Next-generation crypto payment gateway ElectraPay, a flagship product of the open-source blockchain product based on Proof-of-Stake, Electra, is all set to commence to its beta testing sometime this month and is inviting maximum participation and feedback from merchants.
Electra boasts of lightning speed transactions that complete transfer of funds within a matter of seconds, something that’s quite critical to the growth and adoption of the cryptocurrency industry today. What’s unique about this project is the fact that it is essentially community-driven and does not focus on the needs and demands of a particular group of people. Because everyone involved gets a say in the Electra Project’s development, there has been no ICO to raise funds for the same.
Crypto payment gateway ElectraPay- empowering merchants worldwide
On 30th December 2019, the project announced the beta testing of its flagship product, ElectraPay – a comprehensive financial management solution that enables retailers and merchants to receive alternative payment methods without having to rely on conventional payment service providers like banks, debit or credit cards.
With Woocommerce WordPress shop plugin, Electra is working on ways merchants and websites can seamlessly integrate Electracoin, a self-operating cryptocurrency that runs on the super-efficient and secure ECA blockchain. In its initial phase, all transactions will be carried out using this plugin. Eventually, it will be compatible with other popular merchant payment software Shopify and BigCommerce.
Robert Bakker, one of the Electra board members, gave a brief overview of Electra’s pet project. ElectraPay is a thorough financial management solution that will let merchants accept ECA and store it securely in their ElectraPay accounts. Upon receiving the payment, merchants can immediately process withdrawals if required, he explained.
ElectraPay to go head to head with BitPay
And while it is all set to compete with other crypto payment giants such as BitPay, which has already integrated over forty e-commerce platforms, ElectraPay hopes to get an edge by offering additional services like inventory management, sales tracking, consumer purchase history and trends, etc.
Per Bakker, BitPay is just a wallet whereas ElectraPay hands the control back to merchants who can then decide what they want to do with the ECA received. They can withdraw it from wherever they want, whenever they want and even opt to hold, sell or exchange, Bakker clarified.
Featured Image by Pixabay