GreenBox POS (“GRBX”) is a groundbreaking Blockchain technology company that builds customized payment solutions for a variety of industries. Below is our recent interview with Ben Errez, EVP at GreenBox:
Q: Could you provide our readers with a brief introduction to GreenBox POS?
A: The company develops individual disruptive applications integrated in an end-to-end suite of financial products, supporting multiple industries with an emphasis on Blockchain secured ledger technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX.
Q: You’ve recently released your flagship product – QuickCard. What makes it unique?
A: QuickCard is the brand name for our new payment infrastructure. There are many reasons why QuickCard is a unique system, but let me focus on the main ones:
QuickCard is capable of settling transactions instantly. Imagine the current scenario: a customer buys a product from a merchant and pays with a payment card. The merchant receives the payment in 2-4 days later, depending on the card. Until then, the merchant can’t afford to renew the inventory. With QuickCard, transactions settle instantly, which means the merchants have their cash available immediately upon the completion of the sale. That means inventory can be replenished immediately, and that means a lot easier cashflow management and much higher inventory turnover. That feature alone can cause net profits to be three or four times bigger without making any other change to the business. On top of that, QuickCard stores all records on Blockchain using secured ledger technology. Cash stored that way using our patented technology can not be lost, stolen or destroyed. Security, privacy, reliability and extendibility of the system ensure that there are no bandwidth limitations, no downtime, and that the system itself is unhackable. It is a remarkable achievement and the new gold standard by which payments will be managed.
Ben Errez and Fredi Nisan, founders of GreenBox
Q: Can you give us insights into your features?
A: All of GreenBox’s products use Blockchain secured ledger technology to store and communicate data between them. As such, the delivery application is aware of the inventory status in real time. The point of sale product updates that ledger on each completed sale done in person or online. Consumers can tip service providers directly without any of the money going to a merchant, and many more examples such as these are typical for our fully integrated suite of financial products that are all married to QuickCard, our new global payment infrastructure.
Q: You’ve also developed a delivery software solution; how exactly does it work?
A: Loopz, our delivery system, is another great example how mature, robust product can be so technologically advanced and at the same time also so elegant in execution. Our system is based on three main components: back end dispatcher engine that controls the brains of the system – accept orders, manages drivers, set payments, track deliveries, etc. This system even knows to look at the battery level of the driver’s phone to make sure they can complete the delivery and call the customer upon arrival. The dispatcher part of the package is served from a SAAS (software as a service) engine, so no installation, backup or data restoration is required, just like our POS (point of sale), another SAAS product. The two other components to the delivery system are the mobile apps (available for iOS and Android): driver app and consumer app. The driver app is aware of its required paperwork for each delivery. It reports location and problems with deliveries automatically or manually. It tracks the position of the of the driver and product until it gets in the hand of the consumer. Lastly, it also tracks customer signature verifications for delivery and contains the rating system for the service. The consumer app is aware of the current inventory of any marketplace it enters – in real time. It tracks the ability of the consumer to complete the delivery and connects to the payment system directly if additional funds are needed. This mobile app also has the same rating system, and a unique additional feature – tipping management.
Q: What are your plans for the future?
A: As a public company, we have responsibility to our shareholders and the public to do our best to improve profitability and shareholder value. Like all technology companies, we must invest in future products and technology and continuously stay ahead of the pack. As such, we constantly work on additional vertical uses for our technology; latest one – travel, to be announced soon. We also work on new hardware devices, in particular cold storage for our E-Wallets. I carry some of those with me all the time because they are so cool.. Lastly, we also look for infrastructure plug in partners where our technology can instantly upgrade traditional service company into a Blockchain service company with all of the benefits discussed earlier. Latest example on that – exchanges infrastructure.