage blockchain and advanced technologies to improve the merchant experience.
"We understood what this marketplace needed and knew we could offer better technology," Decker said. "Most ISVs want to control their pricing and user flow; BlockChyp gives them control and a seamless experience without requiring them to become a payment facilitator." Payne noted that BlockChyp pushes the boundaries of a typical POS terminal. "Our terminals support custom branding, logos, slide shows, and video loops along with marketing surveys, custom contracts, and signature capture, all without any custom coding from the ISV," he stated. "Merchants can set these things up unguided in seconds."
The BlockChyp platform includes a payment gateway, merchant dashboard, ISV partner dashboard, administrative portal and virtual terminal. These power multiple functions offering numerous benefits such as the ability to securely process gift and loyalty transactions using a blockchain-based system. BlockChyp is also EMV-certified and supports Visa, Mastercard, American Express, Discover, JCB, UnionPay, Diners Club, ACH, PIN-based debit, EBT and cryptocurrencies.
BlockChyp pointed out that its platform processes transactions at an average speed of 1.5 seconds. It offers white-label options controlled by merchants or ISVs; electronic merchant application processing for fast onboarding; customer insights, surveys, loyalty information, and HIPAA acceptance with interactive terminals; and seamless terminal firmware upgrades and automatic software updates.
BlockChyp can also process offline transactions without incurring merchant risk and easily access self-contained store-and-forward support; quickly and efficiently set up and operate without the need to configure networks, ports or IPs; and protect transaction data with advanced security based on the latest blockchain and encryption standards. BlockChyp transactions are protected by three encryption layers: DUKPT, AES-256, and TLS, and three authorization layers: Bearer Tokens, HMAC Headers, and Digital Signatures, according to the company.
BlockChyp uses blockchain technology to improve security and response times, Payne stated. The platform uses multiple security layers, real-time terminal telemetry and threat monitoring to protect against man-in-the-middle and terminal hijacking attacks.
"We wanted to provide ISVs with the tools they need to effectively manage security and compliance," Payne said. "There are three checks in every sale and we have our own set of BlockChyp keys to sign the transaction when it gets to our gateway."
Pat Ward, vice president of ISV sales at North American Bancard, said BlockChyp's "quick, clean, and effective integration process creates a first-class certification experience for any ISV looking to work with NAB."
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