Thursday, 25 February 2021

We're doing a poor job of educating merchants and why they should adopt.

Small business owners around the world have some of the biggest gain potentials.

Let's give a hypothetical. Let’s say you a small business owner have investigated the fine print and your credit card processor actually charges 2.9% transaction fee plus a $0.15 per-transaction fee. Per $1000 transaction, you would incur a transaction cost of $29.15 per $1000. Let's say you typically sell $5000 a day, that's $145 per day, or $4350.00 per month.

But it's even worse if you're are a donut shop owner whose average transaction size is $1.00, $1000 in credit card sales would cost you $179 per day, and $5370 per month.

And that doesn't even include, monthly fees, statement fees, software costs, monthly minimums, equipment fees, etc. that many processors charge small business owners on top of the above.

Where as if they could get their customers to pay them mostly in BCH, they could use processors like Bitpay which charge 1%, or Bitcoin.com, which I couldn't find the processing fee details but I assume is around the same or less.

A small business owner can get this cost down even lower if they setup their own node and wallet and then there is no fee. They would only pay a less than a penny fee for outgoing transactions.

We focus a lot on the consumer side here but I think not enough out reach is being done on the business side and they sometimes have the most to gain.

Imagine if you showed a small business owner like the ones above they could pocket an extra $5000 a month plus not have to eat charge backs and insufficient funds losses.

Thoughts?

submitted by /u/SoulMechanic
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source https://www.reddit.com/r/btc/comments/lrqqfg/were_doing_a_poor_job_of_educating_merchants_and/

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