Swift transactions and low transaction fee happen to be two of the most important reasons for the creation of . Moreover, these two factors also lay the foundation of a great infrastructure that allows cross-border payments. Previously, when crypto was not around, people were bound to send cross border payments through fiat and that used to result in several days before the payment could appear in recipient’s account. Moreover, the transaction cost associated with this full-of-hassle process was significantly high.
In a crypto-less environment, banks and other monetary organizations come into play and when that happens, the time duration and charges are bound to go up. Of course, they run centralized organizations with plenty of hardware at their disposal and they have to pay to make both ends meet.
However, the case is quite different with as they are neither hardware dependent nor do they require an intermediary. Since these two major factors are removed, the time duration can be significantly reduced. Therefore, let it be remittance, salary or just a tip to your freelancer, everything happens within a matter of seconds as the payments are instantaneous and there are no middlemen involved in any process.
TARUSH is offering quite an advanced solution if we compare it with or , by facilitating approximately 100,000 transactions per second. Just to clue you in, ETH sits at roughly 30 and is at (roughly) 4 TPS.
It is worth noticing that speed fosters scalability. Since the industry is competing with a century’s old banking system, it has to offer something far more practical and in the current economy, time is everything. A businessman based in the US cannot wait for his Turk or Venezuelan client to release the payment on Friday and receive by Wednesday. That’s roughly a week and in the current economy, minutes matter, let alone a week. Therefore, for use cases based on e-commerce, the feasibility is pretty rational for both ends of the deal.
Moreover, if the transaction is instantaneous, it makes plenty of other things easier from the accounting perspective. Clients and business owners won’t have to maintain records of pending transactions anymore and resultantly, several man hours will be saved (in some cases, you might not even require any workforce for accounting purposes, depending on the use case and the size of the business). Furthermore, TARUSH’s transaction speed will also allow businesses to operate 24 hours a day and boost their productivity. This is because they will be aware that the incoming payments won’t be delayed and they are not at risk, ever.
If you happen to be a business owner, you must already be aware of the worry about bad debts. Well, that happens when your client doesn’t pay or delays the payment for long that you are in doubt he would ever pay. Of course, a like TARUSH avoids that as well and you enjoy a sheer peace of mind.
Probably the biggest perk is that the businesses can scale infinitely and offer interoperability. For a multinational business, working with interoperable standards, it could trigger a new wave of innovation and cash influx.
Exploring reduced transaction fee and its perks in crypto
Everyone wants to save money. Let it be a business or an individual, the sender wants to keep this ‘extra’ cost as low as possible. Therefore, if anything is to stay in the market for long, reduced transaction fee is the key. It should also be noted that in the crypto niche, the transaction fee is not static for any currency. It implies that depending on an array of factors, it tends to change and it may show different trends even in 24 hours. But no matter how much it fluctuates, the fee never surpasses its significant other in fiat and traditional banking.
It happens to be a widely misunderstood concept that a low transaction fee benefits the consumer and not the business. See, even if the fee is increased for the sake of the argument, the business will only receive the payment for the product. Taxes are not meant for the seller. But since a consumer has to pay the transaction fee while releasing the payment, most of them will think twice and make several calculations before buying something expensive.
People are willing to spend more on themselves and buy an expensive product. But they are never willing to waste the money on transaction fee.
Therefore, if your business accepts a crypto , like TARUSH, that offers low transaction fee, then you are most likely to experience a boost in your sales since the won’t ‘think twice’ before making a purchase.
Furthermore, while buying a product, if the post-fee amount is higher than your competitor’s, because of the transaction fee, the customer is going to blame you for an increase in price. They are never going to investigate the real issue. Therefore, as a marketing strategy, you should accept a currency with a minimum transaction fee so that the can enjoy competitive prices and your business never suffers from a bad reputation.
How do they create perfect feasibility collectively?
When two pros are so deeply knitted and work hand-in-hand, addressing both of them could drastically enhance the scope of feasibility and benefit both ends of the transaction (i.e. sender and receiver). Basically, these features enhance any use case related to payment processing, e-commerce in particular, where sellers and buyers could be thousands of miles away.
Faster transactions and reduced fee imply that the businesses can scale exponentially, reduce their operational costs to a great extent, bring more efficiency in their processes, offer futuristic and lucrative incentives to the (loyal ones in particular) and operate 24/7 across the Globe with just a website and a gateway to accept TARUSH. From the ’ perspective, it greatly enhances the buying power and hence, with far less amount of money, they can elevate their standards and fulfill their requirements without wasting time or money.
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Published at Sun, 07 Apr 2019 09:10:02 +0000
