Difference between revisions of "LocalTill"
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Revision as of 07:54, 15 April 2013
LocalTill is an anonymous merchant cash processing service that authenticates deposits based on a unique code embedded in last digits of the deposit by adding a variable fee between 1% and 4%.
For example, a 500 USD deposit with a merchant may require the user to deposit 509.21 USD at a bank, whereby "9.21" is interpreted as a unique identifier for the deposit. No personal data is requested of the user who makes the deposit.
Localtill is used by Bitfloor in the USA, allowing users to make cash deposits (towards bitcoin purchases) at Bank of America branches using an out of state deposit slip. No identification is required. Bank of America tellers may ask for a phone number "for reference", which is actuality never used.
