The House of Mandela is taking on crypto by launching the HOM Token. This digital token is a functioning currency ready to spend on goods and services while offering users a 5% token-back reward on all purchases. But what are crypto payments, and why is the Mandela family taking them on? Let’s dive in!
What are crypto payments?
Accepting crypto payments has several benefits for businesses. One of the most notable benefits is that crypto payments eliminate the need for companies to pay costly transaction fees associated with traditional payment methods such as credit cards or wire transfers.
Another benefit is that crypto payments are fast and secure. Transactions are usually processed within minutes and are validated by a distributed network of computers, eliminating the need for a middleman. This process significantly reduces the risk of fraud and makes it easier for businesses to accept payments from customers worldwide.
Cryptocurrency payments are also irreversible. Once a transaction is complete, there is no way for customers to request a chargeback, which can be costly and time-consuming to process.
Finally, accepting crypto payments can be a great way to attract new customers and increase brand visibility. Cryptocurrency is becoming increasingly popular, and businesses that accept crypto payments will be able to tap into this growing market.
What are crypto payment processors?
For businesses to start accepting crypto payments, they need to find a suitable crypto payment processor. Crypto payment processors are service providers that process crypto payments on behalf of businesses. They are responsible for handling the technical aspects of the transaction, such as converting the cryptocurrency into the desired currency and ensuring that the payment transfers to the recipient.
Different crypto payment processors are available, each with its own features and services. The House of Mandela Token is accepted through ForumPay. ForumPay is a crypto payment processor that automatically converts crypto payments into fiat currency, allowing customers to pay in the crypto of their choice from any wallet and merchants to accommodate them free from market volatility.
What are tokens?
Both tokens and crypto can be bought, traded, and fluctuate in value. Understanding the difference is quite simple. Cryptocurrencies operate on their own blockchain networks, like Bitcoin or Ethereum. When it comes to buying, selling, and trading, they operate independently and require a lot of investment, maintenance, and management. Tokens, however, are free from all the responsibility of managing a network by simply using a network’s infrastructure as railways.
As many smart contracts (contracts created by groups or individuals that automatically execute specific instructions and actions within a blockchain network) were being created, tokens surfaced to let these smart contracts interact and can be used as a form of customized payment and/or ownership.
Why is the House of Mandela taking on crypto payments?
The House of Mandela has launched the HOM Token and HOM Token-Back Rewards Program, allowing merchants to accept HOM Tokens as payment like any other currency. Merchants can offer a 5% token-back reward to users on all purchases at no cost to them. This initiative aims to empower businesses, with proceeds of each sale going directly to the House of Mandela Family Foundation to support the causes mentioned above.
Sales proceeds made with HOM Tokens go toward the House of Mandela Family Foundation. The Mandela family established this foundation in 2017 to improve the livelihoods of underprivileged communities and take on social issues affecting impoverished African communities.
Some of these social issues include:
- Social Justice
- Advocacy
- AIDS
- HIV
- Education
- Health
- Agriculture
- Women Empowerment
- Alternative Energy Sourcing
These topics hope to encourage social responsibility for HOM users and merchants that accept HOM Tokens. The House of Mandela is fully engaged in the Qunu Food Security Project.
Further, the HOM Token hopes to give all South Africans equal access to a stable and regulated banking system impenetrable by corruption to help regulate the money supply and bring the unbanked into a safe and reliable financial network. As more people have mobile phones and subscribe to mobile services than bank accounts, the hope that this digital currency will be more broadly spread is one of the main initiatives of the HOM Token project.
The HOM Token project also means to empower businesses, big and small, to allow them to bring in more customers relying on digital currencies. By allowing merchants to offer a 5% token-back deal, the House of Mandela hopes it encourages more people to shop and support businesses throughout South Africa and the world.
To learn more, visit www.houseofmandelatoken.com today! Stay tuned as more projects develop within the House of Mandela!
