Solomon

Solomon will achieve this by offering traditional ecommerce protections while preserving the benefits of decentralization. Our plugin will allow any merchant to easily accept cryptocurrency and inspire consumer confidence with chargebacks, preorders, and escrow.

We call this model “decentralized ecommerce”, or DeCom for short. By combining the virtues of decentralized finance with the protections demanded by consumers, Solomon will finally bring cryptocurrency payments into the mainstream.

Problems for Sellers#

If this problem of consumer confidence can be solved, sellers will be eager to move away from the credit card-driven system.

In short, the current financial system is overly exclusive and centralized. Profit-driven institutions enforce onerous and often arbitrary rules, hurting smaller sellers.

Sellers are at the mercy of these institutions, otherwise they are unable to accept payments and earn a living. In the best case scenario, sellers put up with high fees, slow payment terms, demanding cash deposits, and chargeback penalties. Worst case, they are excluded from banks and cannot open an account at all, or they are dropped without warning due to rules that favor larger sellers.

There are many reasons why sellers are currently excluded that have nothing to do with the value they offer consumers.

Independent sellers, especially immigrants, may not have a long credit history or the correct paperwork for traditional bank accounts. They may be unable to afford the high “Reserve Account” deposits that banks require for new sellers, anywhere from 10–20% of monthly revenue. They may get throttled by monthly payment processing maximums during times when banks should be supporting their growth. Or the bank may simply not understand or like their products and cut the relationship.

Even if a seller can maintain a relationship with a bank and merchant gateway, they can fall victim to fraudulent chargebacks and associated high fees. Credit card companies almost never side with sellers for chargebacks, no matter the evidence. Instead, they are incentivized to keep their cardholders happy because cardholders can easily switch cards, while sellers are desperate to stay on the network and accept payments. Not only do sellers lose out on vital revenue, banks will tack on extremely high processing fees on top.

In addition, sellers can rarely, if ever, find credit card processors willing to support self-hosted preorder campaigns. Instead, they must turn to additional third parties who charge a high percentage of revenue on top of credit card fees. Thus, small-scale sellers have limited options to raise early cash flow, which is when they need it the absolute most.

In today’s pandemic-ravaged world, it has never been more important to give smaller entrepreneurs a chance to earn their livelihoods online. Hosting and helping only large-scale sellers, such as Amazon, will hurt all consumers in the long run.

Solomon Defi price today is $0.02801698 with a 24-hour trading volume of $769. SLM price is up 5.2% in the last 24 hours. It has a circulating supply of 12 Million SLM coins and a total supply of 76.5 Million. If you are looking to buy or sell Solomon Defi, Uniswap (v2) is currently the most active exchange.

The Solomon Token grants holders access to features and collected fees in relation to the Solomon ecommerce plugin.

Solomon Defi price today is $0.02801698 with a 24-hour trading volume of $769. SLM price is up 5.2% in the last 24 hours. It has a circulating supply of 12 Million SLM coins and a total supply of 76.5 Million. If you are looking to buy or sell Solomon Defi, Uniswap (v2) is currently the most active exchange.

The Solomon Token grants holders access to features and collected fees in relation to the Solomon ecommerce plugin.

The mission of the Solomon Project is to bring about the mainstream adoption of online cryptocurrency payments.

Solomon will achieve this by offering traditional ecommerce protections while preserving the benefits of decentralization. Our plugin will allow any merchant to easily accept cryptocurrency and inspire consumer confidence with chargebacks, preorders, and escrow.

We call this model “decentralized ecommerce”, or DeCom for short. By combining the virtues of decentralized finance with the protections demanded by consumers, Solomon will finally bring cryptocurrency payments into the mainstream.

Problems for Sellers#

If this problem of consumer confidence can be solved, sellers will be eager to move away from the credit card-driven system.

In short, the current financial system is overly exclusive and centralized. Profit-driven institutions enforce onerous and often arbitrary rules, hurting smaller sellers.

Sellers are at the mercy of these institutions, otherwise they are unable to accept payments and earn a living. In the best case scenario, sellers put up with high fees, slow payment terms, demanding cash deposits, and chargeback penalties. Worst case, they are excluded from banks and cannot open an account at all, or they are dropped without warning due to rules that favor larger sellers.

There are many reasons why sellers are currently excluded that have nothing to do with the value they offer consumers.

Independent sellers, especially immigrants, may not have a long credit history or the correct paperwork for traditional bank accounts. They may be unable to afford the high “Reserve Account” deposits that banks require for new sellers, anywhere from 10–20% of monthly revenue. They may get throttled by monthly payment processing maximums during times when banks should be supporting their growth. Or the bank may simply not understand or like their products and cut the relationship.

Even if a seller can maintain a relationship with a bank and merchant gateway, they can fall victim to fraudulent chargebacks and associated high fees. Credit card companies almost never side with sellers for chargebacks, no matter the evidence. Instead, they are incentivized to keep their cardholders happy because cardholders can easily switch cards, while sellers are desperate to stay on the network and accept payments. Not only do sellers lose out on vital revenue, banks will tack on extremely high processing fees on top.

In addition, sellers can rarely, if ever, find credit card processors willing to support self-hosted preorder campaigns. Instead, they must turn to additional third parties who charge a high percentage of revenue on top of credit card fees. Thus, small-scale sellers have limited options to raise early cash flow, which is when they need it the absolute most.

In today’s pandemic-ravaged world, it has never been more important to give smaller entrepreneurs a chance to earn their livelihoods online. Hosting and helping only large-scale sellers, such as Amazon, will hurt all consumers in the long run.