Instant business payments for the jewelry trade
SQOOT is building a simpler way for verified U.S. businesses to receive payments and pay suppliers through licensed payment infrastructure.
Learn about SQOOT
The problem
High-value goods move quickly. Payments often do not.
Wholesalers and jewelers still depend on wires, checks and payment methods that can delay fulfillment, increase costs and create uncertainty.
Our idea
A payment platform built for the trade
SQOOT is being designed for jewelers, wholesalers, gold businesses and the companies that support them.
01
Business-to-business payments
02
Faster domestic settlement
03
Supplier payments
04
Digital-dollar payment options
05
Clear transaction records
06
Transparent SQOOT service fees
How it works
SQOOT connects the business experience
- 1
A verified business initiates or receives a payment.
- 2
A licensed payment provider processes and settles the transaction.
- 3
The receiving business gets confirmation.
- 4
SQOOT provides the interface, records and industry workflow.
SQOOT does not hold customer funds. Regulated payment services will be provided through licensed third parties.
Who it's for
Built for the jewelry supply chain
- Jewelry wholesalers
- Jewelry stores
- Gold and precious-metals businesses
- Distributors and suppliers
- Other verified trade participants
U.S.-first
Starting with the United States
SQOOT's initial focus is domestic business payments for verified U.S. companies. Additional services and markets may be introduced after regulatory and partner approval.
Compliance
Compliance from the beginning
SQOOT is developing its platform around business verification, customer identification, sanctions screening, transaction monitoring and clear payment records.
Verification and regulated payment services will be performed through appropriately licensed providers. A dedicated compliance function will be in place before launch.
Knowledge
Understand modern business payments
What is a stablecoin?
A digital token designed to hold a steady value, usually one U.S. dollar. Stablecoins are issued by third parties and recorded on a blockchain network.
What is an instant payment?
A payment that is sent, received and confirmed within seconds or minutes, often on any day of the week.
What is payment settlement?
The point when money is final and available to the business receiving it.
What are KYB and KYC?
Know Your Business and Know Your Customer: checks that confirm who a business, its owners and its customers are before they can send or receive payments.
What is an on-ramp or off-ramp?
An on-ramp converts regular currency into a digital dollar. An off-ramp converts it back into regular currency in a bank account.
Why are businesses verified?
Verification helps prevent fraud, money laundering and sanctions violations, and it is required for regulated payment services.
How are refunds handled?
A refund is sent as a new payment from the business back to the buyer, under the business's own refund policy.
Contact
Help us understand the trade
We are speaking with wholesalers, jewelers, banks and payment infrastructure providers as we develop SQOOT.
Talk with SQOOT