The most recent feature of the Electro Sage LLC is the gateway of Bitcoin Payment created by Promatics Technologies, the unquestionable leader in the world of digitalization. By designing an online portal for its client, Promatics has provided a platform where one can sell unwanted smart phones. Be it a broken, unused or a damaged smartphone, Electro Sage buys it for anyone. The most important and interesting part is the seller needs not to pay any postage charges or shipping charges. Electro Sage is there to pay these expenses without taking anything extra from its client.
In today’s time of insecure Internet and untrustworthy banking transactions, the invention of bit-coins has solved many problems. Earlier they had the payment options of Cheque and Pay-pal. Now with the help of Promatics Technologies and the flourishing e commerce market Electro Sage will give its clients the freedom to trade in Bitcoins. During the order, the quotes are given in US dollars which get converted into Bitcoins during the payment period. While issuing them the conversion takes place at the market rate.
How Promatics was approached
Recently Electro Sage debated their aspiration to agree to Bitcoin payments with their long time web developer Promatics Technologies. As the concept is new, the traditional payment openings do not completely support it. A lot of research and considerations were undergone while implementing this idea. Just like Paypal, the users who want to pay in Bit-coins redirect to a server to complete the payment.
Bit-coins are a new and an emerging form of money. The transaction of money gets faster with the help of this form of wireless money transferring system. No extra fee and charges need to be paid either to the bank or to the merchant. It is a decentralized form of funds which a government can never claim or take it away from anyone. Another important feature of bit-coins is that they are completely secure and are not inflationary in nature.
The research and idea of working
There is an established and direct communication between the payment processor and the client. The customers who have any digital wallet can approve the transfer of the converted amount of the Bit-coin. The exchange rate conversions are carried on by coinbase.com. While finagling any order some processes such as 6 or 7 step confirmations have to be undergone for completing the transaction. Instead of credit card payment-option, the server generates a new invoice from Bitcoins. Following this, the client authorizes the payment to transfer the bit0coins from their respective digital wallet at the given exchange rate. After the amount gets transferred, a new invoice is generated providing the status of the transaction. When the whole process is complete it cannot be reversed and there are no charge backs.
Dealing with the difficulties: The Promatics Way
Since this is a new technology, some problems get created in its implementation. Many a times, proper invoice does not get created. After 15 minutes the status of the invoice changes to “expired” if no payment takes place. This leads to dangling order. This problem is being overcome by the development of a monitoring script which may search for those dangling orders that are 15 minutes or more. API call is done to Promatics so that the invoice status can be confirmed and the order can be cancelled.
Another setback is the complicated process of testing and development. Troubleshooting is a solution. Although various bugs are being handled by Promatics, the packages have to be constantly upgraded by them in order to run the Bitcoin structure in a proper manner.