Ferrum Provides Cryptocurrency Payment Solutions For Businesses

Quite a number of blockchain projects have been created with an aim to target the financial markets. One factor has been common amongst all of them — they have identified that cryptocurrency need to be easily utilizable for daily transactions.

That is in fact a very nobel path and these companies have a strong consumer-centric mission to bring greater value to customers. But the challenge remain that the market is condensed with so many cryptocurrencies anchored on as many blockchains. This makes both the choice-of-use and transfer of value between these blockchains very difficult. Hence the slow pace in the mass adoption of digital currencies in day-to-day financial operations.

Ferrum is different because it is looking at financial markets with aim of creating a decentralized platform where users can easily manage, transact and exchange their digital assets without passing the custody of their assets to an intermediary or a third-party.

If you have ever been to China Town in New York City, you'd see that the district is a cash environment. New York which is one of the most cosmopolitan cities in the world, has an entire region where businesses transactions are conducted only with cash.



The major reason for this is that businesses in China Town are almost exclusively family-run and they offer very competitive market prices compared to general rates across New York City for pretty much everything. Businesses in this district have very slim margins which will make it look like cryptocurrency has no place in their business model.

The problems with traditional methods for payments

• Expensive
  In the use of payment cards, networks and issuing/acquiring banks act as intermediaries that mostly take around 3% of the sale price of a product or service as chargebacks. While this kind of fee is nothing to big company like Apple whose sheets show high margins above 25% across most their products, this is incredibly expensive in today's competitive environment for small businesses.

An average grocery store aims to keep 10% of sale values once the total cost of business operations (labor, rent, etc.) and cost of goods sold are calculated. Now imagine taking a 3% cut of that amount. While It would seem to the payment companies and their partners that they are taking only 3% of the sale value from these small businesses, but in actual sense they are robbing around 30% of the store's profit

• Guaranteed Security can be Abused
  Payment card networks promise their customers 100% security against fraud, and given that I am a non-business owner, I love this guaranteed no-fraud liability.

But the truth is that, there is a large number of card users across the world that abuses this. In fact, in an aggregate analysis, fraud from credit card users abusing the system had cost small businesses more than actual theft and scam



Hence the problem faced by businesses is not only the expenses of accepting and using credit/debit cards, but also they take on the huge risk of people abusing the card networks' consumer protection policy. In addition to businesses losing their products, card networks also issue penalty "fines" termed chargeback fees.

Ferrum offers a genuine solution to business dilemma.
It is not a surprise that a large number of investors and businesses have agreed to adopt Ferrum as soon as it launches. Business owners have a vested interest in the success of an alternative solution to traditional methods of processing transactions. Ferrum blockchain project is developing a DAG network that will enable the fast scaling of cryptocurrencies between different chains. Ferrum's multipurpose network will provide transparency which eliminate the need for the myriad middlemen involved with payment cards and remove the huge charges involved in processing of transactions

Additionally, Ferrum network's native FRM token makes transaction fees on the blockchain very cheap and swift. Currently, both small and large businesses spend large amount of money on SaaS that handle the processing of their transactions. So much expenses will not be necessary if businesses can adopt the Ferrum's aggregate financial solutions.

While few other financial-focused blockchain products focuses on similar consumer-centric ideas, they have failed to tailor their service toward businesses. Business owners have already lined up to adopt Ferrum and the demand will light up like wildfire given that this product offers solution to all the key challenges of transaction processing between blockchains.



Wrap Up
On a closing note, I want to highlight the depth which the Ferrum team has gone to ensure Ferrum network is the most desirable payment product for business. The team boasts of years of experience in blockchain, e-commerce and payment processing and finance industries, while understanding the framework of things as it affect businesses. The project thoroughly understand it's target market. Ferrum is optimized to support payments from multiple blockchains. With Ferrum network, businesses can accept payments in varied formats and different products or services can be paid for in different cryptocurrencies. Essentially, this payment channel is smartly designed to fulfill the needs of any business .

Essential Ferrum project Links

• Web: https://ferrum.network
• Whitepaper:http://whitepaper.ferrum.network/
• Telegram:http://telegram.ferrum.network
• Twitter: http://twitter.ferrum.network
• LinkedIn:http://linkedin.ferrum.network

Writer's Detail

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