BuyCo enables individuals and businesses to join forces in buying goods or services, and offer suppliers access to new markets with great payment conditions.
Traditionally, buying cooperatives are time and labour intensive to set up and run. BuyCo.io allows you to set one up in seconds with ordering, supplier management, governance, escrow and payment processing all fully automated.
The buying process on BuyCo is fully automated, governed by innovative blockchain technology. That means that our users are in control of their data and actions, and everything happening on BuyCo can be publicly verified.
Because of this BuyCo can offer the platform at very low cost, much cheaper than traditional e-commerce platforms. In fact it’s free to use both for buyers and suppliers!
By handling all transactions outside of the traditional banking system on a distributed ledger, they dramatically speed up payments to suppliers improving liquidity for the benefit of all parties.
Buyers pay for their products in phases. When joining a BuyCo, every buyer makes a small pledge payment of 5% of the total amount. When a deal with a supplier is made, an additional part of the payment is transferred. Finally when the products have been successfully delivered, the final payment is transferred to the supplier.
During the buying process, the money is kept in escrow on the Uphold platform. All escrow reserves are registered on our blockchain and publicly verifiable at any time.
The larger the demand, the better the price that suppliers can offer. So if you joined a BuyCo, why not let your friends know through your social networks?