[Paybear] What do you think of this new website?

[DrakeDG]

PAYBEAR

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Website is accepting multiple cryptocurrency aiming to bridge cryptocurrency holder and online stores. As we can see the main problem right now with cryptocurrency is the mass adoption together with the instability of price and eccommerce having problems with integrating crypto.

FAQ:

1. Why offer crypto payments?

Ans. Crypto payments are fast, secure and anonymous, they are cheaper to process and hence are widely used by businesses in all areas. Best of all, there is no chance of Chargeback or fraud! We are proud to provide one of best crypto payment solutions in the industry to both buyers and sellers.

2. Where is my money stored?

Ans. We do not hold or store your money. All your funds are sent to your wallet that only you have control over.

3. When do I get my money?

Ans. Once the payment from a customer is received, it is automatically sent to your wallet. This is done immediately, there is no “hold”. We do not have access to your funds after your funds are sent. The whole process typically takes 3 minutes. This delay depends on the Ethereum network load and the sending fee you choose to pay.

4. How many transactions can we process?

Ans. The system is designed to process thousands of transactions per second, so it has no limit in the number of payments we can process. However, for DDoS protection reasons, the API calls are limited to 1000 per minute.

5. Do they accept payments from/to exchanges?

Ans. Customers can pay from any wallet, exchange or even a smart contract. Although its not recommend it, we can also use your exchange address for payouts, provided that it’s reusable.

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[o_e_l_e_o]

Looks like it will be a nice product if they can pull it off. Adoption will be their biggest hurdle I think.

A couple of issues, however:

How can they promise "From the customer’s wallet to the merchant’s wallet in a few minutes", when we recently saw the blockchain being so congested that payments were taking 24+ hours.

They heavily feature "low fees" and "free introductory pricing" on the website, but they don't tell you what the fees will be after the introductory period.

[DrakeDG]

Looks like it will be a nice product if they can pull it off. Adoption will be their biggest hurdle I think.

A couple of issues, however:

How can they promise "From the customer’s wallet to the merchant’s wallet in a few minutes", when we recently saw the blockchain being so congested that payments were taking 24+ hours.

They heavily feature "low fees" and "free introductory pricing" on the website, but they don't tell you what the fees will be after the introductory period.

I had joined their telegram group, and have asked this same question. They say that although BTC as we know have problems in terms of congestion, they have allowed other cryptocurrency to give customer an option.

[ManaMan]

Thing with crypto is to cut off middleman because with middleman you have somebody controlling your money and you have to trust that company. Al tough some business find it way easier to simply go with an existing API that will do all the fuzz in the background.

As it goes for the website it has good looking design. I don't really understand the business model you are using. If I understood you correctly: buyers make payments to your address and then those coins are automatically swept to merchants wallet? If all we pay is the sending fee I don't quite understand how will you actually make money, since sending fee is required by the network? I guess you have some fee applied when buyers make their orders?

[Scotshield]

Apparently it will be a good product if it actually happens.

[DrakeDG]

Thing with crypto is to cut off middleman because with middleman you have somebody controlling your money and you have to trust that company. Al tough some business find it way easier to simply go with an existing API that will do all the fuzz in the background.

As it goes for the website it has good looking design. I don't really understand the business model you are using. If I understood you correctly: buyers make payments to your address and then those coins are automatically swept to merchants wallet? If all we pay is the sending fee I don't quite understand how will you actually make money, since sending fee is required by the network? I guess you have some fee applied when buyers make their orders?

Your correct on some part. BTW, I am just a supporter hoping to publish their ICO here on BTT since there's no official ANN post for them. They will act just like paypal or stripe, but in cryptocurrency.

*Actually, their target is those eCommerce websites looking to accept cryptocurrency payment. Their API will be installed to an online store allowing us to purchase anything using our Coins without the hassle of converting it to USD first.

[DrakeDG]

Apparently it will be a good product if it actually happens.

Paybear had partenered with MakerDao, don't know if there's any supporters of makerdao here on bitcointalk to support this.

[nc50lc]

Your correct on some part. BTW, I am just a supporter hoping to publish their ICO here on BTT since there's no official ANN post for them. They will act just like paypal or stripe, but in cryptocurrency.

I looked at the site. So this thread isn't about feedback and suggestions but an ANN thread in disguise?

The project's goal will be phenomenal if it can reach the mainstream.
Although this isn't the first, as long as they can stick to their roadmap and with the right advertising, success will follow.

#3, for me, online payments must be done offchain (via services like coins or exchanges) to avoid delays especially at high network load.
This can make zero transaction fees too because there will be no coins going out and in their system, or they're just doing this in the background but only claiming that we need fees.

Otherwise, cryptocurrencies alone can be used without these type of services as long as the online stores are accepting them.
So what's the point of being the broker if it just process the payments on-chain?

[DrakeDG]

Your correct on some part. BTW, I am just a supporter hoping to publish their ICO here on BTT since there's no official ANN post for them. They will act just like paypal or stripe, but in cryptocurrency.

I looked at the site. So this thread isn't about feedback and suggestions but an ANN thread in disguise?

The project's goal will be phenomenal if it can reach the mainstream.
Although this isn't the first, as long as they can stick to their roadmap and with the right advertising, success will follow.

#3, for me, online payments must be done offchain (via services like coins or exchanges) to avoid delays especially at high network load.
This can make zero transaction fees too because there will be no coins going out and in their system, or they're just doing this in the background but only claiming that we need fees.

Otherwise, cryptocurrencies alone can be used without these type of services as long as the online stores are accepting them.
So what's the point of being the broker if it just process the payments on-chain?

This not the Official Ann thread (although, I hope so).  

