Luxchain provides a secure payment platform for luxury goods transactions, leveraging blockchain technology to ensure authenticity and prevent fraud. It offers a trusted escrow service that verifies items and funds before releasing payments, protecting both buyers and sellers in high-value exchanges.
Funding
Funding not disclosed
Founders
Product
Problem
Luxury retailers face high costs and risks associated with traditional credit card payments, including processing fees averaging 3% of transaction value, chargebacks, and fraud. Online transactions are particularly vulnerable, as merchants bear the liability when stolen credit card numbers are used.
Solution
Zenobia Pay offers a payment platform that enables luxury retailers to accept pay-by-bank transfers directly from customers, bypassing credit card networks and their associated fees and fraud risks. The platform uses ACH to pull funds from the customer's bank account and FedNow for T+2 settlement to the merchant's payout account. Customers link their bank accounts via Plaid using OAuth, with refresh tokens stored securely on the device. Zenobia Pay provides instant clearance on ACH transfers and a fraud chargeback guarantee, shifting liability away from the merchant.
Target Audience
Zenobia Pay targets luxury retailers selling goods online for more than $200, including clothing and jewelry merchants, who seek to reduce payment processing fees and eliminate fraud-related chargebacks.
Features
- Mobile payment flow accessible on iPhone without requiring an app download
- "Pay With Zenobia" button for integration into merchant website checkout flows
- Integration with Plaid for secure bank account linking via OAuth
- Device hardware signing and biometric authentication for payment authorization
- Fraud chargeback guarantee covering customer-initiated returns due to "account stolen," "transaction not authorized," or "fraud"
- Merchant dashboard for initiating customer refunds with 3-day processing
- Manual review of every dispute case to eliminate friendly fraud
- Penetration testing and data encryption at rest and in transit to ensure data security