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Mar 5, 2020

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Traditional Versus Modern Payment Methods

Many service industries were demolished and built anew with the internet, what happened to online payments?

Traditional Versus Modern Payment Methods

Traditional Versus Modern Payment Methods

For most reading this, you can probably count on one hand the number of paradigm changing events we’ve lived through. The advent of the internet would be one. Though the technology may be a bit older than some know, the major initial technological advancements came in the 1990’s and the 2000’s, changing our collective lives forever.

Another life-altering advancement came with the quick ubiquity of mobile devices. Roughly half the world’s population now have powerful pocket computers, instantly connecting the world’s information, people, and services.

An ecosystem was created, a fertile ground for the breakthrough we are experiencing now. The one pushed aside as a tech fad. The one only computer nerds knew anything about. The one insiders have been talking about and dealing in. Cryptocurrencies. The mysterious, shady, dirty money being passed around on the darker side of the interwebs.

Despite lacking a proven track record, cryptocurrencies promise to be the future of money (or at least a viable alternative). Just as the internet radically changed the way information is generated and shared, cryptocurrencies have good claim to be the next step in the evolution of currency.

A Moment in (Not So) Ancient History or “That’s so 90’s”

Remember going to libraries to read or research? To read the latest novel, thick texts on some foreign country, or pour through dusty architectural journals to gain insight on design or schematics. Remember phone books, indexing for a local business’ phone number, or even that of your best friend? Recall going to a store to check prices for the newest models of shoes or CD players, going to the movie rental shop or…

Remember also, the epiphanic realization these tasks could be accomplished at home on a computer, through the internet, in your underwear. You could buy, watch, read, learn just about anything you could think of. That moment was exhilarating, a mind-expanding experience with technology, the shining beacon of the what could be. Email, Amazon, eBay, Napster, MySpace, Facebook, Google, Apple— all these wonderful interfaces and uses for the world wide web.

What Got Left Behind

This update was far-reachng, but missed a few key areas. One of these was the financial field. Long overdue, cryptocurrencies are now turning upside-down an industry that has fought to maintain their stranglehold on asset transactions.

Previously, there was just no way an individual or company could send currency around without incurring high fees, lag time, and potential security breaches. But just as the internet gave businesses and people information and open lines of communication, couldn’t cryptocurrencies allow more fluid value exchange through the same worldwide networks?

Stuck in the Past

We are familiar with the methods of payment from our youth: cash, checks, debit cards, and credit cards were the typical ways to pay. If you bounced a check, overestimated your account balance, deposited your paycheck too late, or made a late credit card payment, you would face high fees. On the other hand, when you were waiting for funds to reach your account, the opposite was true. You were held hostage to bank processing times along with fees. The imposing middleman, profiteering from what they would call the cost of business. You were at the will of the bank, lender, institution.

This still is true as of late 2019. If you need to pay a bill or another kind of payment and you live in a developed country, you can probably do it online. It takes a few days for your payment to clear. If you aren’t lucky, you have to mail a check or go to a physical location to make a payment. This takes time; more time than it should. If you want to send a relative or friend some money, you can mail a check or cash, make a bank or wire transfer, or meet the person. This takes time. A smart device should easily and confidently be able to settle these issues in mere seconds.

As a merchant, you have your own set of issues with the system as it stands. If customers pay you in any form other than cash, your are waiting for days if not more than a month to receive your money. Chargebacks, merchant fees and penalties, and fraud are also leaks in your ship. On top of all this, the convenience comes at a high cost. Though these costs can mostly be explained and justified, they are symptomatic of the bigger picture: an outdated infrastructure.

We’ve waited long enough to have easy low-cost access to doing business with enterprises or individuals, just as email has done for mail, and the internet has done for information. Blockchain technology coupled with the number of smart phones worldwide now makes it feasible for the rise of a new era in money.

Where We’re Going

With modern digital assets, we give ourselves freedom of space, time, and a large part of the middlemen involved with money transactions. Once set up with an ewallet or cryptocurrency wallet, we can start making and receiving payments to and from companies and other individuals. Depending on the blockchain your currency or wallet is associated with, transactions could take anywhere from 3 seconds to a few minutes. The costs could range from a few pennies to a few dollars USD, depending on the amount transferred.

For the unscrupulous characters electronic transfers would inevitably attract, the inherent nature of blockchain security would thwart even the most tenacious. Each blockchain has a different protocol, or set of guiding principles, for how it works. Each blockchain has its merits and faults in its functions and security. For financial transactions, the Stellar blockchain is ideal because it was created specifically to handle currencies and exchanges.

CQ was developed to help clients make the transition, to bridge the gap, between the past and the cryptocurrency and digital asset future. We understand merchants may not feel comfortable in this new space. Our rates are based on monthly transaction volume, but is capped at a mere 1%. Transactions settle in seconds. Our easy-to-use platform makes it simple to create a new standard to move money. To find out more, visit our FAQ page or our how-to page.

Final Thoughts

There are still obstacles to overcome when it comes to widespread adoption and use of cryptocurrencies. Government over-regulation, impracticality, poor perception, price instability, technological blindspots, among many other pitfalls could all pose as dealbreakers for cryptocurrency adoption. But if these are overcome, and the public can learn of the possibilities of cryptocurrencies, then we are witness to the birth of the future of money. COINQVEST is here to help you get there.

traditional paymentsmodern payments
Randall Wong
Randall Wong Head of Content
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