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by abc123xyz 4375 days ago
We made close to €20,000 EUR last month via bitpay

The cost .... $30 USD!

Then our bank charged about €24 to receive those 25 or so transactions, Bitpay pay the next business day to the bank account, its really really nice!!

Fraud rate? 0%

Chargeback rate? 0%

Not having to worry about all sorts of middlemen and fraudsters trying to rip me off and waste my time

PRICELESS!

Now if only my suppliers accepted bitcoin then wouldn't even have to withdraw some of the bitcoin back to fiat!
2 comments
polshaw 4374 days ago
But the point is that there isn't a bit coin economy-- your suppliers don't accept it. So you have to pay fees to convert it into local currency, which you have ignored. (And the customer also has to pay to convert from local currency)
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Atroxide 4374 days ago
Or he could promote the use of bitcoin in hope that one day his suppliers do actually accept it.
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sanswork 4374 days ago
What is your business? At €20K per month you must be close to or in the top 5 bitcoin merchants in the world.

>The cost .... $30 USD!

All you've done is move the fees to the customer side through their cost of acquisition and the spread bitpay adds to your charges.

>Fraud rate? 0% >Chargeback rate? 0%

This doesn't matter until you stop accepting credit cards completely.

Also no denying bitcoin has benefits for merchants. The problem is the complete lack of benefits for customers.

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rowyaboat 4374 days ago
> The problem is the complete lack of benefits for customers.

Costs of acquisition and spread will decrease as bitcoin adoption rises as it is a competitive market. And then low margin merchants will actively encourage bitcoin usage with discounts.

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sanswork 4374 days ago
Why would they encourage bitcoin usage with discounts? They want people to use bitcoin to improve margin so why would they turn around and immediately cut into that?

Also with cash back on so many cards now the discount would have to be >2%. Probably more like 3-5% for people to switch. The savings from not accepting credit cards won't make up for that.

Side note. Why did you create a throw away account just to comment on this topic?

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