Many merchants are worried about high transaction fees

[mendace]

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

It is absolutely not true. You just need to use the right tools. For example, with Lightning Network, fees are practically non-existent, and transactions are fast. Therefore, this is a practical solution. In any case, if a trader refuses to accept payment in Bitcoin, he probably doesn't realize that he has lost the opportunity to have a good clientele who are willing to buy from him rather than from another

[bitzizzix]

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

If you want to use bitcoin cheaper, it would be better to use a second tier solution such as Lightning network or Liquid network.
and it all depends on how densely the blockchain works, and when you start making transactions, your wallet should suggest the most reasonable transaction fee for it. And if you think the transaction fee is too high, you can do it another time in the next few days.

[stompix]

Even IF the business had to pay the fee (which they don't, as detailed above), you should realize that accepting electronic payments isn't free either... It's actually quite expensive.

The business has to pay a fee, it's not the fee when the selling of the merchandise occurs but when the business tries to use the funds received as they will have to move those somewhere to spend it, either to an exchange or to some business partner, so both client and merchants will pay roughly the same fee.
As for the expensive part, it depends a lot on what you sell and what' your volume.

And i heared that people with physical point of sale that require those payment machines pay a lot more...

It's 0.75% of the value per transaction for up to 10 000 transactions here, plus 35E the POS renting cost plus 5E the so-called service fee. More expensive than the same bank in Netherlands for example, cheaper than Barclay at 1.6% so not really that nice if you if you sell higher price goods but still cheaper than others and what some might expect.
Online payments, that's a different thing, same bank charges 2% on every sale.

Either way, small payments for groceries and others shouldn't be on chain transitions in the first place, and with LN the whole fee debate is meaningless.

[rby]

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

Fees are not paid by the business owners but by those patronising the business. When they pay from their non custodial wallet the fee will be small compared to when they pay through exchanges. Exchanges charges two types of fees in the name of one. They charge transaction fees and they charge exchange fee all incorporated as transaction fees.
If your business is like coffee like type and frequents, it will be fine you consider using offchain solutions like LN for transaction.

[borovichok]

Many businesses are accepting payments in crypto, apart from other issues the main pain point that hurts them the most is Transaction fees.

Many crypto payments are charging higher transaction fees and what has left in the hand of merchants?

What’s your take on this situation guys?

Did you just woke up right from 2017/18? Because to my knowledge that was the last time that fees of bitcoin transactions were insanely high and for the last couple of years it stays just 1 sat/byte for most of the time.

For your information merchants are paying higher fees when it comes to digital payments like cards cause every payment processor like visa/master card charges 1 to3% for every transactions.

In the modern era, everything seems to be working perfectly good for merchants, although becoming a merchant is never an easy process, rather it's becoming impossible due to the complex KYC that one must undergo before becoming a merchant. Most times, your application can be paused for a year without consideration or feedback from the exchange team. Fees are getting cheaper with the endless efforts put in by moderators of crypto top exchanges. Merchants who are using exchanges like Binance for their online peer to peer (P2P) trading seems to be happy because their trading fees is smaller with gigantic transactions going smoothly on a daily basis. For those that switch to using cards, when bagging more cryptocurrency with cards, the higher the transaction volume, the higher the fees and vice versa.

[Oshosondy]

Also — yes, fees can be quite high at times, but this is why smart people are testing out solutions for people to be able to transact in a cheaper manner. (e.g. sidechains, layer-2s, etc)

With bitcoin, fee is not always high unless sometimes during massive bull market that the network is very congested, I mean the mempool congestion. Bitcoin fee is low than fiat fee. If talking about altcoins, almost all of them have very low fees that fiat fee can not be compared with at all, only ether that I know with a very high fee with altcoins.

[death69]

Yo, I tottallyy feel you on this one, bro! High transaction fees are a real pain in the butt for both crypto busineses and individuals alike. As the crypto craze continues to go wild, it's superr important to find ways to solve this issue. One solution that's currently being tossed around is the use of layer-2 solutons, like Lightnin Network and Plazma. These guys are designed to reduce transaction fees and increase scalabilty. They work by processing transactons off the main blockchain, which allows them to handle a much larger volume of transactions at a much lower cost.

Another possible solution is to ditch Bitcoin and switch to alternative cryptos like Litcoin or Bitcoin Cash, which offer lower transaction fees and faster confirmation times. But of course, like anything else in life, there are always risks and challanges involved when you take that route. So, its important to weigh your options and do your research before making any bigg moves.

[Kakmakr]

I think we should have been past that issue a long time ago, because developers have created side-chains like the "Lighting Network" to provide for methods to pay almost zero fees.

I am not a big supporter of this, because I believe developers should focus on ways to reduce high transaction fees, without taking it off0chain. When the Block reward expire, transaction fees must replace it.... so if we do away with most of the miners fees.... what will be the incentive for miners to mine?