There has been drastic increasement in the number of transactions made through online stores all around the world. According to a recent research; the retail sales through e-commerce increased by 12.4 percent in the first quarter of 2019, compared to the 2 percent increase experienced in the first quarter of 2018. E-commerce sales in the first quarter of 2019 accounted for 10.2 percent of total sales.
Online store patronage has become a viable option for many people from every nook and cranny of the world. Many people don't like to go through the rigour of manual shopping in malls, therefore they do most of the shoppings online.
Of a truth, the numbers of online shoppers are increasing everyday because of the convenience it affords and easy way of getting want you want with quick delivery.
It is believed that the numbers of online shoppers will surpass those who do manual shopping in the nearest future based on the rate of at which people are exploring the online option.
The number of online stores are increasing just as the numbers of online shoppers are increasing. In other words, entrepreneurs are thinking of putting more goods online because they attract customers that are thousands of miles away from the location of the owner and easily bring available goods to the notice of potential customers. Online stores present a lots of advantages to both the owners and the shoppers.
Payment options
One of the challenges posed at online businesses is the payment options for the buyers. There are different kinds of currencies spent by different countries around the world, since many of the buyers of goods online might not be spending the same currency with the seller, it becomes a challenge. Many of the online store businesses use interswitch (Mastercard, Visa, Verve) PayU, Paga and many more as means of payment.
Challenge of financial institutions
When it comes to international transactions, the financial institutions serve as the middlemen to carry out the transaction between two parties. The first challenge is the conversion of one currency to the other. For instance if a person from Nigeria is trying to buy goods from online store in the United States, the local currency will be debited in Dollars from the buyer's account which is not always accurate as buyers pay more for their goods.
Another challenge is the commission charged by the financial institutions on every transaction. The middlemen role that the financial institutions play in online shoppings put them in a vantage position to deduct charges from every single transaction carried out. Often times, the charges are on the high side especially when it involves international transactions.
Moreover, there are hidden charges involved in many of the transactions. Also, the time taken for the transaction to go through is another factor to consider.
Cryptocurrency as better alternative
The payment system for online stores would be better of if Crypto coins are used as means of transaction. Digital currency work as peer to peer direct payment means without any need for intermediary or middlemen which financial institutions play.
The blockchain technology on top which cryptocurrencies are built is immutable in nature that is, any ledger stored on it cannot be altered. Also, it is capable of carrying out many transactions at the same time and very transparent in operation which eliminates the issue of fraud when put to use.
How to use a coin for payment
Online store businesses will take a new shape and dimension if cryptocurrency coins are used as means of transaction. The process is very easy. The online store will make available the wallet address of a particular coin, when orders are placed and payment is to be made, customers will send in cryptocurrency coins that is equivalent to the price of goods bought with memo, in a moment, the store keeper will confirm the payment made and the order will be sent. It is as simple as that!
EDC Coins, the best choice!
The truth is that, it is only few cryptocurrencies that can fit into the category of being used as payment means for online stores. The reason is that, transaction on some blockchains take even longer time than the interswitch that is used by many stores. For instance, transaction on Bitcoin and Ethereum blockchain take some minutes to be completed. More so, the transaction fee of cryptocurrency are relatively high. So, it takes coins with very fast transaction speed and negligible amount of transaction fee to meet up with the standard of being used as better option for online store business transactions.
EDC blockchain meets all the criteria to be qualified as the best choice for any online store payment and general transaction
Why EDC?
Transactions on EDC blockchain only takes few seconds to be completed which makes it suitable for quick confirmation of any transaction by online shop owners.
There is no need for conversion of one local currency to the other. EDC is a universal coin that is the same all over the world. Customers will send in the amount of EDC coins equivalent to the goods shopped and confirmation will be made and that's all.
In addition, the transaction fee charged by EDC blockchain is very low. It is almost nothing compared to what us charged by the conventional bank transaction or by some other blockchains. Transaction charge on EDC is 0.001 EDC which is a long fraction of a Dollar ($0.0000047) as at the time of writing.
There are no hidden charges involved and no middlemen to interfere in the transaction process.
Shopping through online stores becomes easier with the introduction of EDC coins as means of payment. The shop owners will have more customers and shoppers want to have more when the process becomes simplified through the introduction of coin payment.
Get to know more about EDC blockchain
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