User Tools

Site Tools


money-boss

Money Boss

Introduction

“Money Boss” is a new offering launched by radar system featuring p2p socializing, recharging, redeeming and making payments. It has opened up a whole new area for Radar and many other financial systems like “Uber” in the financial sector.

Every user can easily register to be a money boss and provide recharging, redemption and payment service for individuals and merchants.

1. The interface between radar system and fiats which was formerly exclusive to gateways now can be completed by money boss. Users now only need to make transfers to a money boss to conduct recharging and redemption. The mode of money boss achieved a p2p way of gateway recharging, and thus provided a solution for the threshold restriction (finance license and many other requirements)to set up radar gateways in many countries. Now with money boss, things are much better. Every money boss can work as a bank counter set for free were new mode implemented in banking system.

2. Radar payment will be able to include all the payment channels worldwide. All the payment method supported my money boss can be used for merchants. Therefore, radar payment theoretically accept every payment method in the world when money boss is sufficiently funded, which is to say when merchants use radar payments they actually support all payment channels worldwide including Alipay, Paypal, Apple Pay, Google Wallet, different banks, digital currencies and even some minor payment channel and shopping points only if there is a corresponding money boss.

Margin

To apply to be a “money boss”, apart from passing identity review, one has to keep a certain amount of USD/CNY/PHP/TWD etc in balance account working as ones operational limit to ensure users’ money safety.

Fee

A Money Boss could set a certain fee rate while application, which contributes to its profit when proceeds users deposit or withdrawal. We recommend fee rates under 2% since it will influence users choice of Money Boss.

  • When a user submit a deposit or withdrawal order, he or she will be charged by this fee rate, which goes to the income of Money Boss.
  • Radar system will automatically take 20% of every transaction fee as the cost of operation.
  • For instance, suppose the fee rate set by Money Boss is 1%, when a deposit transaction of 1000 USD is completed,
    1. Profit of Money Boss will be 1000*1%*(1-20%)=8 USD;
    2. System cost will be 1000*1%*20%=2 USD;
    3. User’s account balance will increase 1000*(1-1%)=990 USD.

Credit System

Credit limit

  • The account balance of “money boss” determines its credit limit and the maximum amount of order it is able to take.
  • The credit limit of “money boss” is reduced when it has confirmed a user’s order. (Money boss’s account balance will automatically be transferred to system regulatory account).
  • When money boss’s balance account is refunded, the credit limit grows accordingly.

Reputation value

Money bosses in the recommended list are ranked by their reputation value.

  • Reputation value mainly take into account of following factors (their weights will be dynamically adjusted).
    1. Total number of history orders money boss has taken.
    2. Total volume of history transactions.
    3. Timeliness of transaction completion.

Order succeed confirmation

  • Deposit: An order is completed when money boss has successfully transferred CNY to the user.
  • Withdraw: Users need to confirm the receipts online to complete redemption, which will be automatically confirmed after 48hrs without users’ confirmation.

Flow chart of deposit

Flow chart of withdrawal

Operation Guide

@to be continued


Other Language

money-boss.txt · Last modified: 2015/09/08 10:20 by Justin