We are living in a paperless economy. I mean it’s not fully implemented yet, but the trend is progressing towards getting rid of dollar bills and all such stuff. Paper currency is difficult to carry and due to its centralized nature, it is highly prone to price manipulations since banks and other organization cause inflation as well.
What’s worse is the geographical boundary. For instance, if a store is based in the UK and the customer is based in India, it is important to convert the rupee into pound before initiating the transaction. However, these conversions cost a hefty amount which is not at all practical in this economy.
In order to bring more efficiency, digital currencies were introduced where gateways like 2Checkout enjoyed their monopoly for several years. But HighBank is bringing you an even robust solution with the help of blockchain technology.
Basically, if a business is to flourish, particularly an online business, it is very important to accept digital payments. However, if your customers are hesitant to pay you online either because of high conversion fee, impractical feasibility or security concerns, your business is doomed in the long run.
How does the wallet, gateway, and escrow trio work hand in hand?
It is quite simple. Although most traders buy only gateway and escrow services to start and test the platform, we advise everyone to combine our wallet services as well in order to yield maximum results. It does not only cost less to operate but when customers have to transfer the funds into the same wallets, their trust level increases exponentially.
In order to explain it in a better way, let us consider an example.
Suppose Adam owns an e-commerce website and he is not only accepting BTC and ERC20 based tokens on the site, in fact, he is offering a multi-chain platform where you could transfer pretty much every existing token.
Now here is something very important to notice. First of all, it is not always that a service provider would offer all three services together and if you go for multiple vendors then chances are that your system might not be Globally accessible since some would offer support for a currency and others would not. Furthermore, there could also be conflicts in a variety of methods.
Therefore, HighBank has created an all-in-one system where we allow our customers to keep different wallets for all tokens and yet, use our escrow and gateway services. It is also worth mentioning that we enable conversion support as well. For instance, if you possess WAVES but due to any reason, you want to pay Adam in XRP, the system converts that for you without any hassle.
The perks of using a payment gateway
There are many. Just to start with, it allows your business to scale up and accept funds from anywhere in the World. With the help of a crypto gateway, your website is ready to accept payments from anywhere at any time. There are no downtimes and since you are able to offer an unparalleled experience to the users, you can expect their utmost loyalty in return.
Furthermore, it should also be noted that online payment systems, such as the one offered by HighBank, takes care of all the payment procedures and you do not have to worry about anything. In traditional systems, auditing costs a major chunk of money to businesses, but that is what blockchain takes care of quite efficiently. Moreover, customers nowadays do not like if they have to wait even for a couple of minutes for transaction confirmation. HighBank’s gateway avoids that and allows the consumers to get their payments processed within a couple of seconds.
The perks of using a blockchain-based wallet
Blockchain-based wallet is not a very old thing. In fact, it has reached its peak popularity within the last 3 years and the credit goes to BTC hype. However, there have been several advancements in this technology and HighBank allows its users the luxury of having multiple wallet instances. In most of the wallets, only one type of protocol is entertained together with BTC. However, since we are offering cross chain functionality, you get to have wallet instances for pretty much all networks in the industry.
It does not only cut down the hassle, in fact, but blockchain wallets are also extremely swift and they are least prone to hacks. I am not saying that they are immune to cybersecurity events, but their infrastructure is way more robust than any traditional wallet out there.
The usage is also pretty straightforward and now, users do not even have to type long wallet addresses in recipient sections. Just scan the QR code and ensure you have the required funds in your wallet – the system will do the rest for you.
The perks of using escrow
The primary advantage is that it allows a trustable environment. Without an Escrow, either of the parties has to completely trust the other one for payment or they have to create milestones and release partial payment in advance. It is not user-friendly at all.
However, escrow makes things simpler for both ends of the deal, no matter whether it costs a few dollars or several BTCs. It basically acts as a reliable intermediary, charges a minimal fee for a high-value service and transfers the payment to the service provider when the buyer is happy with the services. Dispute resolution is a core concern in online trades. It has become incredibly easier with the help of blockchain-based escrow. Firstly, smart contracts are generated at the beginning of each trade which are self-executing and it’s impossible to alter the content once they register a transaction. Secondly, as soon as a smart contract is produced, it means both parties have agreed to the content of the deal and must abide by it. In case there is any dispute, authorities can always consult the blockchain to view what was initially agreed hence, there cannot be any discrepancy.