Online shopping requires more trust, since it is more complex than shopping in a traditional environment. Establishing trust on internet is very difficult because of the absence of physical presence between buyer and sellers. In most social interactions involving uncertainty and dependency, trust is generally an important factor. One group of researchers finds that: “Online transactions and exchange relationships are not only characterized by uncertainty, but also by anonymity, lack of control and potential opportunism, making risk, and trust crucial elements of electronic commerce”. Trust is a mental shortcut that consumers can use, when trying to reduce the uncertainty and complexity of transactions and relationships in electronic markets. An often mentioned reason for consumers not purchasing from Internet vendors, is the lack of trust .
By developing the Peur marketplace, payment solution & payroll integration, we enable merchants to participate in the decentralized economy. All information will be secured and only available to authorized users. Peur token as a digital currency can also be used as payroll integration - a salary payment option. Peur will drive innovation in the way companies pay their employees.
The PEUR offers features like easy transfer, trustful system in which all transaction made are recorded automatically. Information transferred are secured and made accessible to authorized users alone .This information will enable both the client and the merchant to solve problem and mutually assess each other.
The PEUR will use the Ethereum blockchain technology to make payment easy with just one step instead of the long processes involved in the past. After integration with PEUR, ethereum based token and mobile payment may be received which can easily convert cryptocurrency to local fiat currency.
In peur platform there is great probability that salaries may be paid using cryptocurrency. This has given opportunities to many firms and organization to easy pay there workers, companies can specify the mode of payment, the taxes to be deducted, etc. Since smart contracts are self-executing, it will be easy to use same for payment specifications. With different salary grade levels, the smart contracts will ensure all workers (no matter their location) are paid as at when due and with the right amount. Not just this, the transaction history is stored on the blockchain which means it is always available and secure. Thus it is easy to compile payment reports, payrolls etc. Another advantage is that paying workers with fiat currencies incurs a lot of transaction fees by the banks and take a lot of time but with the Peur system all these setbacks are eliminated.
A rating system between merchants and consumers to increase the level of trust includes :
Merchants are able to verify their identity by uploading their identification passport, company merchant portfolio history, and company/merchant transaction history. For all merchant who completes these processes, they are labeled as trusted and verified and verified with high ranks, they also enjoy 1% transaction surcharge, compared to those who are registered but not verified and trusted who has 1.5% transaction surcharge.
Consumers can also rate and review merchants and companies. These ratings will affect their trust and reputation rank.
On the platform, consumers can get up to 2.5% discount if merchants cannot deliver products for more than six hours after the order is submitted. Users can make credit payment when their ranks are more than 4 on the platform.
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