ElectraPay MVP Launch
After months of extensive development and preparation, we are excited to announce that the ElectraPay MVP Woocommerce plugin is ready for public release. At this time, our Woocommerce plugin is being shared directly with merchants who are interested in implementing ElectraPay. Interested parties should first register with ElectraPay. They will contact the team and request the plugin & support if needed.
Additionally, we want to share that progress is being made towards our Shopify, BigCommerce, and Magento plugins. In time we will publish all plugins on our Github account, which will allow for each to be directly downloaded and implemented into merchant sites.
So what exactly is ElectraPay?
ElectraPay is a payment solution for e-commerce merchants who are looking for the alternative payment methods that cryptocurrency provides. In other words, it is a complete financial management system that will allow merchants to easily adopt an alternative payment method that is not dependent upon payment service providers, banks, or credit card companies to complete transactions. This unique payment solution will offer advantages that traditional payment platforms fail to give merchants. These benefits include such things as lower transaction fees, immediate access to funds, and state-of-the-art security that is provided by the Electra blockchain while maintaining incredibly fast speed.
Merchants will also be allowed to take advantage of implementing the ability to accept payments through a stealth address. Merchants who choose to use this feature will have the ability to create a stealth address for each transaction, with that payment being automatically credited into the merchant’s main account. This will offer an added layer of protection to merchants, as the sender will be unable to know the holding amount of the receiver’s main account wallet.
In regards to the client end, ElectraPay will offer the same advantages of speed and security. In the event there is a problem with the transaction, ElectraPay will automatically refund the customer in a few seconds/minutes, which is a powerful feature in the crypto world.
19:51: wrong amount sent
19:52: automatic refund
19:54: correct amount payment
These unique features allow ElectraPay to stand out from typical financial management systems that lack these capabilities.
What is MVP?
MVP stands for Minimum Viable Product and is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users. One should think of it as being the version with the least amount of features implemented for it to function properly. However, it is loaded with enough technology that users will clearly see the difference in comparison to traditional methods.
Where we came from
The idea around ElectraPay originated during the summer of 2018. We wanted to create a cryptocurrency payment solution aimed at e-commerce merchants with much lower fees (1% + 0.0000002$/transaction) than comparable FIAT solutions (average of 3%+Fees/transaction).
The development of ElectraPay resulted in a payment gateway with the following features.
- Non-custodian merchant tool / Automatic payment to merchant wallet
- Fast and easy cryptocurrency payments during online shopping
- Low fees compared to traditional merchant payment systems
- Faster payments: only 1 to 2 secs.
- Cashback (planned, not enabled)
Alain Courdavault — The first merchant
We received several applications for the MVP testing period of ElectraPay. However, due to the initial release with Woocommerce, we had to reject many.
Alain Courdavault was one of the businesses which helped us during this period by showing patience and helping with the testing of online payments. The relationship that developed during this time allowed for numerous fixes and improvements to be made.
This partnership also allowed for another unexpected benefit for ElectraPay. Alain Courdavault suggested that they print an ElectraPay QR code onto its packaging, which will help bring awareness of ElectraPay to its customers, which are worldwide.
We previously had an interview with Alain Coudavault and published it through the following link, “Alain Courdavault — Premium Oyster Farming using ElectraPay”.
What is next?
We are just in the beginning stages for all that we have envisioned for Electra and ElectraPay. While we are focusing on additional website plugins, we will continue to implement improvements and new developments into the ElectraPay ecosystem. However, this is not our single goal, as we plan to continue work on the following.
- Crypto-Fiat exchange options for merchants
- Mobile platform-tools
- New merchants from different regions around the world
- New coin integrations
- Cooperation with several mass payment systems
- Expanding our presence within the ETA association
- Innovative ideas to bring about awareness to ElectraPay that will help make it the first choice for merchants interested in the benefits of implementing crypto into their marketplace
As you can see, the ElectraPay ecosystem is an active and developing platform. We always welcome contributions from our community and encourage everyone to get involved in such ways as technical development, marketing, or simply sharing their unique ideas, which will help us to improve Electra as we grow and move into the future.
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