The problem with eCommerce right now is they are Hesitant to accept cryptocurrency, or they are just too busy to make changes on their website. That's were this 3rd party application comes in. Well, although its too early to tell if Paybear would be successful or not. But, this kind of visions helps cryptocurrency be accepted by more people. What do you think? I know there are already products like this one, but I think paybear is offering at much cheaper cost.

[ActiveWizard77]

Your correct on some part. BTW, I am just a supporter hoping to publish their ICO here on BTT since there's no official ANN post for them. They will act just like paypal or stripe, but in cryptocurrency.

I looked at the site. So this thread isn't about feedback and suggestions but an ANN thread in disguise?

The project's goal will be phenomenal if it can reach the mainstream.
Although this isn't the first, as long as they can stick to their roadmap and with the right advertising, success will follow.

#3, for me, online payments must be done offchain (via services like coins or exchanges) to avoid delays especially at high network load.
This can make zero transaction fees too because there will be no coins going out and in their system, or they're just doing this in the background but only claiming that we need fees.

Otherwise, cryptocurrencies alone can be used without these type of services as long as the online stores are accepting them.
So what's the point of being the broker if it just process the payments on-chain?

Yeah its true they act more likely as a median or a broker, One thing that will lead their success is that if they can reach a lot of eCommerce site to accept and install their API. The focus of paybear right now is to reach as many eCommerce site as possible and not really focusing on Coin offering. And the roadmap seems pretty much possible to achieve.

[hopingman05]

Hello

I have a question about paybear, how is your product different from other competitors that are already in the market like bitpay, coinpayment and shifty button? And one more thing, will you be able to add more feature to your product something like google chrome extension, etc.? Thanks

[DrakeDG]

Hello

I have a question about paybear, how is your product different from other competitors that are already in the market like bitpay, coinpayment and shifty button? And one more thing, will you be able to add more feature to your product something like google chrome extension, etc.? Thanks

I think the difference would be its lower transaction fees than to its competitors, as stated on their FAQ. "In the future when we begin charging fees we will give all users at least 30 days notice. Our fees will be in-line with our vision to provide a cost effective solution for Merchants."

Sadly, paybear's focus right now is bringing closer eCommerce and Crypto-enthusiasts the API is meant for online store, the team said the main purpose of Paybear is a system for merchants to accept payment. But it would be good if you'll ask directly their team to be able to help you with your concern.

[Clifmeister]

Hello

I have a question about paybear, how is your product different from other competitors that are already in the market like bitpay, coinpayment and shifty button? And one more thing, will you be able to add more feature to your product something like google chrome extension, etc.? Thanks

I think the difference would be its lower transaction fees than to its competitors, as stated on their FAQ. "In the future when we begin charging fees we will give all users at least 30 days notice. Our fees will be in-line with our vision to provide a cost effective solution for Merchants."

Sadly, paybear's focus right now is bringing closer eCommerce and Crypto-enthusiasts the API is meant for online store, the team said the main purpose of Paybear is a system for merchants to accept payment. But it would be good if you'll ask directly their team to be able to help you with your concern.

Does this mean that regular individuals can't use Paybear's website to send and receive payment like Paypal?

[FireShark89]

Just checked their site and I think (Not sure) it's mainly a payment channel for merchants. I hope that they can expand so that non-merchants can use their low fee service like Paypal and Bitpay.

[DrakeDG]

Does this mean that regular individuals can't use Paybear's website to send and receive payment like Paypal?

As I said on my comment, right now the main focus of their team is to be able to provide merchants w/ no cryptocurrency payment option the ability to receive payments from us the "Crypto holders".

Just checked their site and I think (Not sure) it's mainly a payment channel for merchants. I hope that they can expand so that non-merchants can use their low fee service like Paypal and Bitpay.

In their telegram an Admin said: "Paybear is focusing on the merchants but it doesn't mean that we will not launch an ICO." I think their plan is to settle first before launching it, IMO.

[DrakeDG]

Just to add, here's a recent Q & A from the admin on their telegram about the current fee of paybear.



I do hope that they will keep their promise.

[Coyoteerex09]

Just checked their site and I think (Not sure) it's mainly a payment channel for merchants. I hope that they can expand so that non-merchants can use their low fee service like Paypal and Bitpay.

Paybear is planning to implement a wallet system by the Q2 of 2018 as they are also planning to launch an ICO for their own cryptocurrency.

[Harlequill32]

Just to add, here's a recent Q & A from the admin on their telegram about the current fee of paybear.

https://i.imgur.com/xwCaFfp.png

I do hope that they will keep their promise.

How many shops have already implemented paybear's api? Is there any recurring fees on using your service? Lastly, how many more cryptocurrency will you add in your service?

[Clifmeister]

Does this mean that regular individuals can't use Paybear's website to send and receive payment like Paypal?

As I said on my comment, right now the main focus of their team is to be able to provide merchants w/ no cryptocurrency payment option the ability to receive payments from us the "Crypto holders".

Just checked their site and I think (Not sure) it's mainly a payment channel for merchants. I hope that they can expand so that non-merchants can use their low fee service like Paypal and Bitpay.

In their telegram an Admin said: "Paybear is focusing on the merchants but it doesn't mean that we will not launch an ICO." I think their plan is to settle first before launching it, IMO.

ok great! Also, less than 1% fee is awesome... Where did u get this news? I'm interested to follow.

[Chandler32]

Just checked their site and I think (Not sure) it's mainly a payment channel for merchants. I hope that they can expand so that non-merchants can use their low fee service like Paypal and Bitpay.

Paybear is planning to implement a wallet system by the Q2 of 2018 as they are also planning to launch an ICO for their own cryptocurrency.

I'd like to know if this new cryptocurrency is the DAI coin they announced a couple weeks back? I think it's not a good coin for trading since it maintains 1:1 value against the dollar, but it's definitely great for payments.