Even though “Pangaea” has to have a legal presence as a company and therefore use a traditional company bank account with “a” bank, this is not how we want to think of ourselves. Pangaea for all of us is a way to connect the dots between the consumer and the producer. Pangaea is not a retail store or a warehouse, there is no stock waiting on the self, as it is all available directly from the producers. However, if we want this to work, we need to make it operate like any other e-shop. So… we use to simple ways to do that.
With Paypal, every single producer can log in and withdraw their own share at any given time. It makes it sooooooooo much easier to use this kind of service, as it provides a 24/7 access to anyone in the world (farmers, beekeepers etc.) who needs to get paid, when they need to get paid.
So when you purchase a product, the payment stays in Paypal in a single collective account and every single producers is notified on how much they should withdraw. That’s it.
We figured out a way to make bank payments work like Paypal does.
One central bank account with Pireaus Bank under the name of the person who designed all this (Ioannis Papadopoulos), is linked via an app to as many people who need access to this particular account to withdraw their funds.
So, several beekeepers, farmers etc, with the use of a simple app -provided by Pireaus Bank- and a few clicks, get paid on their own from one back account (where all bank payments go).
At the moment 18 people have all access to the collective amount and withdraw their funds on demand.
That’s… all of it. A few “clicks” that everyone individually can do by themselves.
Simple, direct to the point. Easy for everyone.
And before you ask: “how do you know that everyone will withdraw what they should“. The answer is also simple:
You work with the right people!