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Question: Did you get a discount for a payment with Bitcoin?
Yes, a few % - 3 (15.8%)
Yes, more than 5% - 0 (0%)
No - 10 (52.6%)
Don't know / Don't pay in BTC - 6 (31.6%)
Total Voters: 19

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Author Topic: Got a discount for paying with Bitcoin. Are merchants waking up?  (Read 325 times)
Dr.Bitcoin_Strange
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Today at 09:35:44 AM
 #41

I have not gotten a discount for paying with Bitcoin, I guess it's because there's not been many services online that I paid using Bitcoin, the ones I paid for with Bitcoin had no discount, probably if there was also many physical businesses that accepts Bitcoin payments, they would have given discount like myself, when I started to accept Bitcoin payment in my furniture business, I did some discount upon the advice I got here. That's attracts people to pay using BTC and also helps promote BTC.

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Today at 09:38:33 AM
 #42

As 3% is a common credit card fee for merchants (in my country they charge up to 7-9% approx.),

Nope, it's not "common"!
I always forget where you live, but this is insane by European standards, even 3% is insane.

We have a contract with ING for our physical shop and the new terms this year are on $30 euros for the POS terminal and 1.25% fees on the total sum at the end of the month.
The worst of the worst offers were for 2.5% and 3.5% for international cards that also needed an FX exchange.

No shop would be able to survive at 9% processing fees!









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Today at 11:54:10 AM
 #43

Last year, Visa and Mastercard earned $198 billion from swipe fees. Billion with a b. And merchants have been trying to fight that through Congress with the Credit Card Competition Act for what, three years now? Four? And it continues to be lobbied into the earth. Meanwhile, some random domain registrar simply bypasses the issue altogether. No legislation required.

Square auto-enabling Lightning for small businesses earlier this year. Basically killed the "merchants won't adopt it" argument overnight. The merchant does not even have to be familiar with what Lightning is. They settle in dollars, fees are basically nothing, no chargebacks. Boring infrastructure and boring infrastructure is what wins.

Saylor tho, lol. The man literally just sold BTC for the first time in years to cover dividend payments on his preferred stock. $1.7 billion in annual obligations. The “never sell” guy sold. Companies do what companies do. But it does bring up a point. His model requires the number to continue to increase indefinitely. Your domain discount works at any price. It is not the same type of adoption.

Will more merchants start making the discount explicit like yours did or if they keep it hidden? Once customers can SEE the Visa tax, that is a different conversation altogether.

Which registrar was this?

 
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stompix
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Today at 12:28:44 PM
 #44

Last year, Visa and Mastercard earned $198 billion from swipe fees. Billion with a b. And merchants have been trying to fight that through Congress with the Credit Card Competition Act for what, three years now? Four? And it continues to be lobbied into the earth. Meanwhile, some random domain registrar simply bypasses the issue altogether. No legislation required.

Nice, you just debunked the whole credit cards are expensive stuff  Grin
Visa has processed 16.7 trillion with a T, in payments last year!
So even if they earned 198 billion alone without Mastercard, this makes just 1.18% of their volume, not even close to the 3% claimed here.
https://annualreport.visa.com/financials/default.aspx

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Today at 05:47:39 PM
 #45

I always forget where you live, but this is insane by European standards, even 3% is insane.
9% is indeed the "worst of the worst" where I live (Argentina). The problem is that here they charge a quite high fee when you want fast processing.

Here are the fees of the most popular payment processor MercadoPago.

Credit cards at MercadoPago are around 8% for immediate processing, and ~5.5% for 10 days, and there can be up to 2% additionally for international cards. There is an option of ~2% (1.49% + VAT which is 21%) but settlement time in this case is 35 days, so you will lose a lot due to inflation (about 2-3%, considering the inflation is about 40%/year) and then there's additionally opportunity cost ...

The 1.x % you cite for Visa's totals also includes payments with debit cards. Those have a much lower fee here (about 1-1.5% for QR code payments to 3% for the "Point" point of sale solution).

In the US, 3% seems to be a common credit card fee too, see this article where the example of Square is cited (2.75% to 3.6%).

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