How telegram escrow service bot is bound to make a huge impact on your business
Telegram is in fact, an amazing cloud-based messaging application that seamlessly syncs along with all platforms it is used on. A feature that can not be found in other platforms like WhatsApp. Telegram is reputable for maintaining the privacy of user data and a high flexibility on user in-app preferences like background color, font size, and stuff like that.
Ever since the launch of the first version of Telegram in August 2013, the number of users has grown significantly fast and is currently over 400 million users, having above 15 billion messages sent daily. Awesome right, but that is just the tip of the iceberg.
Businesses can have channels and groups with limitless amounts of members within the application where they can broadcast important information or get direct feedback from each customer on their product. Also, these business owners can set their custom rules to manage and control how business is done in their respective chat rooms.
Telegram also offers bot development with its Telegram Bot API, which is more like creating a smaller automated service to run within the Telegram app. These automated services are built by third-party developers, following the Telegram Bot API rules to meet specific tasks to ease the flow of information between business owners and the group or channel members. A simple example is having a bot service to send a welcome message to your group whenever you have a new user join or a bot set up to send messages to a target group concurrently in a predefined flow.
Today, I will be introducing you to my Escrow Service Bot. An automated service on Telegram built along with the CoinBase API, one of the most trusted trading platforms available worldwide because of their high level of security to facilitate a completely safe trade environment on which both seller and buyer can thrive and do business happily.
How Does It Work?
The sole purpose of this service application on telegram is to serve as an escrow for transactions between buyers and sellers in whatever niche. In plain terms, the bot is the middleman for every transaction, discarding any form of leverage to either party and taking records of each agreed condition for the trade.
Using this bot is very simple.
Step 1;
Assuming you already have a telegram account. Your first action step is initializing a conversation with the bot on telegram. That can be done by clicking here and sending the “/start” message or clicking the start button offered by the bot when the chat window opens. That action triggered the bot to start a new user session with you. Everything from there is encrypted, safe, and smooth.
Let’s go forward.
Step 2;
The bot is expected to send back a response right? Yes, of course, it does. The response message explains the key goal of this service bot and also gives an action button to further use the amazing features available.
There are three button options; the first to initiate/create a new trade being a seller, the second button for buyers to join existing trades, and thirdly, a button if you wish to use the bot within your group on telegram. In which case, no single user can be a seller and buyer at the same time. Such actions would result in your account banned from using the service.
Step 3;
Are you the Seller or Buyer?
The seller being the owner of the goods which are to be traded between both parties, and the buyer being the person making payment for the goods.
If you wish to sell goods and click the first button to start a trade, the trade creation process begins. The bot would request the following data to register and create a trade window on the bot escrow system;
- Your local currency
- The value of the goods (in your currency)
- Your preferred means of payment amongst four cryptocurrencies known worldwide (Bitcoin, Ethereum, Litecoin, and Ripple coin)
- And, your crypto coin wallet address so you will be paid after the trade is complete.
After that, you will receive a memo containing your trade id, price, preferred cryptocurrency means of payment, and registered trade date and time and a link for the buyer to join from. This memo is to be sent to the buyer directly for them to get access to the trade directly.
Step 4;
Now is the Buyer’s turn.
Within the context of the memo, the buyer is requested to click on the button signifying that he/she has agreed to the terms and conditions of the trade and ready to make payment. The buyer is redirected to the bot and the seller notified that the buyer has joined.
The buyer is welcomed with all necessary information regarding the trade between both parties and a predefined cryptocurrency wallet from the Escrow Service Bot in which the payment is to be made. This wallet used to receive the buyer’s payment is not that of the seller but was automatically created by the service bot.
Step 5;
Confirming the buyer’s payment.
At this point, the buyer is assumed to have made payment for the desired goods to the crypto wallet as instructed by the Escrow Service Bot memo.
To make the confirmation, the buyer needs to get the transaction hash which serves as an identifier for the payment transaction on the main decentralized blockchain network which can never be duplicated or replaced, ever. The buyer clicks the confirm payment button on the service bot memo and pastes the transaction hash as a response to the next requests from the bot.
The Escrow Service Bot checks to confirm the transaction meets all the predefined rules. In which case, the hash is incorrect or the amount sent does not match, the bot denies the confirmation and urges the user to recheck the transaction hash and try again!
Step 6;
Time for the seller to meet his end of the deal.
When the payment is confirmed, both parties receive an alert message indicating the buyer has made payment and the agreed goods are to be sent immediately. At that same instance, a request is sent to the buyer to confirm if he has received the goods from the seller for which the payment was made.
If the delivery is delayed, the buyer has the right to file a dispute which is sent to the Escrow Service Bot service manager which investigates into the delivery of the buyer’s good. In which case the seller refuses to comply, the funds are sent back to the buyer and the trade. This also results in the seller banned from using this service application as he/she has disobeyed the rules.
However, after the seller delivers the goods or services to the buyer, and the buyer confirms that they have been received, the trade is closed down.
Step 7;
That’s all of it, congratulations. You just completed your first trade with the Escrow Service Bot.
Conclusion
In the world we live in now, business is mostly done on the internet and customers are more unwilling to buy products from sellers they do not trust or have no personal reference to. Knowing they could be misleading or scammed of their money with no trace for refunds.
This is a growing problem and my Escrow Service Bot is aimed at eradicating the problem, thereby giving large trade group owners and sellers more business. And, also giving buyers the confidence to purchase goods with zero risks.
If you find this article useful and fun to read, please like the repository and start using the bot to make sales today.
Also, if you have an idea to implement and looking for a software developer with the skill and experience to build the product. You can contact me on https://codefred.me through any social media platform of your choice.
