Thoken Payment Process & Fees

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Thoken is a payment medium and a payment gateway
  • Thoken is a cryptographic token and an identifier for a preloaded currency account. In this regard, thoken acts as a payment medium.
  • At the same time, thoken is a centralized framework. In this regard, thoken acts as a universal payment gateway optimized for micropayments.

Thare are naturally two types of Thoken users.
  • Consumer or payer:

    A consumer or customer or payer who uses Thoken to make any type of payments for information, goods, services, or fulfilling any other legal and lawful purposes.

  • Merchant or Provider:

    A merchant, producer or provider who, through its websites, mobile apps, stores or any type of legal platforms, provides any type of legitimate information, goods, and services to consumers in exchange for monetary interests.

Thoken Payment Process consists of three major steps:

  1. After preloading funds, the consumer or payer creates their thokens before or at the time of payment.
    2.  
  2. Consumers or payers use thokens to make payments on websites, mobile apps, stores, emails and mobile phones through payment buttons, QR codes, encrypted tokens and browser bookmarks.
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  3. Processed within a centralized thoken framework, payments are credited to the payer's account, to the recipient's account in the ledger, and further sent to the recipient's bank at the recipient's request.
    4.  

Payment Amount Determination

  • Price and Payment Amount

    Price is the amount in certain currency that a provider or merchant want to charge in order to provide a service, goods, information, or other fulfillment to a consumer.

    Payment amount is the amount in certain currency that a payer is willing to pay.

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  • When Consumer Uses Denominated Thoken

    A denominated thoken has a certain face value in certain currency. In this case, the payment amount is the face value of the thoken.

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  • When Consumer Uses Open Thoken

    A open thoken has no specific face value in any currency. In this case, the payment amount is the price shown on the provider's thoken. Otherwise, it is the amount that the consumer enters in response to thoken.io's request prompt.

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Free Thoken Creation and Setting-up

    Creating and setting-up thokens are totally free for both consumers and providers.

    Namely, not only for consumers but also for providers, it costs nothing to set up thokens on their browsers and web pages.

    However, involved payment gateway companies may charge providers very small amount of account  on-boarding fees.


Satisfaction Rate and Discount

    Within 24 hours after getting goods, service or information, consumer can provide his or her satisfaction rating with short notes to thoken.io.

    The scale is from 50% to 100%. 100% means a full satisfaction.

    The payment amount will be discounted by the satisfaction rate.


Thoken Fees and Rewards

While subject to change over time, thoken fees will be, in principle, calculated as follows.

  • Consumers

    No fees for adding thoken funds either by checking account or by credit/debit cards.

    Minimum Amount Per Funding:

    It is required to add at least $25 or equivalent in each single transaction of Thoken funds adding.

    Withdraw Thoken Funds:

    It is totally free to withdraw your thoken funds at any time. To cover the fees of payment gateway and related transactions, 2% if using a checking account and 4% if using a credit or debit card will be charged.

    Cash Rewards for Funding in Large Transaction Size and Using Checking Account:

    1% cash rewards will be added to your Thoken funds if a funding transaction is above $30 or equivalent and uses a checking account.

  • Providers or Merchants

    Beside certain onboarding fees that might be charged by involving payment gateways, Thoken.io charges fees from merchants solely based on sales revenue and effective transaction.            

    Merchant Account Onboarding:

    Subject to payment gateway fee policies, minimum $5 will be charged for checking account onboarding.

    Thoken Transaction Fee:

    Thoken.io charges transaction Fee from providers or merchants at the leleve of transaction: 1.5 cents + 3.9% * transaction amount per transaction.

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