A person needs to be careful about how he handles his finances as well as liquid assets. In this age of despondency, poverty and lack of integrity among many people in this world, we need to take extreme care to ensure that we are not swindled of our personal finances.
Ways of losing our money:
- Loss of check or draft in transit
- Payment of excessive charges for bank transfers
- Credit Card / Debit Card fraud
- Check forgery
- Phishing attacks on the internet
- Internet related scams and forgeries
As mentioned above, there are so many ways that we can lose our hard earned money.
How do we ensure that our money is safe during purchase and sale transactions?
It is imperative that we find a system whereby we are protected from security loopholes as well as avoidable expenses during transactions.
At the same time, it is also necessary that we have the minimum number of occasions where we need to use:
- Our credit cards online to avoid credit card frauds
- Bank transfers. The charges can add up quite a bit over a period of time
- Physical checks. To avoid delays and loss in transit
To avoid the above pitfalls while dealing with your finances, I introduce you to a concept called electronic currency or e-currency. This is also called e-cash or e-money. This has been gaining popularity and acceptance in recent times.
What is e-currency:
We can use a reputed service like egopay.com to park our efunds with them. Once the e-cash is parked, we can use it anytime to purchase any product or service.
Under this system, the money transfers can happen quite infrequently and also there are several modes of safe transfers.
Similarly, a seller can also utilize this service for receiving payments. The money collection for the seller is instantaneous and very well streamlined.
The service offers an extremely secure payment environment for both purchasers as well as sellers.