Outdated Payment Systems
Flight equipment has drastically improved over the last 60 years since the private aviation industry was first established. However, the way the companies take payment has remained the same. Charter Jet companies still use slow and restrictive payment methods, namely wire transfers and credit cards. Wires have lower fees but are much slower, sometimes taking an entire day to complete a transfer. They are also very inconvenient if refunds need to be issued. Credit cards on the other hand are quicker but have much harsher fees. They typically range between 3% and 4%, often leading to fees exceeding $1000 due to the size and nature of these transactions.
In contrast, processing a payment with Ethereum takes less than five minutes on average, with some payments going through as quickly as 15 seconds. Much faster than standard wire transfers, and much less of a hassle. No need for a 3rd Party Intermediary, as all transactions are Peer to Peer and are secure via blockchain and proof-of-work protocols. Ethereum is a public blockchain, meaning any user can verify transactions themselves through the block explorer.
Our payment system will also utilize Escrow wallets. The main wallet will divide equally the cost of flights on a per-seat basis, helping to keep costs low for all members. The Black Box Collective Escrow will hold all funds until all parties have fulfilled their contractual obligations, at which point it will disburse the proper denominations to all included parties.

End of Day Settlements

Like you, we like flexibility. The on-demand nature of private charters caters to this specifically. To accommodate a member who would like to join a flight last minute, an additional Escrow wallet will hold funds until the end of each day. This ensures any Club Member can take a flight out of an available landing airport until the very last minute. The wallet will split the rate equally at the end of the day for all included fliers.
We understand some of our members will require different payment options. To cater to all members, we will still accept traditional fiat payments via Stripe
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